Consolidating land position around WA manganese project
Our WA-focused junior exploration Investment Pantera Minerals (ASX:PFE) is building up its position around its Weelaranna Manganese project in WA, following completion of its maiden drilling program.
While we are awaiting for the labs to return those assays, 3 adjoining tenement applications - E 52/4046 E 52/4071 and E 52/4072 - have been granted, covering a total of 357 km2.
PFE will now commence geochemical soil and rock chip sampling and mapping, with a view to determining several manganese and gold-silver drill targets to incorporate into next year's drilling programmes.
Consolidating the area around Weelaranna signals PFE’s confidence in the prospectivity of the area, and we consider it a positive signal as to what the assays may return later this month.
From visual and XRF analysis of drilling to date, PFE has already confirmed the deposit is open in three directions, and so we’re keen to see what the assays return. We will evaluate the results as such:
- Bull Case: Mn grades of 20%; deposit open in at least one direction
- Base Case: Mn grades of 8-15% in line with Element 25’s manganese deposit
- Bear Case: No manganese (or trace manganese) found in assays.
What’s Next?:
We're expecting the assays for Weelaranna this month. PFE will secure permits to drill manganese areas 2-4 in 1H23.
