Pantera Minerals Limited announced the completion of phase 1 Reverse Circulation ("RC") drilling at the Weelarrana Project ("Weelarrana" or "Project"), located in the Collier Basin of Western Australia, with a total of 30 RC holes were drilled for 965 metres. A total of 299 samples have been sent for laboratory analysis, with assay results expected during December 2022. Geological logging has identified a laterally continuous, gently north dipping, near surface manganiferous shale unit with zones of semi-massive to massive manganese developed within the shale unit.

The manganiferous shale unit varies from 3 to 12m in thickness with zones of semi-massive to massive manganese varying from 1m to 7m in thickness developed preferentially at the base of manganiferous shale. In all drill holes the manganiferous shale unit is overlying a dolerite sill. The high-grade manganese rock chip samples reported in previous ASX announcements3 can be directly correlated with the semi-massive to massive manganese zone.

The manganiferous shale unit is still open to the north, east and west. Once assay results are received these will be reviewed and infill drilling of Mn Area 1 planned and permitted. A review of geophysical targeting methods will also be undertaken to aid in the identification of extensions of the manganiferous shale unit under cover to the north, east and west as well as determining if there is a geophysical method that can identify the semi-massive to massive manganese zones.

Drilling permitting and drilling of Mn Areas 2 to 4. Field work will recommence in early 2023. Located within the Proterozoic Collier Basin some 80 km south of Newman, Western Australia, the Weelarrana Project covers 958 km2 of tenure considered prospective for manganese and precious metal mineralisation. All tenements cover either Ilgarari Formation manganiferous shales or Backdoor Formation manganiferous shales which are known to host economic manganese mineralisation at Element 25's Butcherbird Deposit and Firebird Metals Hill 616 Deposit.

Despite the presence of two significant manganese deposits along strike and within the same stratigraphy, the area covered by Pantera tenements has been under explored for manganese. Pantera aims to systematically explore for manganese within the known stratigraphic hosts as well as assess and explore the tenure for structural hosted precious metal mineralisation.