Panther Metals acquires more tenements at Red Flag project

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Panther Metals PLC (LON:PALM) said it has applied for two further exploration tenements, E39/2249 and E39/2250, as part of an expansion program at its Red Flag Nickel-Cobalt project in Western Australia.

The Red Flag project is situated in the prolific nickel-cobalt belt 25 kilometres west of Laverton and lies between the historic Windarra South mine and the Glencore owned Murrin Murrin nickel-cobalt plant, which last year reported production of 36,400 tonnes of nickel and 2,900 tonnes of cobalt.

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“Through further investigation our local team were able to identify an opportunity to peg two more exploration leases in the Red Flag area. The leases appear to cover a potential trend starting at the Windarra South mine that extends northwest to the Woodline Well prospect, which is currently reporting 0.34Mt [at] 1.25% Ni and held by Poseidon Nickel as part of their greater Mt Windarra area”, chief executive Darren Hazelwood said in a statement.

“These two leases are an exciting addition to our Red Flag project. While owned by WMC, Windarra South produced 3.17Mt [at] 1.35% Ni (42,646t nickel) over the life of mine in both open pit and underground operations. Not to mention the prime location; Laverton lies just 25km to the east and the Murrin Murrin Operations 25km to the south-west, both easily accessible via the Leonora-Laverton highway”, he added.

Shares in Panther Metals were up 2.7% at 14.1p in late morning trading on Monday.

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