Panoramic Resources Limited provided an update on ongoing infill underground Resource definition drilling at the Company's Savannah Nickel Project in Western Australia. In the June quarter the Company commenced a new underground drill program to test and infill the poorly drilled area of the Savannah orebody located immediately below historical workings and above the 900 Fault. The drill program is being undertaken from a drill cuddy on the 1,425m Level that was recently developed as part of ongoing mine access to this area of the Savannah mine.

The 1,425m and subsequent mine development in this area provides much improved (near perpendicular to strike) drill angles to evaluate this part of the Savannah orebody. When completed this development is also ideally positioned to continue testing the orebody below the 900 Fault which currently contains a Mineral Resource of 14,900 nickel tonnes at an average grade of 1.65% nickel. Results for the initial drill fan of four holes completed above the 900 Fault from the 1425m cuddy have returned significantly thicker mineralisation intercepts than predicted by the current Savannah resource model for this area of the orebody.

The increased thicknesses are particularly noticeable at depth as the orebody approaches the 900 Fault and is therefore likely to increase the current Mineral Resource in this area. The results for the four completed drill holes from the current program targeting above the 900 Fault are: 10.30m @ 1.29% Ni; 0.97% Cu; 0.06% Co from 128.0m in KUD1930A; 9.20m @ 1.24% Ni; 1.45% Cu; 0.07% Co from 121.3m in KUD1939; 15.15m @ 2.10% Ni; 1.35% Cu; 0.11% Co from 142.55m in KUD1944; 12.10m @ 1.45% Ni; 0.64% Cu; 0.07% Co from 189.0m in KUD1945. The first hole of the program, KUD1944 and strongest interval to date, shows Savannah-style massive sulphide breccia mineralisation.

Encouragingly, the host rocks of the Savannah intrusion were intercepted and include a second mineralised lens in KUD1945 grading 8.00m @ 1.05% Ni; 0.45% Cu; 0.05% Co. Follow up drilling will determine the extent of the secondary mineralisation in planned fan drilling east and west of oblique section 1760mN. The aim now is to complete the program pattern of holes above the 900 Fault and then update the Mineral Resource model and mine plan for this area during the calendar year.

Once the drill program above the 900 Fault is completed the plan is to then begin testing and upgrade the Savannah resource below the 900 Fault in 2023.