Not much doing from initial Hellcat assays

Our multi-commodity exploration investment Pantera Minerals (ASX:PFE) has reported assay results from the maiden drilling campaign at its Hellcat polymetallic project (PFE owns 80%) in WA’s Edmund Basin.

A total of 4 diamond holes were drilled for 1832.7 metres, testing high priority gravity targets and modelled electromagnetic conductors at the Teano and Yarvi prospects.

Unfortunately, drilling did not intercept economic mineralisation this time.

We held high hopes for Hellcat, given its proximity and several geological similarities to Galena’s Abra base metals mine.

Whilst disappointing, this is what exploration is all about - high risk, high reward. No matter how promising rock chip sampling, trenching, aerial and ground surveys, and/or nearology… etc the most likely outcome of maiden drilling campaigns tend to be “no discovery found”.

It is not all bad news however for Hellcat. The results will help construct a better geological model of what is happening beneath the surface. Low level lead anomalism returned in three of the four holes, and there is evidence to suggest hydrothermal activity carrying metalliferous fluids taking place at all target areas. Furthermore, reconnaissance rock sampling confirms lead, zinc and silver anomalism across the wider Hellcat project.

Armed with insights drawn from the maiden drilling program and recent sampling results, we suspect that PFE will return to Hellcat with new drill targets next year.

What’s next?

We await assay results from maiden drilling at PFE’s Weelarana manganese project, hopefully prior to Christmas.

Also, PFE’s next drilling campaign will likely be at its Frederick base metals project in WA, following a Exploration Incentive Scheme grant of up to $100k.