S&P/ASX 200 Index (ASX: XJO) gold share Pantoro Gold Ltd (ASX: PNR) has more than tripled investors’ money over the past 12 months.
Part of those outsized returns come with due thanks to the rocketing gold price. Gold is trading for US$4,597 per ounce today. That’s right near its all-time highs. And it sees the gold price up a remarkable 73% since this time last year.
But shareholders in Pantoro Gold will have done even better.
In morning trade today, Pantoro Gold shares are down 3%, trading for $5.23 apiece. While that’s underperforming the 0.1% gains posted by the ASX 200 today, investors who bought the ASX 200 gold share 12 months ago will still be sitting on gains of 211.3%.
Or enough to turn a $6,000 investment into $18,679.
In one year.
Now, here’s the latest from Pantoro Gold’s Norseman Gold Project, located in Western Australia.
ASX 200 gold share returns high-grade intercepts
In a market release this morning, Pantoro Gold announced that infill drilling at Daisy South, situated with the Norseman Project, has returned high-grade gold intersections.
The ASX 200 gold shares said these results support its existing mineralisation model and an updated open-pit mining study.
Pantoro also noted that initial step-out drilling has returned high-grade extensions to mineralisation within the Daisy Shear Zone, which is situated south of the project’s current Mineral Resource.
Management said that mine design and planning are underway. Pantoro Gold intends to develop Daisy South in conjunction with its Gladstone Everlasting Open Pit project over the next two years.
Among the top results from the extensional drilling, the ASX 200 gold share reported 14m at 9.17 g/t Au (including) 2m at 23 g/t Au and 1m at 65.58g/t Au.
As for the some of the top results from the Mineral Resource infill drilling, Pantoro reported 4m at 7.5 g/t Au (including) 1m at 22.32 g/t Au; and 9m at 4.92 g/t Au (including) 1m at 15.5 g/t Au and 1m at 11.61 g/t Au.
What did management say?
Commenting on the results that have yet to lift the ASX 200 gold share today but could support it longer term, Pantoro Gold managing director Paul Cmrlec said:
These high-grade results from Daisy South support the development of an additional open pit to be mined at the same time as the Gladstone Everlasting Open Pit, located just 900 metres to the west. Mining the pits simultaneously is expected to improve fleet efficiency and extend the open pit life of the Gladstone Everlasting Mining Centre.
Mine planning and approvals are progressing, and further drilling is planned to continue to extend the resource.
The post Up 211% in a year, guess which ASX 200 gold share just announced new high-grade results appeared first on The Motley Fool Australia.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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