Panther Metals (ASX:PNT) shares reached a new 52-week highthis morningfollowing news the most recent assays from drilling at its Coglia Project in Western Australia had returned the highest nickel and cobalt grades to date.
Highlights:
- Drilling returned a peak nickel intercept of 1m at 3.77% from just 74m and a peak cobalt intercept of 1m at 3,160ppm from 49m.
- High grade nickel and cobalt located inside and outside of the current exploration target.
- Maiden 6,000m RC program almost complete.
- Once drilling is complete at Coglia, the rig will move to the Eight Foot Well gold prospect.
The exciting assay results come from drilling at the Coglia Project are the company’s second batch of drilling results since listing on December 10, 2021.
“Due to the amount of meticulous work and planning carried out prior to drilling the Coglia Ni-Co deposit by our team, I am not surprised with these results,” Managing Director, Daniel Tuffin, said.
“However, I remain exceedingly pleased with these increased peaks in nickel and cobalt grades and the continued consistency in the thickness of the mineralised zone in which they reside.
“We have almost completed our maiden 6,000m RC program at Coglia, with about half of the holes assayed. During this time, we have discovered an extension to the historic nickel and cobalt mineralisation zone and encountered significantly high grades of nickel and cobalt within thick zones of lateritic mineralisation both inside and outside of the current Exploration Target.
“Drilling is due to be complete at Coglia by the end of the month, at which point the rig and crews will move to our Eight Foot Well Gold project to begin a 2,500m RC infill program.
“The company will look to create a maiden Mineral Resource estimate to JORC guidelines at Coglia once all outstanding assays have been received.”
Drill Results:
· CGRC005: 25m at 0.97% from 56m, inc. 3m at 1.47% Ni from 61m and 1m at 2.13% Ni from 69m
· CGRC006: 12m at 1.03% Ni from 47m, inc. 7m at 1.14% Ni from 49m and 5m at 1812ppm Co from 47m, inc. 1m at 3,160ppm Co from 49m
· CGRC009: 3m at 0.99% Ni from 62m
· CGRC010: 4m at 0.95% Ni from 56m, inc. 1m at 1.73% Ni and 4m at 778ppm Co from 55m, inc. 1m at 1,040ppm from 56m
· CGRC011: 3m at 0.54% Ni from 62m and 1m at 0.62%Ni from 70m
· CGRC012: 1m at 0.57% Ni from 40m and 4m at 0.56% Ni from 43m and 7m at 0.84% Ni from 51m, inc. 1m at 1.03% Ni from 51m
· CGRC013: 7m at 0.57% Ni from 50m and 10m at 1.3% Ni from 62m, inc. 3m at 1.77% Ni from 65m and 1m at 2.11% Ni from 67m and 620ppm Co from 67m and 570ppm Co at 69m
· CGRC014: 26m at 0.8% Ni from 39m, inc. 8m at 1.07% Ni from 44m
· CGRC015: 7m at 0.66% Ni from 51m and 2m at 0.58% Ni from 61m and 1m at 0.63% Ni and 1m at 980ppm Co from 74m (hole ended at 75m)
The Coglia Project is located in the Laverton region of WA, 70km east of Glencore’s Murrin Murrin Ni-Co plant. The project area is highly prospective for nickel-cobalt laterite mineralisation and the potential to host nickel sulphide mineralisation.
For further information please visit: https://www.panthermetals.co.uk/
