Shares in Panther Metals (LON:PALM) have rallied over 50% on Monday afternoon, as the firm told its shareholders that it had won an exploration permit for its operations in Australia.
Panther Metals shares trade at 4p (+52.90%). 10/2/20 15:05BST.
The firm said that the exploration permit at the Annaburroo gold project in Australia had been granted, and it seems that this has caught shareholder optimism.
The Annaburroo Gold Project comprises a single licence (EL32140) covering an area of 149.8km2, located 105km to the southeast of Darwin, Northern Territory.
Grab samples at the asset have found gold grades of 61.2 grammes pet tonne and 50.8 grammes per tonne.
Darren Hazelwood, CEO, commented:
“The grant of the Annaburroo Gold Project license allows the Company to proceed with its maiden exploration programme on its fully-owned gold exploration projects in the Northern Territory. I expect this programme to commence from Q2 of 2020. With the Company fully funded into 2021 for our planned work programmes, we look forward to reporting on the corresponding results of these programmes accordingly.
Meanwhile, the appointment of Dr. David Groves is another seminal moment for the Company, confirming recognition from within the geological community of Panther Metals commitment to excellence in its pursuit of economic mineral discoveries. I would like thank Dr. Groves for agreeing to join the Company at this important time and I personally look forward to engaging with one of the most widely respected geologists in the world”.
Panther Metals continue to grow
In October, the firm gave another impressive update to shareholders where it announced had secured its first exploration licence in the Northern Territory, Australia.
Its Exploration Licence Application regarded it Marrakai Project, which is located in Pine Creek Orogen.
The ELA covers an area of 10.1 square kilometres, which has been the recorded source of some 500 ounces of gold nuggets (the largest of which was 30 ounces) and other ‘geochemical anomalies’.
Speaking on the update, CEO Darren Hazelwood remarked,
“The granting of the Marrakai licence cements Panther’s entry into the Australian exploration space. Our stated aim was to target the commodity rich jurisdictions of Australia and North America. I’m delighted to confirm to the market Panther Metals has, once again, achieved its goals.”
Panther Metals should be very pleased with the reaction to the update provided, and this should spark shareholder confidence for 2020.