Acquires Additional Claims On Back Of Positive Survey
Panther Metals PLC (LSE:PALM) has added significantly to it’s the Big Bear Project area in Canada following the completion of a successful airborne geophysics survey.
CEO, Darren Hazelwood, said the acquisition is for an additional 19 mining claims, including:
- Two of the mining claims provide coverage of the southerly extent of the historical Schreiber Pyramid gold mine, where high grade gold bearing quartz veins were the focus of small scale mining in 1930s. In 1939 production was reported to be 136 tonnes at 17.6 g/t Au;
- Six mining claims provide coverage of the small scale historical Jedder Mine and mill site where gold bearing quartz veins were intermittently worked by open cut up to 15m deep between 1934-1986. Whilst the historical production was not reported channel sampling of a 87m long section of the Mill Vein in 1984 yielded values up to 39.50g/t Au and 73.17 g/t Ag over 0.5m.
- 11 mining claims were acquired on the basis of Panther’s preliminary data from Panther’s June 2020 airborne geophysics survey data; with four claims covering a combine electromagnetic and magnetic anomaly in the centre of the project area and a further seven mining claims providing coverage of a magnetic anomaly in the east of the Big Bear Project area.
“This strategic acquisition allows us to consolidate our position around the high grade, past producing, Schreiber Pyramid mine and extend our footprint to encompass the highly prospective Jedder Mine area,” Mr Hazelwood said.
“As we continue to piece together this previously fragmented, high grade property, I couldn’t be more delighted with the technical team’s progress as we advance the project rapidly towards a planned maiden drilling campaign.
“The progress made, combined with the additional capital now available to the company, enable us to target an increased number of areas on the Big Bear property.
“With field operations resuming today, following a scheduled break, we look forward to ground truthing geophysical and soil geochemical anomalies and delineating ground geophysics targets ahead of subsequent drill testing.”
Panther Metals has agreed to pay the vendor a total cash consideration of C$30,000 for the 100% acquisition of mining claims 537571 (this is a five mining claim unit), 551846, 551847, 551848, 551849, 554098, 554101 and 569210. These claims are free of any underlying instruments or royalties.
Seven claims were staked directly by Panther on previously unclaimed ground.