(Alliance News) - Panther Metals PLC on Thursday said that it has discovered multiple new gold-rich quartz lodes at its asset in Australia, following on from exploration drilling at the site.
Panther Metals is a Canadian-focused mineral exploration company. Its current geological portfolio comprises of three prospective properties in Ontario, Canada, while the developing investment wing focuses on the targeting of nickel and gold in Australia.
Drilling at the Burtville East gold project confirmed multiple new gold-bearing quartz lodes, opening up opportunities for "significant exploration" upside.
Panther Metals added that mineralisation remains open, and potentially broadens at depth and along strike.
Detailed historic surface geochemistry highlights 800 metres long anomalous north-west to south-east strike potential.
Significant diamond drill hole downhole intercepts included 14.6 metres at 2.32 grams a tonne of gold from 37.4 metres, and 0.3 metres at 21.4 grams from 48.4 metres, with visible gold noted.
"The identification of multiple new gold-rich quartz lodes, with high-grade gold diamond drill intercepts and significant strike extension potential at the Burtville East Gold Project is an exciting development both for Panther Australia and for Panther Metals PLC through our significant shareholding," said Chief Executive Officer Darren Hazelwood.
"The high-grade gold intercepts and new quartz lode discoveries increase our confidence that the team in Australia have assets and capability to deliver a significant boost to Panther Metals Plc via our 36.6% holding in the company. We continue to monitor all developments closely as our holding has the potential to provide us with various options to positively impact our business model over the coming months."
Panther Metals shares were trading 0.1% lower at 5.04 pence each in London on Thursday afternoon.
By Holly Beveridge; Alliance News reporter
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Panther Metals (PALM)