Pantoro Gold Unveils Major High-Grade Racetrack Discovery Near OK Mine

Significant High-Grade Zone Discovered at Racetrack

Pantoro Gold Limited (ASX:PNR) has announced a breakthrough at its Norseman Gold Project with the discovery of a broad, high-grade gold mineralisation zone at the Racetrack Target within the Mainfield. The newly identified zone extends over a 400-metre strike and plunges down to 600 metres, featuring multiple exceptional drill intercepts including 8 metres at 28.68 g/t Au and 2 metres grading 82.99 g/t Au. This discovery sits just 600 metres north of the OK Underground Mine, placing it in close proximity to existing infrastructure and offering a potential capital-efficient pathway to production.

The Racetrack structure is interpreted as a cross-link analogous to the prolific Bullen Reef, which has historically produced over 500,000 ounces of gold. Pantoro’s Managing Director Paul Cmrlec highlighted the "remarkable strike rate for broad, high-grade intercepts" and the potential for Racetrack to materially increase the OK Mine’s production capacity once fully drilled and developed. The zone remains open to the east and down dip, with further drilling underway to test extensions towards the Mararoa Reef and other nearby lodes.

Drilling Program and Geological Context

The current drilling campaign comprises 27 reverse circulation and diamond holes targeting the Racetrack and adjacent structures, including Golden Goose and Crown Reef extensions. Initial results confirm a west plunging high-grade zone with multiple subsidiary intercepts from splays and parallel veins, such as 2 metres at 9.37 g/t Au and 5 metres at 28.73 g/t Au. The drilling is conducted on a wide-spaced 200m by 80m grid, with plans for rapid infill and extensional drilling to upgrade the target to Mineral Resource and Ore Reserve status.

Geologically, the Norseman Gold Project is situated within the Norseman-Wiluna greenstone belt, one of Australia’s highest-grade goldfields. The mineralisation is hosted in quartz reefs within metamorphosed mafic rocks, with the Racetrack structure interpreted as a critical cross-link between major reefs. This structural setting underpins Pantoro’s confidence in the continuity and scale of the discovery, which complements recent high-grade zones identified elsewhere on the project.

Strategic Implications for Pantoro’s Growth Pipeline

The Racetrack discovery aligns with Pantoro’s broader growth strategy at Norseman, which aims to expand underground mining operations and scale production from current levels towards 200,000 ounces annually. The company recently approved development of a third underground mine and maintains a strong cash position exceeding $250 million, supporting aggressive exploration and development programs. This new high-grade zone near the OK Mine could enhance production flexibility and extend mine life, adding to ongoing resource expansions at Scotia and other targets.

With the zone open for expansion and situated close to existing processing facilities, Pantoro is well positioned to integrate Racetrack ore into its operations with limited capital outlay. The company expects to drill approximately 250,000 metres across its project in FY2026, underscoring its commitment to unlocking the full potential of Norseman.

This announcement builds on Pantoro’s recent strong Q3 production results and follows high-grade discoveries at the Butterfly zone, reinforcing a pattern of consistent resource growth and operational momentum at Norseman. The coming months will be critical as infill drilling and resource modelling efforts seek to confirm the commercial viability of Racetrack and its contribution to Pantoro’s production targets.