Panoramic Resources : Savannah Resource Definition Drilling Update

panoramicresources.com

ASX: PAN

ABN: 47 095 792 288

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Perth, WA 6000

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only	ASX ANNOUNCEMENT
8 February 2022
use	Savannah Resource Definition Drilling Update
KEY POINTS
	 Resource definition drill program for 24 holes completed at the Savannah North orebody
	 Drill program will support the upgrade of Inferred Resources included in the mine plan and the
personal	opening of a second mining front at Savannah North in FY23
 Thick zones of mineralisation encountered indicate potential for larger stoping areas in the upper
central zone of Savannah North
	 Strong mineralisation intersected on the lower western margin which remains open to the west
	 Identification of strong mineralisation in an area previously modelled as an unmineralised block
	 Upcoming drilling to target the upper eastern margin of the Savannah North Resource block
	 Further drilling planned beneath the Savannah underground workings to support resource
	extension and an additional mining front
	Panoramic Resources Limited (ASX:PAN) ("Panoramic" or the "Company") is pleased to provide an
	update on the most recent Resource definition at Savannah North. A broad spaced drill out has been
	completed between the 1250 and 1500 RL levels in the central and western margins of the Savannah
	North Resource. The drilling provides the framework for mine development and stoping in the central and
	western part of the Savannah North Resource. The program was completed in January 2022 and results
	are summarised in Table 1 (Appendix 1).
For	The program targeted an area of the Savannah North Resource above current underground workings. The
area currently hosts a zone of Inferred Resource which is included in the Savannah Mine Plan. A total of
24 drill holes for 6,889 drill metres were completed with 981 samples collected and submitted for assay.
	Resource definition drilling between the 1250 and 1500 RL levels has now been completed to 25 x 25m
	spacing. Thick zones of mineralisation were returned which support future mining. Better results include:
	 KUD1750: 30.50m @ 1.58% Ni, 0.53% Cu and 0.11% Co
	 KUD1764: 15.15m @ 1.30% Ni, 0.20% Cu and 0.09% Co
	 KUD1760: 10.50m @ 2.02% Ni, 0.46% Cu and 0.14% Co
	 KUD1764: 12.45m @ 1.00% Ni, 0.28% Cu and 0.07% Co
	 KUD1746: 11.70m @ 1.56% Ni, 0.71% Cu and 0.12% Co

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• KUD1757: 8.55m @ 1.50% Ni, 0.25% Cu and 0.10% Co
• KUD1747: 8.50m @ 1.80% Ni, 1.03% Cu and 0.14% Co

Commenting on the drill program, Managing Director and CEO, Victor Rajasooriar said:

"The strong grades of thick mineralisation have upgraded our expectations about the central zone of the top of the Savannah North orebody where stoping will commence in the second half of the year. In addition, the intersections returned on the western margin of Savannah North indicate good potential to extend the resource in this direction.

The results support the opening of a second mining front at Savannah North which will further derisk the underground mining operation. We will progressively be opening up to four mining fronts as operations ramp up following our first shipment of concentrate in December 2022. The second shipment is on track for later this month."

The position of the Resource definition drilling and drilling platforms relative to the current development levels and existing drill hole pierce points are shown in Figure 1. Appropriate JORC 2012 compliance tables (Sections 1 and 2) are presented in Appendix 2.

Figure 1: Long-section of the Resource definition drilling at Savannah North and historic Resource definition

drilling intercepts with development drives, proposed stope and mineralisation shapes

The Savannah North central drill program has shown consistency throughout the stoping blocks of the mine plan and the addition of further stoping outside the mine plan. Drill holes KUD1751, 1752 & 1755 were drilled in the upper central section of the central block and show that mineralisation is open above the current Resource area.

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Drill holes KUD1745, 1746 and 1747 to the lower west have delivered strong, thick intercepts and further infill drilling in this area is required. These three drill holes have pleasingly shown a strong increase in mineralisation thickness and the potential for larger stoping to the west is highly increased.

Drill hole KUD1764 unexpectedly returned strong mineralisation assay results from an area previously thought to be a barren fault block within the intrusion. The hole returned strong, thick mineralisation through the fault block and also extends the lower mineralisation lens to the west. Follow up grade control drilling will firm up this area and provide stope definition.

