JORC Compliant Exploration Target Defined
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
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FOR IMMEDIATE RELEASE |
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PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number 009753V)
21st June 2021
JORC Compliant Exploration Target Defined for Coglia Nickel-Cobalt Project
Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada and Australia, is pleased to announce that following an internal historical data review, Panther commissioned an independent consultancy to set out a JORC 2012 Code compliant (see note 1) Exploration Target (see note 2) for the Coglia Nickel-Cobalt Project ("Coglia") located at the southern end of the Merolia Gold Project in Western Australia.
The independent historical data review undertaken by Geomin Services Pty Ltd ("Geomin") has considered the results of two historical exploration drilling campaigns undertaken between 2001-2003 and in 2018 to set out an Exploration Target for Coglia of 30Mt-50Mt of nickel-cobalt laterite mineralisation, grading at between 0.6-0.8% nickel and 400-600ppm cobalt (see Table 1) over an interpreted strike of approximately 5.5km.
Table 1: Coglia JORC Exploration Target*
|
Tonnage Range (Metric Tonnes) |
Grade Range Ni % |
Grade Range Co ppm |
|||
|
30,000,000 |
50,000,000 |
0.6 |
0.8 |
400 |
600 |
*The potential quantity and grade of the nickel laterite mineralisation at Coglia is conceptual in nature, to date there has been insufficient exploration to estimate a Mineral Resource and it is currently uncertain if further exploration will result in the estimation of a Mineral Resource.
Geomin considers that, subject to the appropriate drill spacing and consistent sampling results, additional infill and extensional drilling into the Coglia nickel laterite mineralisation should provide good potential to upgrade the Exploration Target into a Mineral Resource.
Separately, Panther also notes that two deeper angled historical drill holes, encountered sulphide minerals below the laterite horizon in the underlying ultramafic rocks. The potential for any primary nickel-cobalt sulphide mineralisation will need to be assessed as part of any future studies.
Darren Hazelwood, Chief Executive Officer, commented:
"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.
I am absolutely delighted with this result, the numbers speak for themselves, but we also draw confidence in this target being open at depth and along strike with sulphide minerals also encountered; the Coglia Nickel-Cobalt area is an extraordinary opportunity.
These outcomes further reinforce the value of possessing Australian in-country expertise demonstrating a thorough approach to data handling and industry-standard practices.
The internal review was carried out using drilling data, totalling 68 drillholes, from two separate companies that until now had not been compiled into a single database. This simple compilation indicated that commissioning an independent assessment was warranted, resulting in this significant nickel-cobalt Exploration Target at our Coglia Project.
We will set out our planned next steps to advance the Coglia Nickel-Cobalt Project to the market shortly."
Coglia Exploration Target Review Background
The independent historical data review undertaken by Geomin considered the results of two historical exploration campaigns:
· Between 2001-2003 Heron Resources Ltd drilled 20 reverse circulation ("RC") drill holes, totalling 1,562m (the "MPRC" programme) and delineated a horizon of nickel laterite mineralisation from approximately 40m below transported alluvial sediments. The MPRC campaign; and
· In 2018 White Cliff Minerals Ltd drilled 48 air-core holes totalling 2,866m (the "CGAC" programme). This drilling also intersected a layer of nickel enrichment in the weathered, lateritic material at a depth of between 40m to 70m
In determining the Exploration Target Geomin have considered significant drilling intersections in 18 holes from the MPRC and CGAC drill programmes (see Table 2) which define a broadly north-south trending, approximately 5.5km long, zone of nickel and cobalt enriched laterite.
The underlying geology of the Coglia area broadly consists of a layered sequence of mafic and ultramafic rocks within a broadly NW-SE oriented greenstone belt. These units demonstrate high magnetic intensity within the newly acquired magnetic geophysical data (Figure 1).
https://www.panthermetals.co.uk/images/2021/06/18/_spmedia_thumbs/coglia-intercepts-v3.jpg
Figure 1: Total Magentic Intensity map of the Coglia area, showing the position of drill hole collars and the outline of the JORC Exploration Target Area. Certain significant drilling intercepts are also shown, along with the location of known nickel-cobalt prospects and anomalies.
Table 2: Significant Historical Drilling Intersections Considered for the Exploration Target
|
Drill Hole |
From (m) |
To (m) |
Length (m) |
Ni (%) |
Co (ppm) |
|
CGAC005 |
32 |
52 |
20 |
0.71 |
972 |
|
CGAC006 |
45 |
56 |
11 |
0.55 |
1,205 |
|
CGAC016 |
42 |
51 |
9 |
0.56 |
411 |
|
CGAC017 |
38 |
51 |
13 |
0.78 |
405 |
|
CGAC026 |
72 |
95 |
23 |
0.88 |
827 |
|
incl |
87 |
93 |
6 |
1.57 |
2,170 |
|
CGAC028 |
49 |
57 |
8 |
0.58 |
454 |
|
CGAC037 |
61 |
67 |
6 |
0.63 |
1,582 |
|
CGAC044 |
43 |
49 |
6 |
2.50 |
808 |
|
CGAC045 |
33 |
41 |
8 |
0.74 |
265 |
|
CGAC047 |
37 |
50 |
13 |
0.56 |
143 |
|
CGAC048 |
47 |
57 |
10 |
0.66 |
153 |
|
MPRC003 |
63 |
71 |
8 |
0.83 |
na |
|
MPRC007 |
66 |
73 |
7 |
0.92 |
na |
|
MPRC008 |
44 |
54 |
10 |
0.60 |
na |
|
MPRC010 |
63 |
74 |
11 |
0.77 |
322 |
|
MPRC014 |
61 |
69 |
8 |
0.55 |
119 |
|
MPRC015 |
58 |
72 |
14 |
0.72 |
321 |
|
MPRC020 |
46 |
64 |
18 |
0.57 |
229 |
The Competent Person responsible for the preparation of the Geomin Coglia Exploration Target is Grant Louw, BSc (Hons) Geology, MAIG, MGSSA, who is a Member of the Australian Institute of Geoscientists.
Mr Louw is experienced in Mineral Resource estimation and has sufficient experience relevant to the style of mineralisation and types of deposits which are covered in this report and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' ("JORC Code"). Mr Louw has consented to the publication the Exploration Target set out in this release.
The Geomin Coglia Exploration Target Report is available to read on the Panther Metals PLC website at: https://www.panthermetals.co.uk/media/attachments/2021/06/18/coglia-ni-co-jorc-exploration-target-report---geomin-june-17-2021-.pdf
For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of Panther is Darren Hazelwood, Chief Executive Officer.
Reference Notes:
1: JORC Code Compliant: Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC), Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC Code 2012 Edition")
2: Under the JORC 2012 Code an Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource.
Panther Metals PLC:
Darren Hazelwood, Chief Executive Officer: +44(0) 1462 429 743
+44(0) 7971 957 685
Mitchell Smith, Chief Operating Officer: +1(604) 209 6678
Brokers:
SI Capital Limited
Nick Emerson +44(0) 1438 416 500
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