Panther Metals PLC (LSE:PALM) has signed a purchase option agreement over four multicell mining claims covering a total area of 7.7 square kilometres to supplement the company’s existing 235 square kilometres of ground at the Obonga project in Ontario.
The purchase option agreement covers the four named properties: Wig, Z2 Gold, Tommy W, and Otter Gold.
The agreement in relation to the four properties allows Panther the option to purchase the claims for a total cash consideration of C$200,000 and the award of a 1.5% net smelter return royalty.
In addition, in order to complete the purchase Panther will need to have drilled no less than an aggregate 1,800 metres within the total package of claims during the four-year option period, and as a minimum will need to conduct at least one diamond drill hole on each of the individual claim areas.