Panther Metals (ASX:PNT) has discovered numerous gold nuggets during drilling preparations at the Comet Well and Comet Well South prospect areas within the Laverton Gold Project in Western Australia.
To date, more than one ounce of alluvial gold nuggets have been recovered, with the majority fine gold less than a gram, with occasional larger nuggets up to 8.5 grams, including a gold in quartz specimen.
Following Tuesday’s (8 October) announcement, Panther Metals’ share price spiked 20% to close at $0.024.
The company is continuing prospecting activities to further assess the abundance of gold within the area, and also conducting field mapping and integrating historical and recent alluvial gold finds into the existing datasets.
CEO Daniel Tuffin says this is a “positive start” to the 7,000m drilling program.
“These finds underscore the highly under-explored gold-rich potential of the greater Laverton Gold Project area and the effectiveness of our exploration strategies,” Tuffin says.
“Additionally, assays have now been submitted for Burtville East, where drilling conducted by the company in 2022 returned bonanza gold grades, including a best intercept of 15m @ 53.94 grams per tonne gold from 27m, and discovered three new gold lodes.
“With nine further targets remaining to drill at the Laverton Gold Project, we look forward to updating the market of our progress as exploration continues.”
The initial discoveries were made during drilling preparations, with metal detectors deployed over cleared drill lines and adjacent areas.
In mid-September 2024, Panther Metals announced a rig had been mobilised to site to drill 10 targets. The Burtville East gold target was flagged as first priority to follow-up on the 600m reverse circulation program conducted in 2022.
The Comet Well prospect lies on a major regional fault structure, the Comet Well Trend, which has produced alluvial gold and highly anomalous gold values from soil sampling activities.
Panther Metals is a mineral explorer focused on its project portfolio comprising nickel, cobalt, and gold in tier one mining districts in Western Australia and the Northern Territory.
Write to Aaliyah Rogan at Mining.com.au
Images: Panther Metals
