(Alliance News) - Panther Metals PLC on Monday said it was granted an exploration permit at the Annaburroo gold project in Australia.
Chief Executive Officer Darren Hazelwood said: "The grant of the Annaburroo gold project license allows the company to proceed with its maiden exploration programme on its fully-owned gold exploration projects in the Northern Territory."
Grab samples at the asset have found gold grades of 61.2 grammes pet tonne and 50.8 grammes per tonne.
Hazelwood added that he expects the exploration programme to begin in the second quarter of 2020.
"With the company fully funded into 2021 for our planned work programmes, we look forward to reporting on the corresponding results of these programmes accordingly," he continued.
The company added that it has appointed David Groves to the board of its Australian subsidiary, Panther Metals Pty Ltd, with immediate effect.
Panther shares were 2.3% higher at 3.17 pence each in London on Monday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Panther Metals (PALM)