Business
Termination of Manitou Lakes Option Agreement
Termination of Manitou Lakes Option Agreement.
About this update from Panther Metals Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n\n\n\n\nFOR IMMEDIATE RELEASE\n\n\n\n\n\n\n\nPANTHER METALS PLC\n(\"Panther\" or the \"Company\")\n(Incorporated in the Isle of Man with company number 009753V)\n18 September 2024\n \nCorporate Update: Termination of Manitou Lakes Option Agreement\nPanther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, announces the termination of the option and sale and purchase agreement announced 7 April 2022 (the \"Agreement\"), with Shear Gold Exploration Corporation (\"Shear Gold\") over the Manitou Lakes Project (\"Manitou Lakes\" or the \"Project\"), on the Eagle - Manitou Lakes Greenstone Belt in Ontario, Canada.\n \nDarren Hazelwood, Chief Executive Officer, commented:\n \n\"Manitou Lakes remains a potentially highly prospective early-stage gold project in a very promising location in Ontario; the termination of the option Agreement is merely reflective of developments within Panther's wider exploration portfolio and our current geography of focus that would leave the asset unduly isolated over the next two years if we were to continue with the Agreement.\nPanther's growth strategy is now focused on the critical minerals sector, a sector which attracts growing support at both Canadian federal and provincial level, plus an increasing amount of overseas strategic funding options.\nWe have advanced our Dotted Lake and Obonga projects, beyond generative exploration to delineate multiple drill ready discovery and resource targets that now demand our focus. In that context diverting resources into Manitou Lakes (which is at a far earlier stage in the exploration cycle) would be a distraction from our core focus.\nThe Directors have a clear vision of steering the business towards the more advanced, highly prospective, new discoveries whilst maintaining a structure that rewards our investors.\nTermination of the Agreement allows Shear Gold the opportunity to drive Manitou Lakes forward and we wish them every success.\"\n \n \nFor further information please contact:\n \n \nPanther Metals PL...