Panther sells Big Bear project to focus on its newly-acquired Shear Gold project
London-listed Panther Metals has entered into an agreement to buy Shear Gold Exploration Corporation's Shear gold project, including the West Limb and Glass Reef gold properties, on the Eagle-Manitou Lakes Greenstone Belt.
The project covers an area of about 98 km2 and is located within the gold endowed Kenora Mining District, about 300 km east of Thunder Bay and equidistant between the towns of Fort Frances and Dryden in north-western Ontario, Canada.
Panther has paid Shear Gold Exploration C$11 325 to secure the option over the project,
It will also spend C$325 000 on the project in the first two years after signing the agreement and C$400 000 between the second and fourth yearly anniversaries of the agreement. Shear Gold Exploration will also be granted a 2% net smelter return (NSR) royalty over the project.
"The gold potential of the Manitou Lakes area and the wider Kenora Mining District of Ontario has been on Panther's radar for some time. The opportunity to take a substantial new stake in this exciting belt has greatly enhanced the company's exploration portfolio and widened our exposure to potential gold and base metal discoveries.
"It was paramount to Panther that we had the organisational structure in place to support an entry into the Manitou Lakes area and it's great that experienced geologist Ryan Hrkac will be working with us on a package he diligently put together through Shear Gold," comments Panther CEO Darren Hazelwood.
He adds that it is paramount that a successful explorer should have the time, expertise and capital to invest in its project portfolio.
As such, Panther has agreed to sell its Big Bear project, on the Schreiber-Hemlo Greenstone Belt, to Fulcrum Metals.
Once Fulcrum completes a planned initial public offering and listing on the LSE's Aim market, Panther will be issued 20% of Fulcrum's entire issued share capital, as well as £200 000 and a 2% NSR royalty over the Big Bear project.
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