Panther Metals Ltd (ASX: PNT) has identified the potential for the discovery of a new gold and nickel district in the Laverton Gold Field, situated in the vicinity of the 40 Mile Camp prospect in Western Australia via a comprehensive data review and new detailed geological modelling.
The company also recently (August 2022) completed its initial diamond drilling programme at the nearby Ironstone Gold prospect, located approximately 10km northwest of 40 Mile Camp, to test for the presence of key greenstone belt units and to provide further understanding underlying stratigraphy. The presence of these units is now confirmed at the Ironstone prospect, increasing confidence in the company’s wider exploration strategy throughout the greater 40 Mile Camp area.
“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’s southeast of Laverton,” Managing Director and CEO, Daniel Tuffin, said.
“Spanning a combined area of roughly 25sq. km, 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. These targets are potential mineralized structural traps, primarily associated with interlayered tremolite schist (Aur) and metabasalt (Abb) units, which represent the most prospective and largely untested geological units in the area.
“The company has subsequently designed an initial programme to test these targets, with drilling expected to take place mid-year once the final requirement of a heritage survey is completed in May.”
The 947.4m of stratigraphic diamond drilling from six holes at the Ironstone Gold prospect returned peak intercepts of 3.0m at 1.61g/t Au from 105m (IRN001) and 1.5m @1.85g/t Au from 45.5m (IRN006). Importantly, the drilling 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.
Future drilling at Ironstone will focus on the geophysical inversion targets to confirm the extent of the target lithological units and their potential for further mineralization.
Comprehensive Prospect Review of the 40 Mile Camp Area:
The company’s primary gold and nickel exploration corridor in Western Australia consists of several exploration tenements stretching over 40km along a north-west south-east trend within the geological gold field province of the Yilgarn Craton. The tenement package currently contains two significant exploration stage gold prospects, Burtville East and Ironstone Gold, both of which have been independently reviewed and drill tested by Panther. At the southern-most extent of this corridor lies the 100% Panther owned Coglia Nickel-Cobalt project, which contains a JORC Inferred nickel resource of 70.6Mt at 0.7% Ni and 460ppm Co, with significant potential for further growth.
The 40 Mile Camp and 40 Mile Camp East targets have the potential to be the most significant new discoveries to date in the area. The 40 Mile Camp prospect area is located approximately 65km south-east of Laverton and extends from Far Comet Well in the north to Rocky Well in the south, with the tenement (E38/3384) covering a total area of approximately 78 sq. km.
For further information please visit: https://panthermetals.com.au/
