Panther Metals commenced trading on the ASX today after raising $5 million through its initial public offering. Drilling at its flagship Coglia nickel laterite deposit is set to commence imminently with a 5,000m RC program aimed at following up some historical drill hits going 2.5 per cent nickel. The maiden drilling also aims to shore up the estimated 30-50 million tonne deposit grading at approximately 0.7 per cent nickel.
Panther has assembled an enviable multi-commodity land package, piecing together previously fragmented landholdings in the Laverton district to mould largely contiguous tenement packages in Western Australia and the Northern Territory.
The company is looking to infill drill a 4 kilometre portion of the existing 6km strike at its Coglia project located approximately 80km southeast of Laverton. The company also plans to undertake some QAQC work in addition to drilling to convert the mineralisation into a JORC compliant resource.
According to Panther, Coglia also has the potential to host primary nickel sulphide mineralisation in the fresh rock underneath the laterite deposit.
Work already completed at Coglia includes the amalgamation and interpretation of the entire historical drillhole database which identified two main historical exploration campaigns. According to Panther, data collected from previous exploration efforts is deemed detailed enough to allow the company to easily pull together a substantial exploration target that it expects should readily convert into a large resource.
The company has interpreted a six metre wide section within the laterite zone at Coglia grading an impressive 1.5 to 2.5 per cent nickel.
The closest processing plant to Coglia is Glencore’s Murrin Murrin plant located approximately 70km to the northwest. Murrin Murrin held a reserve nickel grade in 2018 of approximately 1 per cent nickel as mill feed. With primary grades at 1 per cent at Murrin Murrin, the 1.5 to 2.5 per cent nickel grades intercepted in the higher-grade laterite profile at Coglia may potentially be suitable to process as a toll treating option through the Murrin Murrin plant.
When drilling at Panther’s Coglia nickel-cobalt project is complete an infill and extensional drilling campaign will kick off at the Red Flag nickel sulphide and Merolia gold projects.
The Merolia project sits just to the northwest of Coglia and historically produced some notable gold grades including a 4m section grading an impressive 46.5 gram per tonne gold that the company plans on following up on.
Panther Metals Managing Director, Daniel Tuffin said: “The Company has budgeted for an extensive exploration program over the coming two years and will commence drilling soon after listing. Our near-term focus is on multiple drill- ready targets converting the existing nickel-cobalt JORC exploration target at the Coglia Ni-Co Project into a JORC compliant Mineral Resource Estimate followed by infill/extensional drilling at the Red Flag Nickel Sulphide and Merolia Gold projects commencing during the first quarter of 2022.”
With the price of nickel hovering close to multi-year highs, Panther looks to have timed its entrance onto the stock exchange impeccably. Panther’s share price ended its first day on the ASX holding steady – up $0.005 at the close – and its packed exploration program promises a frenzied start to the new year.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
