Panther Metals PLC (PALM.L) Completion of Exploration Programmes at Merolia

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada and Australia, is pleased to announce, the completion of the initial exploration programmes on its 100%-owned Merolia Gold Project in Western Australia.

Darren Hazelwood, Chief Executive Officer, commented:

“The progress across the business over the last 2 months has been phenomenal and I’m delighted to share part of that progress. Our understanding of the opportunities that present themselves in Australia has expanded significantly and the raw data from the airborne geophysical programme over the Merolia Gold Project, in particular, adds to our confidence in the project.

In addition to the gold potential evident across the project area, a significant nickel-cobalt target has been identified in the southern part of our licence holdings at Merolia. This target zone is particularly evident in the latest airborne geophysical data, where it is marked by a significant magnetic high covering an area of at least 7.5 x 2 km. We are looking forward to further expanding both our gold and nickel-cobalt targets in the coming months through our follow-up exploration programmes.”

Summary of Exploration Programmes

The 5,867 line-km airborne geophysical survey over the Merolia Gold Project area has recently been completed by Thomson Airborne Pty Ltd. The high resolution survey, involving the collection of magnetic, radiometric and elevation data on a 50m line spacing and at a nominal flight altitude of 35m above ground (Figure 1), utilised a conventional fixed-wing platform.

Panther have engaged geophysical consultants, Core Geophysics, to undertake the raw data processing and to stitch the resultant outputs with other regional datasets. The full suite of derivative geophysical data products will be utilised to guide the exploration targeting process, with Panther expecting to mobilise for an initial reverse circulation (“RC”) drilling programme to test certain target areas.

In addition, a targeted drone magnetic survey providing even higher resolution geophysical data coverage has been undertaken over part of the Comet Well Gold trend, in an area which had previously provided highly anomalous gold in soil geochemistry.

Panther is also pleased to announce that an extensive auger drill geochemistry programme has completed within tenement E38/3384. This programme, which was undertaken by contractors Gyro Drilling Pty Ltd, covered a large part of the south-eastern extension of the Comet Well Gold trend from which significant gold anomalism in soil was previously identified over at least 2.5km of strike. The Comet Well Trend has also yielded over 40 ounces of gold nuggets by prospectors in recent times, yet remains undrilled. All samples have now been submitted for ionic leach analyses, and further updates will be provided in due course.

Raw magnetic data (showing the nanotesla response) covering the Merolia Gold Project, as collected recently by Thomson Airborne prior to processing is available via the following link:

www.panthermetals.co.uk/images/2021/Meriolamagdata.png


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