Pantoro Gold Greenlights Underground Access to High-Grade Racetrack Discovery
Key Takeaways
- Infill and extensional drilling at Racetrack has confirmed high-grade gold mineralisation across a 900-metre strike length, extending from near surface to 600 metres depth and remaining open to the east and at depth.
- Standout new intercepts include 1.29m @ 51.46 g/t and 2.0m @ 24.11 g/t, building on previously reported results as high as 4.94m @ 349.14 g/t from earlier in the programme.
- The Pantoro Gold board has approved an exploration decline of approximately 450 metres commencing from the OK Underground Mine in the December 2026 quarter, with three surface diamond rigs continuing to drill in parallel.
- Racetrack is geologically analogous to the >500,000-ounce Bullen lode and sits just 600 metres north of the existing OK Underground Mine, meaning existing surface infrastructure substantially reduces capital cost and time-to-production.
- Pantoro Gold holds a 4.6-million-ounce total Mineral Resource at Norseman and is targeting production growth from 100,000 ounces per annum initially to over 200,000 ounces annually.
Racetrack puts Norseman’s next ore source on the map
Infill and extensional drilling at the Racetrack Discovery has confirmed high-grade mineralisation across a 900-metre strike length, extending from near surface to 600 metres below surface and remaining open to the east and at depth. Pantoro Gold (ASX: PNR), a WA-based gold producer focused on unlocking the full potential of its 100%-owned Norseman Gold Project, says Racetrack is shaping up as a primary future ore source for the Norseman Gold Project, with the potential to materially lift production at the OK Underground Mine. In a concrete development milestone, the board has approved an exploration decline commencing from the OK Underground Mine in the December 2026 quarter, with three surface diamond rigs currently allocated to the drill-out.
When big ASX news breaks, our subscribers know first
High-grade intercepts confirm mineralised continuity
The latest results from ongoing infill and extensional drilling have returned a series of standout intercepts. All figures below are reported as downhole lengths; true widths are not known in all lodes, though drilling is interpreted as perpendicular to strike.
New intercepts from this announcement include:
- 11.12m @ 5.48 g/t from 488.6m, including 0.41m @ 41.6 g/t from 499.0m
- 2.0m @ 24.11 g/t from 236.66m, including 1.66m @ 44.42 g/t from 264m
- 2.11m @ 13.07 g/t from 650.08m, including 0.54m @ 20.37 g/t from 650.08m
- 1.29m @ 51.46 g/t from 497.91m
- 1.19m @ 24.28 g/t from 357.0m, including 0.36m @ 77.6 g/t from 357.34m
- 1.79m @ 13.76 g/t from 305.56m
These results build on previously reported intercepts from May and August 2026, which included some of the programme’s most impressive grades to date:
- 4.94m @ 349.14 g/t including 0.91m @ 1,737.37 g/t
- 20.36m @ 15.55 g/t including 5.94m @ 43.1 g/t
- 8.00m @ 28.68 g/t including 1.00m @ 189.84 g/t
- 2.01m @ 82.99 g/t including 1.00m @ 165.0 g/t
Paul Cmrlec, Managing Director
“Racetrack is shaping up as a primary ore source for the planned expansion of production at Norseman. The consistent width and grade seen in drilling to date gives a high level of confidence that the deposit will be an important contributor to Norseman over the medium and long term…”
What makes Racetrack geologically significant?
Racetrack is what geologists call a cross-link structure. In plain terms, this is a mineralised zone that connects two larger north-trending reef systems at an angle, forming a bridge between them. At Norseman, that bridge runs in an east-northeast direction, linking the Mararoa and Crown structures roughly 600 metres north of the existing OK Underground Mine. The structure dips at approximately 60 degrees south, with shallower-dipping zones linked by sub-vertical sections.
Why does this matter for grade? Cross-link structures at Norseman have historically concentrated gold at unusually high grades. The company has confirmed that Racetrack is analogous to the >500,000-ounce Bullen lode, giving investors a tangible size reference for what this type of structure can deliver.
Proximity to existing OK infrastructure is the other key point. As Managing Director Paul Cmrlec noted, “…use of the existing surface infrastructure at OK as the platform for developing Racetrack substantially reduces capital cost and shortens the time required to bring the deposit into production.”
The next major ASX story will hit our subscribers first
Underground access approved — development timeline takes shape
The Pantoro Gold board has approved development of an underground exploration decline as a capital-light first step toward bringing Racetrack into production. The initial decline will be approximately 450 metres long, developed from the upper levels of the existing OK Decline. It will serve initially as an exploration platform, enabling a rapid drill-out of the upper levels of the deposit, and ultimately become the permanent mine access.
Development is scheduled to commence during the December 2026 quarter. Drilling from surface with three diamond rigs will continue in parallel during decline development, with the dual-track strategy aimed at accelerating the maiden Mineral Resource estimate.
The strategic logic is straightforward: leveraging OK’s existing surface infrastructure substantially reduces the capital cost and time-to-production compared with a standalone greenfield development.
To contextualise Racetrack within the broader project, Pantoro Gold’s current Mineral Resource totals 4.6 million ounces across the Norseman Gold Project, supported by a 1.2 million tonne per annum processing plant. The company’s growth strategy, as announced in June 2024, targets production of initially 100,000 ounces per annum, aiming to grow to over 200,000 ounces annually. Norseman has historically produced more than 5.5 million ounces of gold since operations began in 1935, underpinning the goldfield’s proven endowment.
The full Mineral Resource and Ore Reserve position for the Norseman Gold Project is summarised below.
| Category | Tonnes (kt) | Grade (g/t) | Contained Gold (koz) | Classification |
|---|---|---|---|---|
| Total Underground | 6,162 | 11.2 | 2,214 | Mineral Resource |
| Total Surface South | 25,043 | 2.1 | 1,727 | Mineral Resource |
| Total Surface North | 11,990 | 1.7 | 660 | Mineral Resource |
| Total Mineral Resource | 43,194 | 3.3 | 4,601 | Mineral Resource (Total) |
| Underground | 2,247 | 5.0 | 360 | Ore Reserve |
| Open Pit – Northern Mining Centres | 2,140 | 2.2 | 153 | Ore Reserve |
| Open Pit – Southern Mining Centres | 4,076 | 1.8 | 240 | Ore Reserve |
| Stockpiles | 4,313 | 0.8 | 106 | Ore Reserve |
| Total Ore Reserve | 12,777 | 2.1 | 859 | Ore Reserve (Total) |
Source: Pantoro Gold Appendix 3 — Mineral Resource and Ore Reserve Statement (as announced 22 September 2025). Figures rounded; rounding may result in apparent summation differences.
With a 4.6-million-ounce total Mineral Resource already in place, a high-grade cross-link structure extending across 900 metres of confirmed strike, and board-approved underground access set to commence in the December 2026 quarter, Racetrack represents a tangible step toward Pantoro Gold’s stated production growth ambitions at Norseman.
Don’t Miss the Next ASX Gold Discovery
Big News Blast delivers FREE breaking ASX gold news directly to your inbox within minutes of release, complete with in-depth analysis. Join 30,000+ subscribers already staying ahead of the market. Click the “Free Alerts” button at Discovery Alert to get the next major gold update the moment it hits the ASX.