LONDON - Panther Metals PLC (LSE:PALM), a mineral exploration company operating in Canada, has announced the discovery of a significant gold trend and high-grade zinc/gold volcanogenic massive sulphide (VMS) mineralization at its Dotted Lake Project. The project is located in the Schreiber-Hemlo Greenstone Belt in Ontario, Canada.
The company's Phase 1 Diamond Drilling Programme at Dotted Lake yielded promising assay results from the first drill hole, DL24-001. The assay, conducted by ALS Laboratories, revealed the presence of gold, silver, zinc, and base metals, suggesting a large mineralized system beneath Dotted Lake. The results indicated a 1.2km long open-ended gold trend and a VMS system containing high-grade zinc and gold.
CEO Darren Hazelwood expressed optimism about the findings, which have confirmed the company's theories about the potential of the area. The presence of gold over a widening area and the proximity to the Geco VMS mine and Barrick's Hemlo gold mine enhance the project's prospects.
Significant gold intersections from the drill hole include 0.5m at 1.15 g/t Au, 4.5m at 0.64g/t Au, and 1.0m at 0.53 g/t Au. Zinc intersections were also noteworthy, with intervals such as 5.5m at 1.21% Zn, including 2.7m at 2.42% Zn and 1.0m at 3.8% Zn. These findings are consistent with a metamorphosed VMS-style mineralization, typically associated with volcanic-associated submarine hydrothermal systems.
The gold trend now extends for 1.2km and correlates with a gold in-soil anomaly identified in previous exploration efforts. The drill results also align with magnetic inversion domain boundaries in the magnetic susceptibility model, further supporting the geological interpretation.
The discovery is near the historic Geco deposit, which was mined for several decades and produced significant amounts of ore. Panther Metals has paused the current drilling program as it awaits further assay results. The rig remains on site, ready for a quick mobilization early in 2025 to accelerate the project, in line with the company's stated intentions.
This news release is based on a press release statement and presents the latest developments from Panther Metals PLC's ongoing exploration activities at the Dotted Lake Project.
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