Panther Metals (PALM) has signed a three year term purchase option agreement over three multicell mining claims which comprise the Otter Gold, Z2 Gold and Wig properties.
The claims are located in the highly prospective Obonga greenstone belt, in the vicinity of other Panther licences, 160km north of Thunder Bay in Ontario.
The purchase option has been signed with Mrs Karen Siltamaki and is a partial replacement for the purchase option agreement of 22 November 2021 signed with her late spouse Mr Aki Siltamaki.1
This agreement secures Panther options over the properties through to January 2029.
"The new purchase option agreement over the Siltamaki properties at Obonga secures Panther's rights over three promising gold and base metal prospects through to 2029," said Darren Hazelwood, Panther’s chief executive.
The Otter gold property is adjacent and to the south of Panther's Wishbone volcanic massive sulphide discovery.
The Wig property is directly adjacent to the north-western side of Panther's Awkward Prospect. Wig is prospective for intrusive hosted palladium, platinum, nickel, copper, and cobalt mineralisation.
The Z2 Gold property is located on the southern boundary of the Obonga project and covers magnetic and electromagnetic geophysical targets. Limited drilling in the 1970sat Z2 intersected disseminated sulphide mineralisation, and gold and zinc intersections including 0.76 metres at 5.64 grams per tonne gold and three metres at 0.49% zinc.
The purchase option for the three properties allows Panther to purchase the laims 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 three-year option period, and as a minimum will need to conduct at least one diamond drill hole on each of the individual claim areas.
The purchase option price is C$10,000, with further payments of C$10,000 due on each anniversary of the date of signing, for three consecutive years.
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This confirmation of Panther’s wider presence at Obonga is to be welcomed in a time of resurgent interest in metals and mining. The area is prospective for both base and critical minerals, and much progress has already been made. In June 2024, Panther secured a key exploration permit for the Wishbone prospect, valid through 2027, authorizing extensive drilling and geophysical surveys. It also has a comparable permit for Awkward West. Talk in the market lately has been of a Canadian listing to complement Panther’s UK one. That might well put a match under the shares, as the Canadian mining markets have been running hot for some time, in contrast to the milder sentiment evident in London.