Panther Metals PLC (LSE:PALM) has reported what it describes as exceptionally high grades of nickel and cobalt from drilling at the Coglia project in Western Australia.
The junior, which owns a 36.6% stake in Coglia through its ASX-listed associate, said three of the five holes drilled saw nickel and cobalt grades significantly in excess of the expected range while it had identified a possible extension into a new area.
Results from the other two holes were exactly within the grade range predicted.
Daniel Tuffin, managing director, said: “The significantly high grades of nickel and cobalt encountered within thick zones of lateritic mineralisation were intersected both inside and outside of the current Exploration Target.
“We have almost completed our maiden 6,000m RC programme and discovered an extension to the historic nickel and cobalt mineralisation zone."
Best nickel grades were 21m at 1.23% Ni and 12m at 1.27%.
Tuffin added that once this drill programme is complete, the rig will move to the Eight Foot Well prospect where it hopes to identify a shallow gold resource.