Panther Metals Plc (LON: PALM) has provided an update on its Phase 1 diamond drilling programme at the Wishbone volcanogenic massive sulphide prospect within the Obonga Project in Ontario, Canada.
Following its June fundraising and the recent extension of the Obonga option agreement to 30 April 2027, the company said its drilling contractor is commissioning a second diamond core rig for mobilisation to the site from Manitoba.
The additional drilling capacity is expected to accelerate exploration beyond the originally planned 2,000-metre drilling budget.
The first diamond drill hole, BR26-WB-P1-1, reached its planned downhole depth of 300 metres and intersected nine distinct zones of massive, semi-massive and iron-silicate-dominated sulphide mineralisation between 77.75 metres and 245 metres downhole.
These intersections included 3.45 metres of pyrrhotite-dominated massive sulphide and 9.9 metres of semi-massive sulphide from 77.75 metres downhole.
Between 98 metres and 105 metres, visual core logging identified sulphide-rich metasediments interpreted as greenalite exhalite rocks. Panther said these may have formed where iron- and silica-rich hydrothermal fluids mixed with seawater near ancient seafloor hydrothermal vents associated with volcanogenic massive sulphide and precious metal mineralisation.
Further sulphide-rich intervals were identified between 112.5 metres and 119 metres, with additional pyrrhotite massive sulphide from 137 metres to 139 metres and semi-massive sulphide intervals from 162 metres to 172 metres, 187.5 metres to 188 metres and 237 metres to 240 metres.
The second drill hole, BR26-WB-P1-2, has intersected the targeted VMS horizons along strike to the south.
Alternating massive and semi-massive sulphides were intersected between 63.5 metres and 78.4 metres downhole and again between 107 metres and 120 metres.
Sulphide-rich metasediments interpreted as greenalite exhalite rocks, together with semi-massive sulphides, continued from 120 metres to the currently logged depth of 158 metres.
Panther said the projected horizontal spacing between the two inclined holes at their planned end-of-hole depths is around 170 metres.
A further two drill pads have been prepared for drilling following scheduled rig maintenance, while a fifth pad is expected to be ready before the second rig arrives onsite.
Chief executive Darren Hazelwood said the sulphide mineralisation observed in the first two holes was particularly encouraging when viewed alongside previous assay results from Wishbone.
Earlier drilling returned 3.6 metres grading 3.9% zinc, including 2.0 metres at 6.8% zinc and 4.3 grams per tonne silver, with individual assays of up to 11.65% zinc.
Hazelwood said the significant widths of visually identified sulphide mineralisation, together with their alignment with the company’s three-dimensional geophysical inversion model, supported Panther’s view that it is building out a large-scale VMS system at Wishbone.
The company stressed that the new drill core has not yet been cut, sampled or laboratory assayed, and the current observations are based on visual core logging.
