TIDMPALM
RNS Number : 4758C
Panther Metals PLC
21 June 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN,
THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION
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.
FOR IMMEDIATE RELEASE
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 Grade Range Grade Range
Tonnes) Ni % 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 From To Length Ni Co
Hole (m) (m) (m) (%) (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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