ONTARIO - Panther Metals PLC (LSE:PALM), an exploration company with a focus on minerals in Canada, has announced the completion of its Phase 1 Diamond Drilling Programme at the Dotted Lake Project in Ontario, Canada. The project, which is entirely owned by the company, is situated in the Schreiber-Hemlo Greenstone Belt and targets nickel, cobalt, copper, gold, and platinum group elements.
The recent drilling program exceeded initial plans by 30%, finishing with 1,558 meters drilled across five holes, rather than the proposed 1,200 meters. The program has now entered a pause while awaiting assay results from the first batch of drill core samples, which have been submitted to ALS Laboratories for analysis.
Geotechnical and magnetic susceptibility logging of the drill cores have been completed, and detailed geological logging is underway. The samples are being tested for a range of elements, including gold and platinum group metals, using comprehensive assay methods.
Drilling has encountered various lithologies, including an ultramafic intrusive complex noted for its serpentinite alteration and the presence of minerals bearing nickel, chrome, and copper, along with quartz veins that are prospective for gold.
In addition to the drilling, a new trail network has been established to facilitate further development of the project. This network provides access to the eastern side of the north shore of Dotted Lake.
The drilling efforts have covered a 1.4km strike length of a structurally complex zone that correlates with previous gold results from both Panther Metals' prior drilling and historic trenches. Notably, one of Panther's previous drill holes, PAN21_DL_001, yielded several intersections with gold grades exceeding 0.5g/t, with the highest grade reported at 2.57g/t Au.
As the project awaits further results, the drill rig remains on-site, ready for rapid mobilization in early 2025, should the results prove positive. This approach aligns with Panther Metals' strategy to accelerate fieldwork on the project.
This update is based on a press release statement from Panther Metals PLC.
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