Panther Metals PLC (LON:PALM) said a new target has been defined at its majority owned Merolia gold project in Western Australia.
"We are very pleased with the results of this first auger drilling programme over the Merolia gold project,” said chief executive Darren Hazelwood. “The programme has discovered a significant gold anomaly which extends over 5km x 2.5 km in the central part of licence E38/3384.”
“There are also several other more subtle gold anomalies which trend approximately NW-SE, extending from the Comet Well gold trend in the north. These gold anomalies are also coincident with anomalism in several other elements, which support the likelihood of primary gold mineralisation in the vicinity,” he added.
“The company is now evaluating the opportunities to progress this project towards a reverse circulation drilling programme to test these anomalies and several other gold prospects in the area," he said.
Panther has completed the auger drill programme within tenement E38/3384. The programme covered a large part of the south-eastern extension of the Comet Well Gold trend, where significant gold anomalism in soil was previously identified over at least 2.5km of strike. The Comet Well Trend has also yielded over 40 ounces of gold nuggets by prospectors in recent times, yet remains undrilled, Panther said.