(Alliance News) - Panther Metals PLC on Monday said it submitted a further exploration permit application for additional drilling on the Awkward Prospect at the Obonga project in Ontario, Canada.
The Isle of Man-based investor in and acquirer of companies within the natural resource sector said this follows the intersection of significant widths of graphite mineralisation comprising 27.2 metres at 2.3% of total graphitic carbon on the Awkward prospect.
It said the Awkward West application is in addition to the Awkward East permit application, which was announced earlier this month.
Awkward East covers ground prospective for graphite deposits alongside "intrusive hosted platinum group elements" to the west and south of the Awkward East application area.
Panther Metals said the submitted application for Awkward West covers a planned series of up to 31 diamond core drill pads and associated down-hole and surface geophysics surveys.
"We are delighted to announce the completion of our third, and final, drilling licence application, a pivotal step in our short-term strategy for Obonga. With a focused approach on graphite and [volcanogenic massive sulfide], this step solidifies our commitment to discovery following very encouraging results from our previous work," said Chief Executive Officer Darren Hazelwood.
"Obonga can deliver huge value to our stakeholders. We hold such a dominate position on this greenstone belt, that with further discoveries, interested parties will have to engage with Panther Metals. This was always our strategic aim and is now showing increasing signs of being a very shrewd move.
"Our initial steps around the graphite will be undertaken shortly as the snowmelt accelerates in northwest Ontario. Should we be able to replicate the observations from previous ground work conducted over the last 60 years, it's my belief we will quickly see the potential develop over the coming weeks and months. "
Shares in Panther Metals were up 6.6% to 4.37 pence each in London on Monday afternoon.
By Greg Rosenvinge, Alliance News senior reporter
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Panther Metals (PALM)