Panther Metals (LON: PALM) has successfully completed all initial exploration programmes at the Merolia project, it revealed Tuesday. These efforts made the major nickel-cobalt target there especially evident, on top of the gold potential already identified.
The company focuses its efforts on mineral exploration in both Canada and Australia, with 100%-owned Merolia located in Western Australia.
Chief executive Darren Hazelwood explained that on top of “the gold potential evident across the project area”, Merolia also contains a “significant nickel-cobalt target” in the southern part of Panther’s Merolia licence holdings.
Hazelwood stressed that the target zone has proven “particularly evident” thanks to the most recent airborne geophysical data. He explained this zone was “marked by a significant magnetic high” over a 7.5 by 2 kilometre (“km”) area.
Completed exploration programmes in the project area include a 5,867 line-km airborne geophysical survey. This high-resolution survey collected radiometric, magnetic, and elevation data. Panther has engaged consultants Core Geophysics to process the raw data and combine the outputs with other datasets from the region.
This will be analysed and then used help Panther select exploration targets. The firm then expects to conduct an initial reverse circulation drilling programme for some of these target areas.
Alongside the airborne geophysical survey, Panther also used a targeted drone magnetic survey to obtain higher resolution geophysical data for the Comet Well gold trend. This trend is located in an area already found to have “highly anomalous gold in soil geochemistry”.
On top of all these efforts, Panther’s auger drill geochemistry programme at tenement E38/3384 is also complete The extensive programme covered a considerable section of the Comet Well trend’s south-eastern extension. Significant gold anomalism was previously identified there over a minimum 2.5km of strike.
Prospectors have found more than 40 ounces of gold nuggets from the Comet Well trust “in recent times” and it has never been drilled. All samples taken have been sent for ionic leach analyses with more updates to follow.
Hazelwood concluded: “We are looking forward to further expanding both our gold and nickel-cobalt targets in the coming months through our follow-up exploration programmes.”
Merolia is made of a 145 square km tenement package located in a prolific region for mining, with the 3 million-ounce Granny Smith and 7 million-ounce Sunrise Dam nearby. The regional also has excellent infrastructure, including rail, roads, and airports.
Author: Anna Farley
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