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Panther Metals (PALM) Share Price Rises After New Gold Target Defined

Sam Boughedda trader
Updated 27 May 2021

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Shares of mineral exploration firm Panther Metals (LON: PALM) are rising after the company said a new gold target was defined at the Merolia Gold Project following its auger drilling programme.

Panther has completed an extensive auger drill geochemistry programme within tenement E38/3384 which is in the central part of the Merolia Gold Project.

The Canada and Australia focused company said the auger assay results for gold are considered anomalous, and follow up auger infill drilling is required on the 40 Mile Camp anomaly to refine these gold anomalies and help establish reverse circulation drill targets.

Panther CEO Darren Hazelwood said the company is “very pleased” with the results.

“The programme has discovered a significant gold anomaly which extends over 5km x 2.5 km in the central part of licence E38/3384,” said Hazelwood.

“There are also several other more subtle gold anomalies which trend approximately NW-SE, extending from the Comet Well gold trend in the north. These gold anomalies are also coincident with anomalism in several other elements, which support the likelihood of primary gold mineralisation in the vicinity.

“The company is now evaluating the opportunities to progress this project towards an reverse circualtion drilling programme to test these anomalies and several other gold prospects in the area.”

Panther Metals share price is currently up almost 6% from Wednesday's close at 15.35p.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.