LONDON (ShareCast) - (Sharecast News) - Canada and Australia-focussed mineral exploration company Panther Metals confirmed the completion of its open-file desktop review of its wholly-owned Marrakai Gold Project in Australia's Northern Territory on Thursday.
The London-listed firm noted that the territory has produced nearly 464 tonnes, or 14.9 million ounces, of gold, adding that there were currently more than 8,001 documented gold occurrences and a resource inventory of a further 530 tonnes, or 17 million ounces, of gold.

It said the geological review highlighted the potential for further gold mineralisation within the Marrakai project, with east and west portions of the tenement remaining completely untested.

The John's Reef gold prospect contained visible gold, with high-grade rock chip assays varying from 30 grams to 50.1 grams of gold per tonne, while the Chins Gully prospect also contained visible gold, with up to 50 specks observed in panned concentrates.

Historical drilling in the immediate vicinity of John's Reef and Chin's Gully provided near-surface results, including two metres at 5.74 grams of gold per tonne, and two metres at 3.46 grams per tonne.

Panther said the project remained "significantly underexplored", with visible gold located in samples obtained from the eastern and western flanks of John's Reef and Chin's Gully.

Its board added that two major exploration targets remained untested, represented by dykes of probable lamprophyric affinity, which could be hosts to gold mineralisation.

"The high-grade gold mineralisation identified at surface, along with historic drilling warrants further extensive ground exploration in the vicinity of the known gold prospects and further to the east and west, which remains underexplored," said chief executive officer Darren Hazelwood.

"Panther will now continue to focus on sourcing and processing all the available geophysical data over the tenement and surrounds, in an effort to better understand the geophysical signatures associated with the gold mineralisation."

Hazelwood said the geophysical interpretation would enable Panther to start planning detailed ground exploration programmes.

"The supporting electromagnetic and magnetic survey data and corresponding structural interpretations will allow for a greater understanding of the potential controls of gold deposition and assist in exploration targeting."

At 1147 BST, shares in Panther Metals were up 3.61% at 7.67p.

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