Australia: Coglia Nickel-Cobalt Update
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Panther Metals PLC (LSE:PALM) the company focused on developing Canada's next VMS camp and graphite deposit, is pleased to note the Panther Metals Ltd ("Panther Australia", ASX:PNT) Australian Securities Exchange announcement of an updated JORC (2012) compliant 102.8Mt Mineral Resource estimate ("MRE") for their Coglia Nickel-Cobalt project ("Coglia") in Western Australia.
Darren Hazelwood, Chief Executive Officer, commented:
"A Mineral Resource estimate exceeding 100 million tonnes in such a short timeframe is testament to the technical ability of the Panther Australia team and we note with interest the comment from Dan Tuffin, Panther Metals Ltd CEO, regarding Coglia 'consistently offering up new exploration targets to drill'.
Undoubtedly Panther Australia is looking forward to the proposed Scoping Study as this should highlight to the market the value the company has created in the ground over the last two years at Coglia."
Announcement Highlights
- Coglia MRE now stands at 102.8Mt @ 0.60% nickel and 370 ppm cobalt, containing 614kt of nickel and 37.7kt of cobalt (Indicated and Inferred), see Table 1.
- This MRE update represents a 30% increase in total nickel tonnes in comparison to the maiden 2022 MRE.
- Confidence in the resource has greatly increased; over 23Mt of the Resource is now classified as Indicated, representing 22% of the total Resource.
- Significantly, deeper extensional drilling has defined two distinct lithologies within the resource; a lateritic upper horizon with a deeper weathered ultramafic lower horizon, the majority of which remains open at depth.
- Three new extensional exploration targets remain open for drill-testing at South Coglia; 'East', 'South' and 'West' targets totalling 4.18km2.
- Existing 'East' exploration drill target remains largely untested; first exploration hole into the area encountered evidence of in-situ nickel-sulphide style mineralisation (see Panther Australia ASX announcement 15 November 2023).
Table 1: Coglia Nickel-Cobalt Indicated and Inferred Mineral Resource Estimate
| Host Rock | Resource Category | Tonnage | Ni Grade (%) | Co Grade (ppm) | Nickel (tonnes) | Cobalt (tonnes) |
|---|---|---|---|---|---|---|
| Laterite | Indicated | 23,316,600 | 0.61 | 360 | 142,800 | 8,500 |
| Inferred | 8,787,500 | 0.52 | 340 | 45,900 | 3,000 | |
| Ultramafic | Inferred | 70,782,200 | 0.60 | 370 | 425,500 | 26,200 |
| TOTAL | 102,886,300 | 0.60 | 370 | 614,200 | 37,700 |
JORC (2012) compliant. Stated at a 0.40% and 0.45% nickel grade cut-off, for the laterite and ultramafic hosted mineralisation, respectively. Some errors may occur due to rounding.
Panther Metals Plc hold 23.54% of the outstanding shares in Panther Metals Ltd.
Announcement highlights are set out below with further details, illustrative figures and maps available to view in the ASX Announcement via the Panther Australia website: https://www.panthermetals.com.au
Obonga Project
Dotted Lake Project
Manitou Lakes Project
Fulcrum Metals Plc
Panther Metals Australia
Conclusion
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