Asgard will receive 1.25mln shares in Panther Australia (equivalent to A$250,000) under a consultancy agreement that will see Ariana provide exploration advice over a two-year period.
Michael de Villiers, Ariana’s chairman, said: “We are very pleased to be taking a position in Panther Metals Limited in Australia at a significant time in its development and as it pursues a possible IPO on the ASX.
“Panther has defined a series of significant gold targets, including the recently discovered 40 Mile Camp anomaly, in a substantially under-explored part of the prolific Laverton Greenstone Belt.
“Several multi-million ounce gold deposits are located in the vicinity and the infrastructure is substantial, with several processing plants currently running under capacity.
“In addition, we are pleased to note the recent definition of a JORC Exploration Target of 30-50Mt at 0.6-0.8% nickel and 400-600ppm cobalt on its Coglia nickel-cobalt Project at Merolia. This investment will therefore tick all of our criteria and satisfies our internal hurdles.”