Make Kitco Your Homepage

Panther Metals secure Merolia gold project from White Cliff Minerals

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.