Panoramic Resources Limited (ASX: PAN) ('Panoramic' or the 'Company') is pleased to advise that surface diamond drilling has commenced at the Company's Savannah Nickel Project in Western Australia.
Following the conclusion of the Kimberley wet season, a DDH1 diamond drill rig has mobilised to site and is contracted to initially drill up to three surface diamond holes for approximately 2,000m. The focus of the drill program is to test previously modelled EM conductors at both the Stoney Creek and Northern Ultramafic Granulite intrusions. All completed drill holes will be cased for ongoing drill hole electromagnetic (DHEM) surveys.
Commenting on the drill program, Managing Director and CEO, Victor Rajasooriar said: 'We are hoping to replicate the success we've had in recent underground drilling at Savannah with the 2022 surface drilling campaign now underway. The initial program will provide important information on the source of two priority conductor targets which have potential to be nickel-copper-cobalt sulp
Stoney Creek
The Stoney Creek intrusion, located north of Sub Chamber D, was recognised as a discrete intrusion in 2018/19 when Company geologists first mapped the area. Aside from an outcropping area of ultramafic located on the eastern contact, the intrusion is largely composed of non-cumulate gabbro-gabbronorite rock types. The only drill hole completed at Stoney Creek to date is SMD188 in 2020 which encountered a consistent gabbroic rock type prior to exiting the intrusion at a depth of 392 metres and terminating in Tickalara Metamorphics at a depth of 529 metres
A planned DHEM survey of SMD188 was unsuccessful due to hole casing issues. However, subsequent EM soundings and fixed loop electromagnetic (FLEM) surveys completed over the intrusion has identified a strong, discrete anomaly at depth below the intrusion. This anomaly, which has been modelled as a steep west dipping conductor oriented sub-parallel to the eastern margin of the intrusion, is the current target for the new Stoney Creek drill hole.
Northern Ultramafic Granulite
Located along the trend of the Savannah and Savannah North intrusions, drill hole SMD189 drilled in FY21 tested an historical EM anomaly proximal to the Northern Ultramafic Granulite. No evidence for the source of the historic EM anomaly was apparent at the modelled target depth of 550 metres. The drill hole was terminated in Tickalara Metamorphics at a depth of 628 metres. The subsequent DHEM survey of SMD189 identified a highly conductive source below and to the right of the drill hole. When jointly interpreted with the historic EM data, the SMD189 DHEM data indicate that between a depth of 300 metres and 500 metres down hole the drill hole passed sub-parallel to a series of bedrock conductors. The conductors are modelled to be located to the right of SMD189, commencing above the hole and extending below the hole at depth. The conductors identified by the DHEM are the primary target for the 2022 drill program which will commence immediately following the Stoney Creek drill program. The collar for the new 2022 drill hole will be located to the south of the previous SMD189 collar position in order to better improve drill angles. In addition to targeting the SMD189 conductors, a second hole is planned that will provide a deep DHEM platform to further explore the more prospective ultramafic eastern and south-eastern portion of the Northern Ultramafic Granulite
Contact:
Victor Rajasooriar
Tel: +61 8 6374 1700
About Panoramic
Panoramic Resources Limited (ASX: PAN) is a company headquartered in Perth, Western Australia, which owns the Savannah Nickel Project in the East Kimberley. Operations at Savannah were restarted in 2021 and the project was successfully recommissioned with first concentrate shipment achieved in December 2021. Savannah has a 12-year mine life with clear potential to further extend this through ongoing exploration. The asset provides excellent leverage to the nickel, copper and cobalt markets which are heavily linked to global decarbonisation and vehicle electrification.
Forward Looking Statements
This announcement contains certain 'forward-looking statements' and comments about future matters. Forward-looking statements can generally be identified by the use of forward-looking words such as, 'expect', 'anticipate', 'likely', 'intend', 'should', 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target' 'outlook', 'guidance' and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. Any such statements, opinions and estimates in this announcement speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance and estimates. Forward-looking statements are provided as a general guide only. The forward-looking statements contained in this announcement are not indications, guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of the Company, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements. The forward-looking statements are based on information available to the Company as at the date of this announcement. Except as required by law or regulation (including the ASX Listing Rules), the Company undertakes no obligation to supplement, revise or update forward-looking statements or to publish prospective financial information in the future, regardless of whether new information, future events or results or other factors affect the information contained in this announcement.
PANORAMIC RESOURCES LIMITED 
