Panther Metals (LSE:PALM) reported preliminary results from Phase 1 diamond drilling at the Wishbone volcanogenic massive sulphide prospect within its Obonga Project in Ontario, Canada.
Portable XRF readings identified discrete chalcopyrite mineralisation with copper readings of up to 8.34%. The company has also previously identified high-grade zinc mineralisation at the prospect.
Panther said the results provide additional geological information that may help assess historical copper anomalies identified through lake-sediment sampling around Wishbone.
The portable XRF results are preliminary and laboratory assays remain pending.
Drilling Paused During Wildfire Restrictions
Drilling and trail construction were temporarily suspended due to Canadian wildfire restrictions and permit conditions associated with the autumn hunting season.
During the pause, Panther continued core logging, imaging and portable XRF analysis. The company said access infrastructure to Wishbone is approaching completion.
Panther plans to resume drilling during the winter and continue the programme into 2027, including infill and step-out drilling.
Obonga Agreement Extended to August 2027
Panther and Broken Rock Resources have agreed to extend the 2021 sale and purchase agreement covering Obonga from 30 April 2027 to 31 August 2027.
The extension is intended to provide additional time for drill permit renewals and continued exploration work.
As consideration for the extension, Panther granted Broken Rock options over 25,000 ordinary shares at an exercise price of £1.70 per share. The new options replace unexercised options that expired in July 2026.
Panther Metals is an Isle of Man-incorporated mineral exploration company focused on Canadian projects. Its Obonga Project covers more than 90% of the Obonga Greenstone Belt in Ontario, where the company is exploring for volcanogenic massive sulphide mineralisation containing metals including copper and zinc.
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