(Alliance News) - Panther Metals PLC announced on Tuesday that it discovered a volcanogenic massive sulphide mineral system at its Obonga project in Ontario, Canada.
The Hertfordshire, England-based gold company with projects in Australia and Canada said the discovery was made based on the result of the phase one diamond core drilling programme at the project.
Two diamond core drill holes, totalling 600 metres, were completed and wide massive sulphide and semi-massive sulphide mineralisation intersections were found in both drill holes.
The drilling concerned the Wishbone prospect, located in the west of the Obonga project area, and targeted copper, lead, zinc, silver and gold.
Chief Executive Darren Hazelwood said: "The implications of the Wishbone volcanogenic massive sulphide discovery to the wider Obonga Project area are considerable. Before this programme no other volcanogenic massive sulphide was known on this belt. Obonga has now been confirmed as a favourable geological environment for the development of volcanogenic massive sulphide systems and many more potential volcanogenic massive sulphide targets exist on Panther's landholding.
"The very nature of this type of deposit means they tend to cluster, once you have one, the chances increase dramatically of finding others.Elevated base metal content, especially within close proximity of our drilling location, adds further confidence to our future plans."
Shares in Panther Metals were down 7.0% at 10.93 pence on Tuesday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Panther Metals (PALM)