Panther Metals PLC (LSE:PALM) has announced its first batch of assay results from the 402 metre deep diamond core hole it’s drilled at the 100% owned Dotted Lake property in Ontario.
"The objective of this drill hole at Dotted Lake was to build our understanding of the stratigraphy linked to our airborne geophysics survey and trench sample anomalies,” said Panther’s chief executive Darren Hazelwood.
“So finding gold mineralisation widely dispersed in the first sample batch in the first hole to be drilled in this area is very pleasing, especially given the context of the wider prospective Hemlo region.”
Last year, the Dotted Lake soil sampling survey confirmed a 1.3km long linear gold anomaly stretching due west from the drilling location.
The first batch of drill core assay results support the hypothesis that the company is dealing with a mineralised system as there appears to be a strong correlation of anomalous gold between the two surveys.
As there was a major electrical fault on rig with the hole at 172 metres in depth, and delays with its repair caused by supply chain issues, the drill core was split into two batches. The second batch of drill core down to 402 metres is currently being processed.
In total there were eight separate intervals of gold mineralisation, with four separate gold-bearing intervals showing above one gram per tonne.
Among these highlights were 0.9 metres at 1.73 grams per tonne and one metre at 1.05 grams per tonne.
The Dotted Lake property consists of a total of 174 contiguous claims located approximately 18 kilometres north-northeast of the Barrick-owned Hemlo gold mine, which has produced over 22 million ounces of gold over 30 years.