Panther Metals PLC - Isle of Man-based company focused on mineral exploration in Canada and Australia - Sets JORC-compliant exploration targets for the Coglia nickel and cobalt project in Western Australia. Targets for the 5.5 kilometre strike to be set at 30 million to 50 million metric tonnes nickel-cobalt laterite mineralisation, grading between 0.6% and 0.8% of nickel and 400 to 600 parts per million of cobalt. Coglia is located at the southern end of the Merolia gold project.
The targets were set by independent consultancy, Geomin Services Pty Ltd, who analysed data from two historical drilling explorations of the project. Both prior explorations found nickel laterite mineralisation at depths of 40 to 70 metres. Two deeper angled historical drill holes also found sulphide minerals below the laterite horizon. Future studies may analyse the area for any nickel-cobalt sulphide mineralisation.
Chief Executive Darren Hazelwood says: "This is a stunning Exploration Target based on known mineralisation that has the potential to be a company maker, for which in-situ valuations support further project development... We will set out our planned next steps to advance the Coglia nickel-cobalt project to the market shortly."
Current stock price: 13.55 pence, up 2.3% on Monday afternoon
Year-to-date change: down 9.7%
By Scarlett Butler; scarlettbutler@alliancenews.com
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Panther Metals (PALM)