Panther says enough drilling, time for a scoping study at Coglia within just 2 years of ASX debut
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Special Report: Panther Metals is making significant strides in its journey towards mining at the Coglia nickel-cobalt project with a strategic move to kick off scoping studies once it has unveiled the updated resource.
The completion of a 5,320m reverse circulation (RC) drilling program has provided crucial insights, and Panther Metals (ASX:PNT) is now gearing up for the next steps, including a resource update and the initiation of a scoping study.
The recently concluded drill program, spanning 56 holes, was designed to refine the understanding of mineralisation at Coglia.
Notably, a standout intercept of 144m at 0.15% nickel and 90 parts per million (ppm) cobalt from 20m in the East Drill Target area is the first robust evidence of in-situ nickel-sulphide style mineralisation within ultramafic units.
Other key intercepts included 6m at 0.98% nickel and 370ppm cobalt from 52m, 6m at 0.95% nickel and 220ppm cobalt from 69m, 2m at 0.87% nickel and 680ppm cobalt from 84m, and 15m at 0.6% nickel and 500ppm cobalt from 25m.
With this important data in hand, Panther is set to update the Coglia resource. Following this update, the company will take a significant step forward by initiating a scoping study to provide a high-level economic valuation of the project, setting the stage for further development.
“The company has been busy positioning itself for the first steps towards mining at Coglia via the commencement of a scoping study, with the aim of putting a dollar value on one of the largest nickel-cobalt laterite resources in Western Australia,” managing director Daniel Tuffin said.
The 5.5km long Coglia resource of 70.6 million tonnes currently is already one of Western Australia’s top 10 largest JORC-2012 compliant nickel deposits not owned by a major, with significant further exploration upside.
“Whilst future near-resource drilling will continue, a substantial nickel-cobalt resource has already been identified – the company has determined that it’s time for a strategic shift towards focusing the project on development in anticipation of future mining activities,” Tuffin explained.
In line with this, Panther has proactively applied for a mining lease to position itself for potential future requirements and a seamless transition towards a pre-feasibility study.
The commitment to project advancement is further underscored by the completion of stage one metallurgical test work.
“As part of this transition, the company has proactively undertaken metallurgical test work having already identified the project’s potential for onsite heap leaching,” Tuffin noted.
“That same company foresight has also led to the application to convert the entire Coglia exploration licence into a mining lease.”
Earlier this year, the company confirmed nickel extraction of 92.6% and cobalt extraction of 73.9% from the Coglia project using a high-pressure acid leach (HPAL) process.
Identifying the optimal leaching reagent for heap leaching is a critical step, and Panther has chosen sulphuric acid due to its cost-effectiveness and superior performance in leach tests.
The company has already begun stage-two metallurgical test work to explore various leach testing methods and enhance recovery potential.
“We expect to have a better understanding of the economic value of the project once the scoping study is complete, at which point we’re confident that the project will quickly advance towards a pre-feasibility study and subsequent ore reserve,” Tuffin said.
“This rapid progression of the Coglia project from discovery through to development has occurred within just two years of listing the company.”
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.