Panther Metals secure Merolia gold project from White Cliff Minerals
(Kitco News) - Panther Metals (PALM:LSE) are all set to acquire the Merolia gold project near Laverton, Western Australia, from White Cliff Minerals Ltd for cash and shares. Panther will pay A$112,500 in cash on the successful completion of a due diligence period and then an additional 734,470 shares. Lastly, A$1.25 per ounce of gold will be made to White Cliff Minerals in the event that a JORC Resource is defined. It has been said shallow drilling intercepts on the prospects include eight metres at 6.7 grams per tonne gold five metres 27.8 grams.
Darren Hazelwood, Panther’s chief executive 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,”.
Looking at the daily chart, the price has been in a clear uptrend. The next hurdle for the bulls stands at 15.7p and if the level can be broken the bull trend is firmly back on track. On the downside keep an eye out on 8p. This level has been used as a decent support area a few times and a break could be significant.