Panther Metals PLC (LSE:PALM) said an infill drilling programme has started at the Coglia nickel-cobalt project in Western Australia with the aim of defining a maiden resource estimate.
Panther Metals Ltd, in which Panther Metals PLC (LSE:PALM) has a 36.6% stake, has started a 6,000-metre reverse circulation drilling programme that is scheduled for completion in early February 2022. The drilling programme is also expected to provide the necessary material for future metallurgical test-work studies.
The limited company, spun off from Panther Metals PLC, listed in Australia last week.
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"Divesting Panther's Australian assets to provide the capital for an extensive programme of exploration and mineral resource definition drilling is reaping immediate benefit as the team go to work via the drill-bit,” said Panther Metals PLC chief executive Darren Hazelwood.
“Today marks the start of a comprehensively planned two-year work programme that aims to convert existing nickel, cobalt and gold prospects into JORC (2012) compliant mineral resources or exploration targets, providing the opportunity for a substantial uplift to shareholder value.”
On completion of the drilling at Coglia, the plan is to immediately start drilling at the Eight Foot Well gold project, he said.