Flooding Hampers Panther Metals’ Drilling but High-Grade Gold Boosts Prospects
Panther Metals reports standout high-grade gold intercepts at its Laverton Gold Project despite flooding setbacks, while advancing its Coglia Nickel-Cobalt Project towards a Pre-Feasibility Study.
- 4,443 metres of RC drilling completed at Laverton Gold Project
- Multiple wide, high-grade gold intercepts at Burtville East
- Encouraging first-pass gold results at Comet Well over a 6km target zone
- Coglia Nickel-Cobalt Project resource conversion plan underway for Pre-Feasibility Study
- Flooding caused delays, leaving 2,500 metres of drilling to complete in Q1 2025
Strong Gold Intercepts at Laverton
Panther Metals Ltd (ASX: PNT) has delivered another promising quarterly update for its Laverton Gold Project in Western Australia, reporting significant high-grade gold intercepts from its recent reverse circulation (RC) drilling campaign. Despite operational challenges caused by flooding and access issues, the company completed 4,443 metres of drilling targeting multiple prospects within the 265km2 project area.
The standout results came from the Burtville East prospect, where several wide intervals of gold mineralisation were intercepted, including an exceptional 6 metres grading 28.66g/t Au with a 1-metre bonanza of 127g/t Au. These results build on previous high-grade hits and reinforce Burtville East as a key focus for Panther's exploration efforts.
Encouraging First-Pass Drilling at Comet Well
In addition to Burtville East, Panther’s initial drilling at the largely untested Comet Well target has revealed significant gold anomalism along a 6-kilometre corridor. Intercepts such as 1 metre at 3.20g/t Au and multiple other mineralised zones indicate continuity of gold mineralisation and validate the company’s geochemical targeting approach. The presence of gold nuggets along the trend further supports the prospectivity of the area.
These findings have prompted Panther to plan more refined and deeper drilling programs at both Burtville East and Comet Well to better define the mineralised structures and expand the resource potential.
Advancing the Coglia Nickel-Cobalt Project
While gold exploration remains the primary focus, Panther is also progressing its Coglia Nickel-Cobalt Project towards a Pre-Feasibility Study. The company engaged technical consultants to design a drilling program aimed at upgrading the current 102.8 million tonnes nickel-cobalt resource from Inferred to JORC Compliant Indicated status. This resource upgrade is critical for advancing the project’s economic evaluation and potential development.
The May 2024 maiden Scoping Study for Coglia demonstrated robust economics with a projected net present value of A$409 million and an internal rate of return of 31.8%, underscoring the strategic value of this battery metals asset in Panther’s portfolio.
Operational Challenges and Outlook
Flooding and adverse weather conditions during the quarter delayed drilling activities, particularly at the Rainier and Ironstone prospects, leaving approximately 2,500 metres of the originally planned 7,000 metres of drilling incomplete. Panther expects to resume and complete this program in the first quarter of 2025.
Financially, the company reported exploration expenditure of $822,000 for the quarter and maintains a cash balance of $878,000. Management acknowledges the need for additional funding to sustain operations and is considering capital raising options to support ongoing exploration and development activities.
Managing Director Daniel Tuffin highlighted the significance of the recent drill results, stating that the company is encouraged by the high-grade gold intercepts and the emerging potential at Comet Well, which together could materially enhance the Laverton Gold Project’s value.
Bottom Line?
Panther Metals’ compelling gold results and nickel project advancement set the stage for a pivotal 2025 exploration and development phase.
Questions in the middle?
- How will Panther Metals prioritize its drilling targets given the remaining 2,500 metres of planned drilling?
- What are the timelines and funding strategies for converting the Coglia resource to Indicated status?
- Could further flooding or weather disruptions impact the pace of exploration and project milestones?