Drilling completed, assays in six weeks

Our exploration Investment Pantera Minerals (ASX:PFE) has now completed its second phase drilling of its Weelarrana Manganese Project in WA.

Weelarana is located down the road (~45 km) from Element 25’s 263 Mt manganese deposit grading ~10% Mn, so we’re keen to see how the results of this round look. Recall that the first round of drilling returned manganese intercepts within 16 of 30 holes drilled in Mn Area 1, and delivered on our base case scenario of 8-15% grade.

This campaign totaled 90 holes for 2,184m and extended beyond Mn Area 1 to include high-grade, outcropping manganese targets (surface grades between 7.5% - 42%) within Mn Area 2, Mn Area 3 and Mn Area 4, as the map below shows.

In addition, 817 samples were collected and have been dispatched for assay - this will assist with identifying the next round of drilling targets.

Our hope is that results from this new drilling will exceed our previous base case expectation, which we set as follows:

• 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?

Assays are expected in 6 weeks, so look for an announcement on this in mid-June.

Subject to the results, we could expect an infill drilling campaign for Mn Areas 2, 3 and 4 for mid-2023.