Panther Metals plc has signed a three-year option to buy three multi-cell gold-base metal mining claims in the Obonga greenstone belt, 160km north of Thunder Bay in Ontario, Canada.
POLYMETAL
The transaction covers the Otter Gold, Z2 Gold and Wig properties which are located in the company’s existing Obonga project area.
Otter Gold lies adjacent to the south of Panther’s volcanic massive sulphide discovery at Wishbone.
Wig, prospective for palladium, platinum, nickel, copper, and cobalt mineralisation, is directly adjacent to the north-western side of the Awkward prospect.
Z2 Gold, where drilling in the 1970s intersected sulphide mineralisation, gold and zinc, is on the southern boundary of the company’s Obonga project.
Panther has the option to buy the three properties for a total CA$200,000 cash and a 1.5% net smelter return royalty.
The company has three years to drill at least 1,800 metres over the three claims, including a minimum of one diamond drill hole on each one.
Panther’s Obonga project currently comprises the Wishbone, Awkward, Survey, Ottertooth and Silver Rim prospects.
The company also holds the Dotted Lake multi-metal prospect as well as an option to recover metals from the Winston Lake mine tailings storage facility.