Panther Metals PLC (LSE:PALM) said it has defined a new area, in the northeast of its Dotted Lake property in Canada, which is considered a very prospective zone for nickel mineralisation.
The new target was identified using a digitised historical geochemical soil survey report and Panther’s recent airborne geophysics and soil geochemistry surveys.
Nickel is elevated across the prospect area defined by highs ranging 137-235 parts per million (ppm) nickel and peaking at 614ppm nickel in the eastern end.
Other soil anomalies across the target include up to 214 ppm cobalt and up to 861 ppm copper, the company said.
The target is located 9km west of a new zone of massive nickel-copper sulphide mineralisation drilled by Palladium One Mining Inc at their Tyko project, West Pickle Lake joint venture property with First Class Metals.
“West Pickle Lake is the latest in a series of ultramafic hosted nickel discoveries which are building out a 20km wide nickel district at Tyko,” said Panther's chief executive Darren Hazelwood.
“The regional geophysics and geological mapping show strong similarities between the new Ni [nickel] Target (NYSE:TGT) in the northeast of Panther's Dotted Lake Property and the Tyko discoveries, importantly they also share a similar level of anomalous nickel and copper in soil surveys."
Panther identified numerous gold and base metal targets at Dotted Lake in a 2021 soil programme and hit gold mineralisation with its first drill hole earlier this year.
READ: Panther Metals hits gold mineralisation in its first hole at Dotted Lake