Panther Metals surges after high-grade gold is confirmed at surface at Dotted Lake

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Panther Metals PLC (LON:PALM) said reconnaissance work conducted at its Dotted Lake property in Ontario, Canada, has confirmed high-grade gold at surface.

Panther submitted a total of seven samples from the under-explored Dotted Lake property for analysis at ALS Laboratories, taken from an area of stripped ground bordering the most northerly point on the Dotted Lake shoreline. This area was cleared in 2010 when four trenches were excavated to investigate gold in soil anomalies identified within small soil sampling grids conducted in 2008 and 2009.

The 2010 channel sampling in historical trench Tr-10-4 returned two mineralised intervals – 1.14 grams per tonne (g/t) Au (gold) over 1.00 metre (m) and 9.02 g/t Au & 859 ppm [parts per million Zn (zinc) over 0.40 m with a further 2010 prospecting sample returning Au 16.95 g/t Au & 7.7 g/t Ag from nearby.

Panther said outcrop sampling within Tr-10-4 verified the historical intervals returning 18.9g/t Au & 0.94 g/t Ag (silver) and 9.37g/t & 1.73 g/t Ag, with three of the remaining samples returning low-level anomalous gold within the immediate stripped area.

“Panther’s decision to conduct an airborne geophysics survey, followed from the encouraging geological observations made at Dotted Lake by our reconnaissance team in September,” said Darren Hazelwood, the chief executive officer of Panther in a statement.

“The decision to commission the survey has been fully vindicated by these assay results which verify the historical gold occurrences within the greenstone belt lithologies sited on the northern edge of the Dotted Lake batholith.

“The initial recognisance programme conducted with the aim of determining access and logistics for strategic work programme planning has resulted in some remarkable results. With the assay results from five of the seven samples from the historically stripped area returning anomalous gold grades, and two of these samples being high-grade gold, the team are intrigued and excited by the prospect of designing a geophysics led exploration programme to widen the search, beneath the overburden and tree cover,” he added.

Panther Metals’ shares were up 6.7% at 12p in early deals.

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