What a ripper of a announcement, though... perhaps PNR could tweak the headline, as it sort of lacks the punch it actually, carries.... so to speak, as this is drill results for only Scotia South, not the north, where the majority of the reserves and LOM sits.
perhaps "High grade Scotia South results build the mine plan"
These are really good grades, and will allow for an average of 4g/t+ when mined (IMHO), which nicely match the Scotia North reserve grades (there is already a reserve for the South, but... it's much smaller, though clearly... that is changing with every hole drilled).
Though this is where PNR is hopefully, going to be able to leapfrog many other small/mid cap producers in a much shorter time frame, with large economies of scale due to Scotia South... being underneath the current LOM plan
Plus, with their growing confidence in the near term production plan, they are going to go harder at Scotia South (and.. the other targets like East IMHO), to further prove up their ability to produce not just 60-70k p.a from the Scotia mining area, but double that or more.
For now, ever 70m they can prove up, adds another year to their ability to double production... even if they can only do this for 2 years, would be a hugely profitable step change and in turn enable PNR to prove up the other U/G deposits they believe are achievable of further scaling up the business.
45g+ on the face... nice.... 5m across... average grade... 9g/t.
Overall a great update, though I think they are sort of admitting that whilst the mine bigger stopping wise, their ability to finish everything as planned by the end of March has slipped a couple of weeks, but I see no negative to that, as above all, its about expanding the production rate, whilst also expanding the MRE. Win win..
Who knows what the market will think in the short term, but... longer term, the drill bit is starting to deliver.
(20min delay)