Panther Metals (LSE:PALM), an AIM-listed mineral exploration company focused on Canada, has raised £2.5 million through a placing to accelerate drilling at the Wishbone volcanogenic massive sulphide (VMS) prospect on its Obonga Project in northwest Ontario.
The net proceeds will primarily fund an expansion of the ongoing Phase 1 diamond drilling programme beyond its initial 2,000 metre budget, with a portion earmarked to mobilise a second diamond core rig.
The fundraise is timed to a material operational development: the first drill hole at Wishbone (BR26-WB-P1-1) has intersected six distinct zones of massive, semi-massive and iron-silicate dominated sulphide mineralisation between 77.75 metres and 167 metres downhole depth, including 3.45 metres of pyrrhotite-dominated massive sulphide and 9.9 metres of semi-massive sulphide.
Previous drilling at Wishbone 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 reaching 11.65% zinc.
"The quantity and apparent thickness of massive sulphide encountered is highly encouraging," said Chief Executive Darren Hazelwood, adding that the raise will fund "a comprehensive drilling campaign aimed at defining the scale and continuity of the mineralised system."
Additional proceeds will support permitting and metallurgical testwork at the Winston Tailings Project, Dotted Lake magnesium extraction work, and working capital ahead of a planned dual listing on the Canadian Stock Exchange.
Laboratory assay results from the first drill hole are pending.
