Panther Metals PLC (LSE:PALM) said it discovered a volcanogenic massive sulphide (VMS) mineral system at the Wishbone prospect at the Obonga project in Ontario, Canada.
"The discovery of a VMS system at Obonga is a remarkable achievement for the team, and given that it took just two drill holes, it shows the level of work that was put into the exploration targeting process,” said Darren Hazelwood, chief executive of Panther.
VMS deposits are a rich source of metals such as copper, lead, and zinc. They can also produce gold and silver as byproducts of mining these deposits.
Previously, no other VMS was known on this belt. Obonga has now been confirmed as a favourable geological environment for the development of VMS systems and many more potential VMS targets exist on Panther's landholding, the company said.
Wishbone is situated in a similar geological environment to the nearby Sturgeon Lake area and its Mattabi VMS mining camp.
The Sturgeon Lake / Mattabi area hosted five commercially viable VMS mining operations that produced from the early 1970s into the 1990s.