Pantera gets drill spinning at underexplored Yampi iron project
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Iron ore explorer Pantera Minerals has kicked off maiden diamond drilling at its Yampi project in WA.
It’s a significant milestone for the company which only IPO’d two months ago.
The program will consist of up to five diamond holes targeting an area of outcropping hematite mineralisation that is interpreted as sitting at the contact of the Yampi Formation and the Elgee Siltstone within an upright fold hinge.
Pantera (ASX:PFE) believes this stratigraphic contact and structural setting are comparable to the setting of the hematite deposits at Mt Gibson Iron’s Koolan Island project and Pluton Resources’ Cockatoo Island project.
To put this in context, Koolan has a reserve of 30 million tonnes at 64% iron, and resources of 68Mt at 63%.
Despite sitting on the same geological host as Koolan and Cockatoo island, the Yampi project has seen little exploration.
However, numerous rock chip samples have returned assays above 54% iron with the highest at 68% – which the drilling program will follow up.
“We are delighted to have commenced Pantera’s maiden drilling program at our Yampi Iron Project,” Pantera CEO Matthew Hansen said.
“It is the conclusion of a substantial effort from our team including the building of a purpose built heli-portable diamond drill rig
“The Yampi Iron Project drilling is the first to occur in an area that has never been drilled despite its proximity to what is arguably the best hematite real estate in Australia.”
This article was developed in collaboration with Pantera Minerals Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.