- Pantera Minerals (PFE) completes the first phase of diamond drilling at the Yampi Iron Ore Project in Western Australia’s Bucaneer Archipelago
- Of the three holes drilled, two intersected hematite mineralisation and all three encountered calc-silicate altered quartz sandstone below the hematite sandstone
- While assays are expected in December, PFE says the results so far provide insight into the potential mineralisation within the project area
- At the company’s Weelarrana Manganese and Fredericks Polymetallic projects, tenements have been granted and work to develop drill targets is scheduled
- Shares have been trading 8.6 per cent lower at 26.5 cents
Pantera Minerals (PFE) has completed the first phase of diamond drilling at the Yampi Iron Ore Project in Western Australia’s Bucaneer Archipeligo.
Three diamond holes were drilled, marking the first drilling to occur in the area which is prospective for copper-nickel mineralisation.
Of those holes drilled, PFE said two intersected hematite mineralisation.
Specifically, the company said broad widths of hematite sandstone was encountered, up to 14 metres wide.
Moreover, a calc-silicate altered quartz sandstone was encountered below the hematite sandstone in each hole, which PFE said contained considerable amounts of quartz and barite-specular hematite veining.
While assays are expected in mid-December, CEO Matthew Hansen said the results so far have given insight into the potential mineralisation within the project area.
“This information will be used to develop further mapping and sampling programs for hematite and base metal mineralisation through the extensive tenement package that PFE holds within the region,” Mr Hansen said.
Due to the wet-season, drilling has finished and the company has begun planning for phase two drilling in 2022 with work underway to progress tenement grants.
At PFE’s Weelarrana Manganese project, a tenement which is considered prospective for manganese and iron ore mineralisation has been granted.
The company has identified a potential channel iron deposit over two kilometres within the area after undertaking a review of historical exploration activity carried out on and around the area.
Two additional exploration licence applications have also been lodged, effectively doubling the company’s land position in the region.
Over at the Fredericks Polymetallic project, PFE has also been granted a tenement prospective for lead-silver-zinc mineralisation and exploration is set to commence as soon as possible.
Shares were trading 8.6 per cent lower at 26.5 cents at 3:59pm AEDT.