A comprehensive data review and new geological modelling by Panther Metals Ltd (ASX:PNT) has indicated the potential for the discovery of a new gold and nickel district in Western Australia’s Laverton Gold Fields.
Technical studies have identified further drill targets within the 40 Mile Camp region, including the new 40 Mile Camp East prospect which currently spans about 25 square kilometres.
An initial drilling program has been planned to test the 40 Mile Camp targets once the final heritage survey, which is scheduled for May 2023, is completed.
Assays from diamond drilling at the nearby Ironstone Gold Project, ten kilometres northwest of 40 Mile Camp, returned peak intercepts of 3 metres at 1.61 gram per tonne gold from 105 metres and 1.5 metres at 1.85 gram per tonne gold from 45.5 metres.
A review of the Ironstone stratigraphic drilling revealed greenstone tremolite schist and metabasalt lithologies, adding confidence to the regional geological interpretations.
Panther Managing Director and CEO Daniel Tuffin said: “Following on from our recent positive HPAL bench test work results at the Coglia Nickel-Cobalt Project, the company embarked on a comprehensive data review and subsequent detailed geological modelling exercise covering the greater 40 Mile Camp prospect area, located approximately 65 kilometres southeast of Laverton.
“Spanning a combined area of roughly 25 square kilometres, new detailed geological modelling over the combined prospects indicates the potential for the discovery of a significant new gold and nickel district in the Laverton Gold Fields.
“Excitingly, the work identified additional targets, including those existing within the new 40 Mile Camp East prospect.
“These targets are potential mineralised structural traps, primarily associated with interlayered tremolite schist (Aur) and metabasalt (Abb) units, which represent the most prospective and largely untested geological units in the area.
“The company has subsequently designed an initial program to test these targets, with drilling expected to take place mid-year once the final requirement of a heritage survey is completed in May.
“The 947.4m of stratigraphic diamond drilling from 6 holes at the Ironstone Gold prospect provided the company with essential data on the underlying stratigraphy, revealing greenstone tremolite schist and metabasalt lithologies, adding confidence to the company’s regional geological interpretations.
“Future drilling at Ironstone will focus on the geophysical inversion targets to confirm the extent of the target lithological units and their potential for further mineralisation.”