Upcoming Drilling

Resource definition drilling will now shift position and drill out the eastern margin of the Savannah North Resource. The eastern block of the Savannah North Resource has a complicated splay morphology where the mineralisation bifurcates from the intrusion. Drilling from the recently established 1381 drill drive to the east allows both the upper and lower mineralisation lenses to be targeted. This dedicated drilling platform in the 1381 east ore drive will combat poor drilling angles encountered from the previous platform in the 1570 drill drive. Drilling from the 1381 drill drive will be the immediate focus of the upcoming quarter.

Upon drill completion of the eastern block of the Savannah North Resource, drilling will return to Savannah. Drilling will at first focus on the Savannah Resource above the 900 Fault (T1) and below the previous mined 1440 level at the bottom of the current underground workings. The drill cuddy for the proposed drilling is already developed and successful Resource definition drilling will open another mining front at Savannah. Development in the area between the 900 fault and the 1440 level will allow for much improved drill angles for the Resource below the 900 Fault. It is then planned to drill the Sub 900 (T2) Savannah resource following mining of the Savannah Resource above the 900 Fault.

Figure 2: Long-section of the proposed drilling at the bottom of Savannah

For personal use only

Competent Person

The information in this release that relates to Exploration Planning at Savannah is based on information compiled by Andrew Shaw-Stuart. Andrew Shaw-Stuart is a member of the Australian Institute of Geoscientists (AIG) and is a full-time employee of Panoramic Resources Limited.

The aforementioned has sufficient experience that is relevant to the style of mineralisation and type of target/deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Shaw-Stuart consents to the inclusion in the release of the matters based on the information in the form and context in which it appears.

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.

This ASX announcement was authorised on behalf of the Panoramic Board by: Victor Rajasooriar, Managing Director & CEO

For further information contact:

Victor Rajasooriar, Managing Director & CEO

[phone]

Media inquiries:

Michael Vaughan, Fivemark Partners

[phone]

