Panther Metals lands new gold lodes, extends mineralisation

Rich new gold veins discovered by a fresh drill campaign at Panther Metals’ Burtville East gold project in WA’s Goldfields has seen the nickel-cobalt and gold-focused company unveiling new lodes and expanding its mineralisation.

Diamond drilling undertaken at the project 30km southeast of Laverton returned a headline grabbing 14.6m intercept at 2.23 g/t gold from 37.4m.

However importantly for the company the results also include intercepts outside of the main lode, including one running 0.3m at 21.4g/t gold from 48.4 metres.

Other noteworthy returns outside of the main mineralisation zone include a 10m intercept carrying 7.15 g/t gold from 84m and another running 1m at 73.3 g/t gold from 93m.

The new findings have firmed up a new high grade lode southwest of the main vein and two new lodes to the northeast.

The new and existing gold lodes remain open and have the company targeting further exploration, a prospect further strengthened by historic surface soil anomalies.

Panther Managing Director Daniel Tuffin said: "The new lodes identified have been confirmed at greater depths than previously seen, which also suggests the potential for mineralisation to broaden at depth.”

“This is a significant observation that will influence future exploration efforts.”

“Additionally, integration of detailed historic surface geochemistry during the geological interpretation process has highlighted an expanded anomalous NW-SE zone extending beyond the current main lode area, spanning approximately 800m.”

The latest results follow a bonanza strike in September of 1m at 62.8 g/t gold from 91m contained within a total intercept of 10m at 7.15 g/t gold from 84m.

Armed with its new models Panther is now mulling another drill campaign to scour for more gold lodes and test how far and deep the mineralisation runs.

Information the company can glean from a handful of deep drill hits show grades remaining above 3 g/t gold below 100m.

As far as strike length and orientation is concerned, Panther’s project runs along a historic but poorly documented mine shaft.

Panther says intercepts show extensive historic works along a northwest to southeast line, however modern modelling and drilling is yet to nail down the orientation for the mineralisation. That being the case, the company believes further drilling is needed to better define the extent of mineralisation.

Already home to the world class Sunrise Dam and Wallaby deposits, the historic Laverton precinct has seen a hive of exploration activity in recent years as prospectors and explorers flock to the sparse desert landscape.

Gold was first discovered at Burtville in 1897 and by 1903 the now-abandoned town was home to some 400 people.

The mothballed Brightstar goldmine which has been mined on and off for more than 120 years is a stone’s throw from Panther’s patch and owners Brightstar Resources plan to resume mining following a $5.5m refresh of its on-site processing plant.

Gold Fields’ 2.7m ounce Granny Smith underground goldmine sits about 30km west of Panther’s project.

With a second wind already filling the gold-specked sails of the historic Laverton precinct Panther appears to be poking around the right places.

To join the rush, however, the company first wants to firm up whether the old timers were onto something when they sunk their holes along that northwest to southeast line.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au