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.
“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.