Appendix 1

only						Table 1- Summary of Savannah North Resource Definition Drilling
												Resource Definition
		Hole		East		North		RL		Dip		Azi		EOH		From			To		Intercept Label
				(m)		(m)		(m)		(°)		(°)		(m)		(m)			(m)		(m @ %Ni, %Cu, %Co)
		KUD1745	396021		8082504		1458.0		-48.2		199.8		169.9		163.0			169.9		KUD1745: 6.90m @ 0.49% Ni; 0.18% Cu; 0.03% Co
		KUD1746	396021		8082504		1457.8		-54.4		202.5		180		168.3			180.0		KUD1746: 11.70m @ 1.56% Ni; 0.71% Cu; 0.12% Co
		KUD1747	396021		8082504		1458.0		-59.6		206		211.7		182.5			191.0		KUD1747: 8.50m @ 1.80% Ni; 1.03% Cu; 0.14% Co
use		KUD1748	396026		8082505		1459.3		6.3		115.1		368.6							NSI
	KUD1749	396026		8082505		1459.5		10.2		118.6		362.3							NSI
	KUD1750	396026		8082505		1459.4		10		136		299.1		235.9			266.4		KUD1750: 30.50m @ 1.58% Ni; 0.53% Cu; 0.11% Co
		KUD1751	396026		8082504		1459.8		15		141.2		304.25	280.2			282.2		KUD1751: 2.00m @ 0.51% Ni; 0.28% Cu; 0.03% Co
		KUD1751	396026		8082504		1459.8		15		141.2		304.25	288.0			296.5		KUD1751: 8.45m @ 0.49% Ni; 0.14% Cu; 0.03% Co
		KUD1752	396026		8082504		1459.8		13.6		137.4		326.3		274.3			275.8		KUD1752: 1.50m @ 0.70% Ni; 0.14% Cu; 0.05% Co
		KUD1753	396025		8082506		1458.2		8.6		122.5		339.7							NSI
		KUD1754	396026		8082505		1459.7		13.8		120		391.9							NSI
personal		KUD1755	396026		8082505		1460.0		15.4		123.3		356.7		331.9			334.0		KUD1755: 2.15m @ 0.45% Ni; 0.30% Cu; 0.03% Co
	KUD1756	396025		8082506		1458.2		13.84	129.4		326.5							NSI
	KUD1757	396026		8082505		1459.4		8.22		127.04		303.2		256.7			260.3		KUD1757: 3.60m @ 2.25% Ni; 0.18% Cu; 0.15% Co
		KUD1757	396026		8082505		1459.4		8.22		127.04		303.2		266.1			269.2		KUD1757: 3.15m @ 1.06% Ni; 0.36% Cu; 0.08% Co
		KUD1757	396026		8082505		1459.4		8.22		127.04		303.2		273.6			278.0		KUD1757: 4.40m @ 0.89% Ni; 0.44% Cu; 0.06% Co
		KUD1757	396026		8082505		1459.4		8.22		127.04		303.2		284.3			292.8		KUD1757: 8.55m @ 1.50% Ni; 0.25% Cu; 0.10% Co
		KUD1758	396026		8082504		1459.5		9.7		130.8		329.9		265.6			266.7		KUD1758: 1.15m @ 2.22% Ni; 0.07% Cu; 0.14% Co
		KUD1758	396026		8082504		1459.5		9.7		130.8		329.9		270.7			275.1		KUD1758: 4.45m @ 1.16% Ni; 0.37% Cu; 0.08% Co
		KUD1759	396025		8082504		1459.5		11		132.3		350.7		287.7			290.2		KUD1759: 2.50m @ 1.06% Ni; 0.17% Cu; 0.07% Co
		KUD1760	396026		8082505		1459.3		6.9		139.9		253.7		212.0			213.0		KUD1760: 1.00m @ 1.07% Ni; 0.12% Cu; 0.08% Co
		KUD1760	396026		8082505		1459.3		6.9		139.9		253.7		218.1			228.6		KUD1760: 10.50m @ 2.02% Ni; 0.46% Cu; 0.14% Co
		KUD1761	396025		8082504		1459.5		7		149.4		232.9		200.8			203.1		KUD1761: 2.30m @ 1.93% Ni; 0.30% Cu; 0.10% Co
		KUD1762	396026		8082505		1459.3		4.2		131.4		275.1		216.0			217.4		KUD1762: 1.40m @ 0.91% Ni; 0.70% Cu; 0.06% Co
		KUD1762	396026		8082505		1459.3		4.2		131.4		275.1		245.0			252.8		KUD1762: 7.80m @ 0.74% Ni; 0.79% Cu; 0.05% Co
		KUD1763	396026		8082505		1459.1		2.4		121.4		306.7		248.0			249.0		KUD1763: 1.00m @ 0.53% Ni; 0.14% Cu; 0.03% Co
		KUD1764	396026		8082505		1459.0		-6.4		130.6		319.5		205.2			207.1		KUD1764: 1.95m @ 1.13% Ni; 0.08% Cu; 0.08% Co
		KUD1764	396026		8082505		1459.0		-6.4		130.6		319.5		226.6			239.0		KUD1764: 12.45m @ 1.00% Ni; 0.28% Cu; 0.07% Co
		KUD1764	396026		8082505		1459.0		-6.4		130.6		319.5		257.2			272.4		KUD1764: 15.15m @ 1.30% Ni; 0.20% Cu; 0.09% Co
For		KUD1764	396026		8082505		1459.0		-6.4		130.6		319.5		291.2			295.1		KUD1764: 3.85m @ 1.03% Ni; 0.26% Cu; 0.07% Co
	KUD1765	396025		8082504		1458.9		-4.8		126.9		222.6		158.2			163.0		KUD1765: 4.80m @ 0.55% Ni; 0.16% Cu; 0.04% Co
	KUD1765	396025		8082504		1458.9		-4.8		126.9		222.6		176.9			177.9		KUD1765: 1.00m @ 0.57% Ni; 1.37% Cu; 0.05% Co
	KUD1765	396025		8082504		1458.9		-4.8		126.9		222.6		207.4			208.5		KUD1765: 1.10m @ 1.73% Ni; 0.53% Cu; 0.12% Co
	KUD1845	396020		8082504		1458.2		-40.6		208.5		194.7							NSI
	KUD1846	396020		8082505		1458.0		-46.6		211.9		217.7		184.4			185.5		KUD1846: 1.15m @ 0.74% Ni; 0.15% Cu; 0.05% Co
	KUD1847	396021		8082505		1457.9		-51.9		216		216.0		181.8			183.0		KUD1847: 1.20m @ 2.06% Ni; 0.64% Cu; 0.14% Co
	KUD1847	396021		8082505		1457.9		-51.9		216		216.0		193.6			194.6		KUD1847: 1.00m @ 2.32% Ni; 0.14% Cu; 0.17% Co

Notes: 1. Intervals are down-hole lengths, not true-widths.

1. Parameters: 0.5% Ni lower-cut off, with a minimum reporting interval of 1m and with discretionary internal waste to a maximum of 2.0 consecutive metres.
2. SG calculated by immersion method.