High-Grade Gold Confirmed at Surface
Panther Metals PLC (LSE:PALM) has announced promising results from reconnaissance work conducted at the 100% owned Dotted Lake property in Ontario, Canada.
The reconnaissance work consisted verifying and reopening former logging access routes into and within the property, visiting localities of historical work, making geological observations on lithologies and alteration as well as a limited amount of sampling. The underexplored Dotted Lake property is largely tree covered, with small lakes and boggy ground, and very limited bedrock outcrop emerging through the overburden.
Panther submitted a total of seven samples for analysis at ALS Laboratories, taken from an area of stripped ground bordering the most northerly point on the Dotted Lake shoreline. This area was cleared in 2010, when four trenches were excavated to investigate gold in soil anomalies identified within small soil sampling grids conducted in 2008 and 2009.
The 2010 channel sampling in historical trench Tr-10-4 returned two mineralised intervals; 1.14 g/t Au over 1.00 m; and 9.02 g/t Au & 859 ppm Zn over 0.40 m with a further 2010 prospecting sample returning Au 16.95 g/t Au & 7.7 g/t Ag from nearby
Panther outcrop sampling within Tr-10-4 verified the historical intervals returning 18.9g/t Au & 0.94 g/t Ag and 9.37g/t & 1.73 g/t Ag, with three of the remaining samples returning low level anomalous gold within the immediate stripped area.
CEO, Darren Hazelwood, said mineralisation appears to be related to narrow sheared zones and porphyritic dykes cutting through the mafic volcanic and metavolcanic stratigraphy. On a wider scale the mineralisation sits upon the northern limb of the Schreiber-Hemlo Greenstone belt on the northern edge of the granitoid Dotted Lake Batholith.
It is this greenstone belt and intrusive contact that will be the focus of Panther’s planned high resolution airborne magnetic and electromagnetic geophysical survey which is due to be flown later this month.
“Panther’s decision to conduct an airborne geophysics survey, followed from the encouraging geological observations made at Dotted Lake by our reconnaissance team in September,” Mr Hazelwood said.
“The decision to commission the survey has been fully vindicated by these assay results which verify the historical gold occurrences within the greenstone belt lithologies sited on the northern edge of the Dotted Lake batholith.
“The initial recognisance programme conducted with the aim of determining access and logistics for strategic work programme planning, has resulted in some remarkable results.
“With the assay results from five of the seven samples from the historically stripped area returning anomalous gold grades, and two of these samples being high grade gold, the team are intrigued and excited by the prospect of designing a geophysics led exploration programme to widen the search, beneath the overburden and tree cover.”
