LSE-listed explorer Panther Metals has acquired 135 mining claim cells, increasing the total area of its Dotted Lake gold project, in Canada, by 346%.
The new claim acquisition constitutes a strategic expansion in an area renowned for gold discoveries and gold production over the last 40 years, including more than 21-million ounces of gold produced from the Hemlo gold mine 16 km south of Panther's newly extended Dotted Lake gold property.
New mining claims cover major west-southwest trending structural features and geophysical anomalies within greenstone belt lithologies identified during Panther's desktop study of historical data relating to the recent Dotted Lake acquisition.
New claims extend Panther's coverage of the prospective Dotted Lake pluton geological contact up to 7 km. Historical sampling of shears associated with this contact have yielded samples up to 16.95 g/t gold.
Historic drill intersections near the licence area include 8.2 g/t gold and 3.2 g/t gold, as well as 2.9% and 1.1% of copper.
Preliminary analysis shows there are multiple gold and base metal targets within the targets within the enlarged project area, including known hosted massive sulphide mineralisation, banded iron formations and shear-hosted gold veining.
Panther is undertaking an historical data compilation and desk study on the enlarged area and plans to undertake preliminary soil geochemistry and geophysical data reprocessing at the new Dotted Lake property in early autumn.
CEO Darren Hazelwood says that, through tripling the size of its Dotted Lake gold project, Panther has gained an important strategic stronghold in the highly competitive Hemlo gold district.
“This win for the company demonstrates the board's commitment to advancing the company and growing shareholder value at this busy time in the Panther's evolution.”