Panther Metals PLC (LSE:PALM) said it completed the first phase of a drilling programme at the Obonga project in north-western Ontario, Canada.
The diamond drill programme targeted multiple high-priority electromagnetic and magnetic geophysical anomalies prospective for volcanogenic massive sulphide (VMS) hosted copper/base metal mineralisation and intrusion-hosted nickel, platinum and palladium.
It drilled nine holes, a total of 1,500 metres (m), and the drill core is being processed in the company's core logging and sampling facility in Thunder Bay.
“The 9 drill holes which varied in depth from 71m to 255m tested three prospects, Wishbone, Awkward and Survey, with a further 3 drill pads prepared ready for drilling next season,” said chief executive Darren Hazelwood.
“With the onset of freezing temperatures and heavy snowfall, Panther made the decision to curtail the drilling whilst there was still a window to safely demobilise the heavy equipment and personnel from the staging area, so the Ottertooth and Silver Rim prospects will now be scheduled for drilling next year,” he added.
The London-listed exploration company also said it issued 343,000 shares at 5.5p each to a contractor as compensation for the execution of this phase of the programme.