Panther Metals Ltd. announced the release of its maiden Nickel-Cobalt MRE for the Coglia Project. The maiden MRE exceeds the upper limit of the former JET by 20 million tonnes, 40% larger than the former JET. The Company's maiden Coglia drill program has also resulted in a new Southern JET of 34Mt-62Mt at 0.40-0.65% Ni and 400-600ppm Co over a total area of ~2.7km2 and strike length of ~2.8km, while internal geophysical modelling and interpretation has highlighted a further two drill targets, `East' and `Central', covering a total area of ~3.7km2. These new targets, in addition to the MRE, have vastly increased the potential scale of the Coglia Project. The Company will now commence a review to plan further drilling to infill the South Coglia domain and test the new Southern JORC, East and Central targets. Updated JORC Exploration Target and New Drill Target Areas: Recent (June 2022) re-interpretation and 3D inversion modelling of high-resolution aeromagnetic data has identified a significant correlation between modelled zones displaying significant magnetic intensity and known mineralisation within the Coglia area.
The 3D inversion model, in conjunction with drill data, has been utilised to guide the extents of the new 2022 Coglia MRE domains, and has further highlighted three additional areas for testing Southern JET, Central Drill Target and East Drill Target. The new Southern JET is defined by the natural southward extension of the "open" Coglia South Mineral Resource Estimation domain and is interpreted to lie directly above a pronounced area within the 3D inversion model. Importantly, this target area is supported by a fence line of seven historic drillholes near the southern boundary of the Coglia tenement. Accordingly, a JORC Exploration Target, defined in accordance with JORC 2012, is presented here with a potential mineralisation range of; 34Mt-62Mt at 0.40-0.65% Ni and 400-600ppm Co over a total area of ~2.7km2 and strike length of 2.8km. The tonnages of the Southern JET are based on the thickness of the resources defined at the Coglia North and South domains and a density of 1.8g/cm3. Grades are based on Ni and Co values in the fence line of seven historic drillholes and the grades observed in Coglia North and South. Further drilling to test the new Southern JORC Exploration Target will be planned. The Central Drill and East Drill Targets cover a combined area of ~3.7km2. These are, to date, only defined by the peaks within the 3D inversion modelling and are interpreted to be of significant interest due to the proven relationship between the inversion model and areas containing known mineralisation.