Panoramic Resources Limited (ASX: PAN) (Panoramic or the Company) is pleased to report the 2021 Mineral Resource and Ore Reserve statement for the Savannah Nickel Project.
In the period since the Mineral Resource and Ore Reserve statements were reported in 2020, operations at Savannah were temporarily suspended and no new updates to either the Mineral Resource or Ore Reserve for the Project have been completed in this time.
Therefore, both the Mineral Resource and Ore Reserve estimates reported herein for 2021 remain unchanged from that reported in 2020. In relation to both the Mineral Resource and Ore Reserve estimates reported herein and in 2020, the Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.
In April 2021 the Board of Panoramic approved the restart of Savannah with a target of first concentrate shipment by the end of 2021 (refer to Company ASX announcement dated 6 April 2021). In-line with this decision, plans have been prepared for the resumption of underground resource definition and exploration drilling in the second half of 2021. Commenting on the Mineral Resource and Ore Reserve statement, Managing Director & CEO, Victor Rajasooriar said: 'While there has been no change to Savannah's mineral inventory during the past 12 months as we focused on activities to support the restart decision, we have a robust deposit which underpins a 12 year operational mine life with clear exploration upside. Exploration activities will recommence in the current half with the objective of testing new targets regionally, at Savannah and Savannah North, extending the current resource base and bringing resources outside the current mine plan into reserves. The work will be undertaken in parallel with the Savannah operational restart which is on track for first concentrate shipment by the end of 2021.'
Mineral Resource
The 30 June 2021 Mineral Resource Estimate (MRE) for the Savannah Nickel Project is 13.45 million tonnes grading 1.56% Ni, 0.70% Cu and 0.10% Co for a total contained metal in Resource of 209,800t Ni, 94,200t Cu and 13,700t Co. All MREs for the Project are reported to 2012 JORC standards and at a cutoff grade of 0.50% Ni. Details regarding the preparation of the MRE and associated 2012 JORC reporting requirements have previously been reported by the Company (refer to Company ASX announcement dated 7 May 2020 titled Savannah Project - Mineral Resource Update).
Ore Reserve
The 30 June 2021 Savannah Nickel Project (including Savannah North) Ore Reserve stands at 8.27Mt grading 1.23% Ni, 0.59% Cu and 0.08% Co for total contained metal of 101,800t Ni, 48,500t Cu and 7,000t Co. The Ore Reserve was completed by Specialist consultants, Entech Consultancy, in 2020 with oversight and input from the Panoramic management team.
All key assumptions and modifying factors applied during preparation of the Ore Reserve have been previously reported by the Company (refer to ASX announcement dated 31July 2020 titled Updated Savannah Ore Reserve and Mine Plan). The Savannah Project Ore Reserve forms the basis of an updated Mine Plan completed by Entech in July 2020 (Ref cited). The updated mine plan includes some Inferred Resources located near Ore Reserves, which increases the Project mining inventory to 10.4 million tonnes grading 1.22% Ni, 0.54% Cu and 0.08% Co for total contained metal of 127,000t Ni, 56,000t Cu and 8,500t Co.
The largely undeveloped Savannah North orebody at Savannah remains open along strike and at depth, providing significant potential to bring more material into the Mine Plan with future exploration and underground drilling. In-line with the company's recently announced decision to restart the Savannah Nickel Operation in 2021, plans have been prepared for the resumption of underground resource definition and exploration drilling in the second half of 2021.
No New Information or Data
In relation to this announcement and previous Mineral Resource and Ore Reserve statements made in 2020, the Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed
Contact:
Victor Rajasooriar
Tel: +61 8 6374 1700
Email: michael.vaughan@fivemark.com
PANORAMIC RESOURCES LIMITED 
