The project consists of a series of contiguous exploration licences located near the Laverton town in Eastern Goldfields
Panther Metals, a UK-based exploration company, has signed an agreement to acquire 100% of the Merolia gold project in Western Australia from White Cliff Minerals.
The gold project is made up of a series of contiguous exploration licences located near the Laverton town in Eastern Goldfields. The exploration licences that are part of the project are E38/2552 E28/2693, E38/2847, and E39/1585.
According to White Cliff Minerals, the project spans 145km2 in the Merolia Greenstone belt. It comprises the Ironstone, Comet Well, Burtville East, and Red Flag gold prospects among others.
Under the terms of the deal, White Cliff Minerals will be paid around AUD274,000 ($200,832) through a combination of cash and stock. The company will also get an additional payment of AUD1.25 ($0.95) per ounce of gold once a JORC Resource is defined for the project.
White Cliff Minerals non-executive chairman Michael Soucik said: “While the project has historical, high-grade gold results and a lot of potential to delineate a future maiden resource, the Board considers that it is non-core to the Company’s future direction which centres around the Reedy South Gold Project and the Midas Cu/Au project.”
Area around Laverton has major gold mines
According to Panther Metals, the area around Laverton has major gold mines such as Sunrise Dam, Granny Smith, and Wallaby, in addition to various significant gold deposits.
Panther Metals CEO Darren Hazelwood said: “The Project represents a post-discovery opportunity and our plans will now focus on building a resource in this area, which could ultimately be fed in to one of many processing plants in the vicinity.
“The Project also has the added advantage of year round access, is well-serviced by excellent infrastructure and a skilled work-force.
“The Project contains several gold prospects and substantial gold anomalous zones which have been tested with only limited drilling to date.”
Panther Metals said that it is studying other licences in the district with plans to build a project portfolio, which will continue to be collectively referred to as the Merolia Gold Project.
As part of this, the company secured an option over 100% of multiple licences in the immediate vicinity of the Merolia Gold Project from Bonanza Resources and Bluebrook Nominees.
Panther Metals will be acquiring the E38/3384, E38/3527, E38/3526, E38/3553, and E38/3555 tenements, which will all be integrated into Merolia.