PFE announce manganese assays as neighbour scores big
Our exploration Investment Pantera Minerals (ASX:PFE) just released assay results from its second drill program at its Weelarrana Manganese Project in WA.
Weelarana is located down the road (~45 km) from ASX listed Element 25’s Butcherbird deposit which has a ~263Mt resource with manganese grades of ~10%.
For some context, Element 25 is the company that just this week announced a $128M loan from General Motors.
The best intercepts from PFE were:
- 1m @13.0% Mn from 1m
- 2m @10.0% Mn from 10m
- 2m @14.9% Mn from surface
These results fit between our Bear and Base case scenario for PFE.
Although PFE did identify some manganese mineralisation in the new areas it was limited to only a few holes. With Mn Area 1 still being the most interesting.
Infill drilling results from Mn Area 1 continued to prove out mineralisation and show that the deposit is open to the East.
What’s next for PFE?
PFE will continue to drill out its manganese prospect with heritage surveys planned for the second half of 2023.
