(Alliance News) - Panther Metals PLC on Monday announced the acquisition of 135 mining claim sells around the Dotted Lake gold project in Canada.
The mineral exploration company focused on Canada and Australia said with the acquisition, the total area of the Dotted Lake gold project has been increased over three-fold. Panther didn't say what it paid for the claims.
The expansion covers an area renowned for its gold discoveries over the past 40 years, including over 21 million ounces produced from the Hemlo gold mine 16 kilometres south of the Dotted Lake property in Ontario, Canada.
Historical sampling of shears around the area have yielded samples up to 16.95 grams per tonne of gold.
The company said: "Panther are currently undertaking a historical data compilation and desk study on the enlarged area and plan to undertake preliminary soil geochemistry and geophysical data reprocessing at the new Dotted Lake property in early autumn."
Chief Executive Darren Hazelwood said: "I am delighted to report that, through tripling the size of our Dotted Lake gold project, Panther Metals has gained an important strategic stronghold in the highly competitive Hemlo gold district.
"This win for the company, increasing our landholding by 346%, demonstrates the board's commitment to advancing the company and growing shareholder value at this busy time in the Panther's evolution."
Panther Metals shares were up 4.6% at 7.22 pence each on Monday morning in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Panther Metals (PALM)