Panther eyes potential for new gold and nickel district in WA

Panther Metals has uncovered potential for the discovery of a new gold and nickel district in the Laverton Gold Fields thanks to a comprehensive data review and new detailed geological modelling.

A range of technical studies has identified more drill targets within the 40 Mile Camp region, including Panther Metals’ (ASX:PNT) new 100% owned 40 Mile Camp East prospect, currently spanning ~25sqkm.

In another major positive for Panther, a review of the recently completed diamond drilling at the Ironstone Gold prospect, about 10km northwest of 40 Mile Camp, has confirmed the presence of greenstone belt units, which often contain economic deposits of gold and other minerals.

This has boosted Panther’s confidence in its geological knowledge and exploration strategy throughout the greater 40 Mile Camp area.

Assays from the diamond drilling at Ironstone returned intercepts including 3m at 1.61 grams per tonne (g/t) gold from 105m and 1.5m at 1.85g/t from 45.5m, and further drilling is now planned to follow up the targets identified in the review.

The studies on the 40 Mile East prospect included detailed geochemical evaluation of 826 auger samples that defined gold and nickel anomalies. Meanwhile, modelling identified several potential intrusive bodies associated with large-scale deformation, which could localise mineralising fluids. Aeromagnetic survey data encompassing 78.2sqkm was also reprocessed.

An initial drill program has been planned to test the 40 Mile Camp targets once the final heritage survey, set for May this year, is completed.

The news from 40 Mile Camp and Ironstone follows another win at Panther’s potentially game-changing Coglia nickel-cobalt project in Western Australia, where test work using a high-pressure acid leach (HPAL) process delivered high recoveries of nickel laterites.

“Following on from our recent positive HPAL bench test work results at the Coglia Nickel-Cobalt Project, the company embarked on a comprehensive data review and subsequent detailed geological modelling exercise covering the greater 40 Mile Camp prospect area, located approximately 65km southeast of Laverton,” managing director Daniel Tuffin said.

“Spanning a combined area of roughly 25km², new detailed geological modelling over the combined prospects indicates the potential for the discovery of a significant new gold and nickel district in the Laverton Gold Fields.

“Excitingly, the work identified additional targets, including those existing within the new 40 Mile Camp East prospect.”

Tuffin said the targets were potential mineralised structural traps that represent the most prospective and largely untested geological units in the area.

“The company has subsequently designed an initial program to test these targets, with drilling expected to take place mid-year once the final requirement of a heritage survey is completed in May,” he said.

“Importantly, the drilling (at Ironstone) provided the company with essential data on the underlying stratigraphy, revealing greenstone tremolite schist and metabasalt lithologies, adding confidence to the company’s regional geological interpretations.”

Chairman Dr Kerim Sener said, “The same lithologies appear to be present in the 40 Mile Camp area, though more deformed, within what is interpreted to be a sinistral shear zone. This area is associated with both elevated gold and nickel mineralisation, which is worthy of drill-testing.”

Panther’s primary gold and nickel exploration corridor in Western Australia consists of several exploration tenements stretching over 40km within the large and mineral-rich Yilgarn Craton.

The tenement package contains another significant exploration stage gold prospect, Burtville East, which has also been independently reviewed and drill tested by Panther.

The Coglia Nickel-Cobalt project is at the southern-most extent of this corridor and contains a JORC inferred nickel resource of 70.6Mt at 0.7% nickel and 460ppm cobalt, with significant potential for further growth.

This story was developed in collaboration with Panther Metals, a Stockhead advertiser at the time of publishing.

This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.