Panoramic Resources Limited (ASX: PAN) ('Panoramic' or the 'Company') is pleased to provide an update on operational activities currently underway at the Savannah Nickel Project to support the first shipment of nickel-copper-cobalt concentrate in December 2021.
First Shipment
The MV Merwedegracht is in transit to Wyndham (via Darwin) with expected arrival at Wyndham Port on the evening of 20 December 2021. Stevedoring contractor CGL will be responsible for loading the ship, which is expected to take up to seven days, at which point the ship will then sail to Port of Lianyungang, Jiangsu Province, China for delivery to our offtake partner Jinchuan. Currently the Wyndham Port shed contains 8,950t of concentrate, with an additional 500t on site at Savannah. CGL is currently trucking concentrate to Wyndham Port from site, on a daily basis
Underground Mining
The first Savannah North stope has now been mined with minimal dilution encountered, with reconciliation expected to be completed in the next two weeks. The stope is now being prepared for paste filling which is planned for later this month. The underground mining schedule has been modified to reflect labour accessibility issues stemming from border controls between Western Australia, the Northern Territory, South Australia and, more recently, Queensland. The focus of the site team has been to maintain development rates with lower than planned ore production from stopes. Pleasingly, the impact has been mitigated by the ore stockpile strategy implemented since the restart of underground mining, and the substantial existing surface ore stockpile is being drawn upon, supplemented by fresh ore from underground. Ore stockpiled at surface is currently estimated to be approximately 70,000t. With the expectation of relaxed border restrictions from 5 February 2022, the mining sequence will revert to a more balanced profile between underground development and stope ore production, with a reduction in border controls also expected to assist in ramp up of production. The additional new fleet of underground equipment including trucks, loaders and supplementary infrastructure equipment has begun arriving on site, with supplementary infrastructure being installed prior to the end of December
Grade Control Drilling Program
A grade control drilling program was recently completed at Savannah North targeting the 1401, 1381 and 1361 levels. These holes have been drilled from the footwall drive to facilitate final stope designs for the 1361, 1381 and 1401 production levels. The program involved 67 drill holes for a total of 2,946m drill metres with 1,848 samples collected and submitted for assay.
The 1361, 1381 and 1401 grade control drill results confirm the strong and continuous nature of the mineralisation in the upper zone of Savannah North. The results provide strong certainty for mining development and stoping in the planned development levels of the Savanah North mine. Similar grade control programs are planned in the 1341 and 1421 levels. Resource definition drilling is planned ahead of the completion of the hanging wall drive to the east of the 1381 development which will allow drilling on the eastern side of the intrusion where the Savannah North Resource remains open. Drill programs will switch between Grade Control and Resource Definition throughout FY22.
Commenting on the mining operations, Managing Director and CEO, Victor Rajasooriar said: 'We remain pleased with how the team is progressing on site and we are well on track to achieve our targeted first shipment from Savannah before the end of the year. Concentrate production is continuing as planned and is being supported by stockpiled ore at surface. We are managing subsequent labour accessibility issues caused by the current border restrictions and are seeing the benefit of our ore stockpile strategy. We expect conditions to improve in February. Our grade control drill program is returning strong results that support the resource model, giving us greater confidence as we ramp up stoping activities in the coming months.'
Contact:
Victor Rajasooriar
Tel: +61 8 6374 1700
About Panoramic
Panoramic Resources Limited (ASX: PAN) is a Western Australian company which owns the Savannah Nickel Project in the East Kimberley. Panoramic successfully commissioned and operated the Project from 2004 until 2016 before the mine was placed on care and maintenance. Following the discovery of the Savannah North orebody, the mine was recommissioned in 2018 before operations were temporarily suspended in 2020. Panoramic has completed an updated Mine Plan for Savannah which has outlined an attractive near-term nickel sulphide mine restart opportunity. Following the completion of a ventilation shaft for the Savannah North deposit, additional underground capital development and ancillary works, the Board of Panoramic approved the restart of Savannah in April 2021 with a target of first concentrate shipment by the end of 2021.
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 
