Panther Metals PLC on Monday said it has uncovered a 1.2 kilometre long gold trend at its Dotted Lake project in Canada, as well as an intersection of high grade zinc and gold mineralisation.

The developer of critical minerals projects in Ontario, Canada said its first batch of assay results from the phase 1 diamond drilling programme returned ‘highly anomalous’ gold, silver, zinc and base metal assays from Target D on the southern shore of Lampson Lake.

The mineralisation was linked to a volcanic-associated submarine hydrothermal system.

Chief Executive Officer Darren Hazelwood said: ‘Below the overburden of Dotted Lake, a large mineralised system has, until now, remained largely undisturbed, only providing small glimpses of its potential at surface. The assay results from the first of five drill holes have confirmed our greatest hopes and theories: gold over a widening area, and a VMS system containing high grade zinc and gold optimally located between the Geco VMS mine to the north and Barrick Gold Corp’s Hemlo gold mine to the south.

‘We are systematically building our understanding of the project and at every turn our confidence grows. Our visuals of the core were encouraging, resulting in the drill rig being left on site, and this first batch of assay results has already confirmed that our confidence wasn’t misplaced.

‘Discussions are underway with our project partners and we look forward to providing further updates regarding plans to utilise the frozen ground of winter and the drill rig on site as we accelerate this project.’

Shares in Panther Metals were up 7.9% at 89.00 pence each in London on Monday afternoon.

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