(Alliance News) - Panther Metals PLC on Tuesday said it has begun a second soil programme at the Manitou Lakes project in Ontario, Canada.
The Canadian-focused mineral exploration company owns four projects in and around the Eagle-Manitou Lakes and Schreiber-Hemlo greenstone belts, of which Manitou Lakes is one. Located within the gold-endowed Kenora mining district, the project covers a total area of 98 square-kilometres.
The follow-up soil geochemical sampling programme due to start at the Barker area is designed to test the strike extent of mineralisation following the discovery of anomalous and high grade gold in soils this summer.
Panther Metals said the objective of testing was to delineate the strike extent of gold mineralised structure, following previous survey results which identified an open-ended, strong linear gold anomaly extending for at least 400 metres across the survey area.
Focus-planned induced polarisation geophysics survey work is scheduled for this winter.
"The extent and grade of anomalous gold identified by this summer's soil sampling programme in the Barker area was exceptional, but the open-ended extent of the mineralisation meant we needed to enlarge the survey coverage to get a feel for the possible size of the target," said Chief Executive Officer Darren Hazelwood.
"This enlarged soil programme is a precursor to a planned induced polarisation geophysics survey, scheduled for this winter, allowing us to plan a drilling campaign. "
Panther Metals shares were trading 2.2% lower at 4.50 pence each in London on Tuesday morning.
By Holly Beveridge; hollybeveridge@alliancenews.com
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Panther Metals (PALM)