News: Panoramic Resources targets nickel resource growth in Western Australia

Panoramic Resources’ (ASX:PAN) drilling at the Lanfranchi and Savannah nickel prospects in Western Australia is designed to provide resource growth and mine life extensions.

Resource updates for both sites are expected in the fourth quarter of 2015.

There are a number of exploration targets to follow up at Lanfranchi, including known EM conductors, possible extensions to orebodies and potential new channels that could host mineralised systems.

The 2004 Ore Tolling and Concentrate Purchasing Agreement with BHP Billiton Nickel West operates until 2019 and gives the Lanfranchi Project significant opportunity to benefit from any future exploration success.

At Savannah, the Company is expected to add the new Resource below the 900 Fault by mid-year and is targeting to report a maiden Resource at Savannah North in the December quarter.

Importantly, both the upper and lower zones of the Savannah North mineralisation are open to the east and west.

The discovery of the Savannah North mineralised zones highlights both the prospectively of the North Olivine Gabbro and the strong potential to find other sources of mineralisation at the Savannah Project.

The Concentrate Offtake Agreement with Jinchuan operates until 2020, providing a proven route to market for Savannah concentrates.

Panoramic has also approved development of a decline to access the new high-grade nickel discovery below Schmitz.

In addition, development of the Savannah North 1570 Drill Drive is nearing completion with resource definition drilling due to commence in April 2015.

Surface drilling has resumed at Savannah North with the first hole returning an upper intersection of 6.83 metres at 0.80% nickel outside the currently defined mineralised envelope.

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