Panther Metals PLC Completion of Exploration Programmes at Merolia
March 30 2021 - 1:00AM
RNS Non-Regulatory
TIDMPALM
Panther Metals PLC
30 March 2021
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PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
30 March 2021
Successful Completion of First Exploration Programmes at
Merolia
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada and Australia, is pleased to announce, the
completion of the initial exploration programmes on its 100%-owned
Merolia Gold Project in Western Australia.
Darren Hazelwood, Chief Executive Officer, commented:
"The progress across the business over the last 2 months has
been phenomenal and I'm delighted to share part of that progress.
Our understanding of the opportunities that present themselves in
Australia has expanded significantly and the raw data from the
airborne geophysical programme over the Merolia Gold Project, in
particular, adds to our confidence in the project.
In addition to the gold potential evident across the project
area, a significant nickel-cobalt target has been identified in the
southern part of our licence holdings at Merolia. This target zone
is particularly evident in the latest airborne geophysical data,
where it is marked by a significant magnetic high covering an area
of at least 7.5 x 2 km. We are looking forward to further expanding
both our gold and nickel-cobalt targets in the coming months
through our follow-up exploration programmes."
Summary of Exploration Programmes
The 5,867 line-km airborne geophysical survey over the Merolia
Gold Project area has recently been completed by Thomson Airborne
Pty Ltd. The high resolution survey, involving the collection of
magnetic, radiometric and elevation data on a 50m line spacing and
at a nominal flight altitude of 35m above ground (Figure 1),
utilised a conventional fixed-wing platform.
Panther have engaged geophysical consultants, Core Geophysics,
to undertake the raw data processing and to stitch the resultant
outputs with other regional datasets. The full suite of derivative
geophysical data products will be utilised to guide the exploration
targeting process, with Panther expecting to mobilise for an
initial reverse circulation ("RC") drilling programme to test
certain target areas.
In addition, a targeted drone magnetic survey providing even
higher resolution geophysical data coverage has been undertaken
over part of the Comet Well Gold trend, in an area which had
previously provided highly anomalous gold in soil geochemistry.
Panther is also pleased to announce that an extensive auger
drill geochemistry programme has completed within tenement
E38/3384. This programme, which was undertaken by contractors Gyro
Drilling Pty Ltd, covered a large part of the south-eastern
extension of the Comet Well Gold trend from which significant gold
anomalism in soil was previously identified over at least 2.5km of
strike. The Comet Well Trend has also yielded over 40 ounces of
gold nuggets by prospectors in recent times, yet remains undrilled.
All samples have now been submitted for ionic leach analyses, and
further updates will be provided in due course.
Raw magnetic data (showing the nanotesla response) covering the
Merolia Gold Project, as collected recently by Thomson Airborne
prior to processing is available via the following link:
www.panthermetals.co.uk/images/2021/Meriolamagdata.png
Panther Metals PLC:
Darren Hazelwood, Chief Executive Officer: +44(0) 1462 429
743
+44(0) 7971 957 685
Mitchell Smith, Chief Operating Officer: +1(604) 209 6678
Brokers:
SI Capital Limited
Nick Emerson +44(0) 1438 416 500
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