Panoramic Resources : Underground Savannah Drilling Update

panoramicresources.com

ASX: PAN

ABN: 47 095 792 288
Level 9, 553 Hay St
only	21 July 2022
Perth, WA 6000
T: [phone]
E: [e-mail]
use	ASX ANNOUNCEMENT
	Underground Savannah Drilling Update
	KEY POINTS
	§ Underground drill program to infill the Savannah orebody immediately above the 900 Fault
personal	has commenced
§ Mineralisation intercept thicknesses in initial four holes significantly better than predicted at:
cuddy on the 1425m Level that was recently developed as part of ongoing mine access to this area of the
	o	10.30m @ 1.29% Ni; 0.97% Cu and 0.06% Co from 128m in KUD1930A
	o 9.20m @ 1.24% Ni; 1.45% Cu and 0.07% Co from 121.3m in KUD1939
	o 15.15m @ 2.10% Ni; 1.35% Cu and 0.11% Co from 142.55m in KUD1944
	o 12.10m @ 1.45% Ni; 0.64% Cu and 0.07% Co from 189m in KUD1945
	§ Results indicate a likely increase to the Savannah Mineral Resource in this area of the mine
	and development of a second mining front in conjunction with Savannah North
	§ Drilling ongoing and to be followed immediately by program to test the Savannah orebody
	below the 900 Fault
	Panoramic Resources Limited (ASX:PAN) ("Panoramic" or the "Company") is pleased to provide an
	update on ongoing infill underground Resource definition drilling at the Company's Savannah Nickel
	Project in Western Australia. In the June quarter the Company commenced a new underground drill
	program to test and infill the poorly drilled area of the Savannah orebody located immediately below
	historical workings and above the 900 Fault (Figure 1). The drill program is being undertaken from a drill
For	Savannah mine.
The 1425m and subsequent mine development in this area provides much improved (near perpendicular

to strike) drill angles to evaluate this part of the Savannah orebody. When completed this development is also ideally positioned to continue testing the orebody below the 900 Fault which currently contains a Mineral Resource of 14,900 nickel tonnes at an average grade of 1.65% nickel.

Results for the initial drill fan of four holes completed above the 900 Fault from the 1425m cuddy have returned significantly thicker mineralisation intercepts than predicted by the current Savannah resource model for this area of the orebody (Figure 2). The increased thicknesses are particularly noticeable at depth as the orebody approaches the 900 Fault and is therefore likely to increase the current Mineral Resource in this area.

For personal use only

Figure 1: Schematic of T1 target above the 900 Fault (subject of this announcement) and the future T2 target

The results for the four completed drill holes from the current program targeting above the 900 Fault are:

• 10.30m @ 1.29% Ni; 0.97% Cu; 0.06% Co from 128.0m in KUD1930A
• 9.20m @ 1.24% Ni; 1.45% Cu; 0.07% Co from 121.3m in KUD1939
• 15.15m @ 2.10% Ni; 1.35% Cu; 0.11% Co from 142.55m in KUD1944
• 12.10m @ 1.45% Ni; 0.64% Cu; 0.07% Co from 189.0m in KUD1945

The first hole of the program, KUD1944 and strongest interval to date, shows Savannah-style massive sulphide breccia mineralisation (Figure 2 & 3). Encouragingly, the host rocks of the Savannah intrusion were intercepted and include a second mineralised lens in KUD1945 grading 8.00m @ 1.05% Ni; 0.45% Cu; 0.05% Co. Follow up drilling will determine the extent of the secondary mineralisation in planned fan drilling east and west of oblique section 1760mN.

The aim now is to complete the program pattern of holes above the 900 Fault as indicated in Figure 1 and then update the Mineral Resource model and mine plan for this area during the calendar year. Once the drill program above the 900 Fault is completed the plan is to then begin testing and upgrade the Savannah resource below the 900 Fault in 2023.

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Figure 2: Oblique cross section at 1760mN +-10m showing drill holes KUD1930A, 1939, 1944 and 1945, current

Resource shape and proposed mineralisation model

Commenting on the drill program, Managing Director and CEO, Victor Rajasooriar said:

"The scale of mineralisation at Savannah and Savannah North continues to pleasantly surprise us as we increase drilling density from more favorable underground positions. These initial Savannah drill results have immediate potential to increase our mineral inventory above the 900 Fault and support the planned opening of a new mining front in the Savannah orebody over the next 12 months to support the current mining operations at Savannah North. The consistency of the better-than-expected mineralised intercepts and the discovery of a new lens augurs well for intersecting similar thicknesses and grades below the 900 Fault. We look forward to announcing more drill results from these drill programs in due course."

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Figure 3: Long-section of the Resource definition drilling at Savannah and historic Resource definition drilling

intercepts with development drives and proposed drilling

Additional details of the drill holes mentioned in the announcement are contained in Table1, Appendix 1. The appropriate JORC 2012 Compliance Tables for the announcement are located in Appendix 2.

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About Panoramic:

Panoramic Resources Limited (ASX: PAN) is a company headquartered in Perth, Western Australia, which owns the Savannah Nickel Project in the East Kimberley. Operations at Savannah were restarted in 2021 and the project was successfully recommissioned with first concentrate shipment achieved in December 2021. Savannah has a 12-year mine life with clear potential to further extend this through ongoing exploration. The asset provides excellent leverage to the nickel, copper and cobalt markets which are heavily linked to global decarbonisation and vehicle electrification.

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.

Competent Person

The information in this release that relates to Exploration Drilling at Savannah is based on information compiled by Andrew Shaw-Stuart. Andrew Shaw-Stuart is a member of the Australian Institute of Geoscientists (AIG) and is a full-time employee of Panoramic Resources Limited.

The aforementioned has sufficient experience that is relevant to the style of mineralisation and type of target/deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Shaw-Stuart consents to the inclusion in the release of the matters based on the information in the form and context in which it appears.

This ASX announcement was authorised on behalf of the Panoramic Board by: Victor Rajasooriar, Managing Director & CEO

For further information contact:

Victor Rajasooriar, Managing Director & CEO

[phone]

Media inquiries:

Michael Vaughan, Fivemark Partners

[phone]