Pantera’s custom rig to uncover Yampi iron ore potential
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ASX newcomer Pantera is getting ready to start drilling at its Yampi iron ore project in Western Australia’s Kimberley region in style with a custom-built rig.
Construction of the bespoke heli-portable rig by experienced and reputable drill contractor Harmec Drilling is now completed with commissioning to be carried out over the next two weeks.
It will then be mobilised to Derby, where Pantera Minerals (ASX:PFE) will be based for an initial five hole program starting from the end of September.
This will test an area of mapped, outcropping hematite mineralisation with numerous rock chip samples that have returned assays of more than 54% iron and topping out at 68% iron.
Drilling will test the thickness, iron grade and mineralogy and lateral extent of the outcropping hematite mineralisation, as well as gain an enhanced insight of the stratigraphic and structural setting of the area.
The company is currently in the final stages of obtaining all permits required to start the drill program with the Mine Entry Permit for the Wotjalum Aboriginal Reserve currently with the Minister for Aboriginal Affairs for sign off after being recommended for approval by the Dambinmangari People.
Once this is in place, it will trigger the Programme of Work to be approved by the Department of Mines, Industry Regulation and Safety.
Yampi is just 149km north of Derby and sits in the same geological host as high-grade iron ore projects such as Mt Gibson Iron’s Koolan Island project and Pluton Resources’ Cockatoo Island project.
Patnera notes that the area to be drilled has a stratigraphic contact and structural setting that is analogous to the setting of the hematite deposits at Koolan and Cockatoo Island.
This is promising given that Koolan has a reserve of 30 million tonnes grading 64% iron and a resource of 68Mt at 63% iron.
This article was developed in collaboration with Pantera Minerals, 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.