Gillham Project Faces Uncertainty Until Assay Results Arrive

Expanded Sampling Strengthens Gillham Targets

Pantera Minerals (ASX:PFE) has wrapped up a follow-up soil and rock sampling campaign at its 100% owned Gillham Silver-Antimony Project in southwest Arkansas, covering an additional 5,000 acres across historically underexplored ground. The Phase 2 program collected 75 soil and 30 rock samples focusing on the Andrew Gold anomaly, Antimony Bluff, and the May and Stewart mine areas, expanding on initial high-grade results from Phase 1 that included rock chips with up to 3.92% antimony and 10.3 g/t silver. This expanded geochemical footprint enhances the geological understanding of the district and sharpens priority drill targets ahead of planned maiden drilling in July/August.

Historic mining in the Gillham district saw over 18 intermittent operations focused on near-surface antimony and silver extraction, but no modern systematic exploration or drilling has been conducted. Pantera’s approach leverages modern geochemical techniques to revisit this underexplored region, which hosts critical minerals now recognised by the U.S. government due to supply risks from geopolitical concentration in China, Russia, and Tajikistan.

Detailed Sampling Methodology and Geological Insights

The Phase 2 program employed a 50m by 100m soil sampling grid with samples taken from 20–30cm depth and sieved to under 2mm for laboratory assay. Rock chip samples were selectively collected from surface outcrops and historic workings. Notably, the May Prospect, featuring historic shallow pits and quartz vein-hosted mineralisation, was sampled for the first time with 14 new rock chips taken within a high-grade soil anomaly reaching 1,205 ppm antimony. These results will provide the first rock assays from this high-priority target.

Pantera’s Executive Chairman, Barnaby Egerton-Warburton, emphasised the significance of extending coverage into previously unsampled areas, stating the program "materially expanded our geochemical footprint across the district" and that the results will be central to refining drill targets. The company remains funded through existing cash and scheduled payments from its EnergyX stake, supporting disciplined capital management while advancing exploration momentum.

Strategic Importance of Critical Minerals in the U.S.

The Gillham Project’s focus on antimony and silver aligns with U.S. priorities to secure supply chains for critical minerals, especially given that China, Russia, and Tajikistan control 97% of global antimony supply. Pantera’s timing is notable as it follows a series of strategic moves including a $40 million lithium project sale and a re-rating of its EnergyX stake to A$42.6 million, which strengthens its financial position to fund exploration activities. The company’s previous Phase 1 results confirmed multiple priority drill targets, including the Stewart and Davis Mine prospects, with assays pending that will guide upcoming drilling.

Drilling rig contracting is underway, and Pantera plans to maintain capital discipline while evaluating additional critical mineral opportunities in the U.S. The maiden drill program will be a key catalyst, with assay results expected in approximately four weeks to inform final drill targeting. Pantera’s methodical approach and strategic positioning in a critical minerals district position it to potentially unlock value in a market increasingly focused on supply security and geopolitical risk.

These developments build on Pantera’s earlier sampling campaigns and strategic portfolio moves, including a $40 million lithium sale and Arkansas antimony play and a high-grade antimony at Gillham, underscoring its pivot towards U.S.-based critical minerals exploration.