Panther Metals PLC (LON:PALM) has told investors that its desktop review of the wholly-owned Annaburroo gold project in Australia’s Northern Territory has identified potential for further delineation of gold mineralisation.
It noted that the project remains underexplored with more than 95% of the area remaining unsampled and untested.
The central and western portions of the licence are completely untested, the company added, and moreover its review concluded that prior exploration in certain areas are not considered effective due to thick transported soil cover which has potentially masked mineralisation.
Additionally, Panther noted that major fault, anticlinal and synclinal structures remain completely untested in the southern portion of the licence. These are deemed high priority structural targets for future exploration.
“We are very pleased with the results of the first detailed data review over the Annaburroo gold project,” Darren Hazelwood, Panther chief executive said in a statement.
“The high-grade gold mineralisation encountered at surface, along with historic trenching results, warrants extensive ground exploration across the licence area. Over 95% of the current tenure remains underexplored with historical exploration having been focused almost exclusively on the Donkey Hill Gold Prospect. Major structural zones, which are known to host economic gold deposits elsewhere within the Pine Creek Orogen, remain completely untested,” he added.
Hazelwood concluded: “The geophysical interpretation will allow Panther to commence planning of detailed ground exploration programmes. The supporting electro-magnetic, magnetic and structural data will allow a greater understanding of the potential controls of gold deposition and therefore assist in precise targeting for these areas.”
The company has now begun the acquisition of all geophysical data over the licence area. Once obtained and reprocessed, the company expects to delineate new targets which will be in systems that elsewhere in the region host significant deposits such as Brock’s Creek, Chinese Howley, Cosmo Howley, Enterprise, Glencoe and Woolwonga. For context, these projects have produced in excess of 1.6mln ounces of gold to date.
Published at Wed, 08 Jul 2020 07:08:00 +0000-Panther Metals desktop work confirms significant untested gold potential at Annaburroo project