Metals exploration and development company Panther Metals Plc (NEX: PALM) today announced that it had secured its first exploration licence in the Northern Territory, Australia.
Its Exploration Licence Application regarded it Marrakai Project, which is located in Pine Creek Orogen.
The ELA covers an area of 10.1 square kilometres, which has been the recorded source of some 500 ounces of gold nuggets (the largest of which was 30 ounces) and other ‘geochemical anomalies’.
The Company added that previous drilling of the area had yielded 9.32 g/t and 5.74 g/t of gold at different two metre intercepts.
Panther Metals comments
Speaking on the update, CEO Darren Hazelwood remarked,
“The granting of the Marrakai licence cements Panther’s entry into the Australian exploration space. Our stated aim was to target the commodity rich jurisdictions of Australia and North America. I’m delighted to confirm to the market Panther Metals has, once again, achieved its goals.”
Speaking on Pine Creek Orogen, the Company’s statement read,
“Several gold prospects, including Chins Gully, Johns Flat and Jasons Rise, occur within the Project along a topographically low ridge which trends NE-SW across and outside the licence over an area of 7 x 1km. Coarse gold has been identified in surface outcrop and subcrop occurring over at least 3km of strike within the licence, with a peak rock-chip grade of 50.1 g/t Au recorded from the Johns Flat prospect, located 1km to the SW of Steves Hill. Several anomalous stream-sediment samples were returned from 2 to 3km to the SW of Steves Hill in the area of Chins Gully. Significantly anomalous rock-chip samples (some showing visible gold after milling/panning) were identified in several other areas across the licence area.”
Investor notes
The Company currently has no shares in issue and in turn no market cap. Over the last year, the Group’s shares have traded at a range of 0.55p, hitting highs of 1.00p. Today, the valuation of Panther Metal shares increased by 6.67% or 0.05p following the update, to 0.80p per share.
Elsewhere in the mining and minerals sector, recent updates have come from; Shanta Gold Limited (LON: SHG), Capital Mining Ltd (LON: CAPD), Griffin Mining Ltd (LON: GFM), Alien Metals Ltd (LON: UFO), Highland Gold Mining Ltd (LON: HGM), Kavango Resources PLC (LON: KAV) and URU Metals Ltd (LON: URU).