Panther Metals plc has decided against acquiring the Manitou Lakes gold project on the Eagle – Manitou Lakes greenstone belt in Ontario, Canada.
DISTRACTION
The company signed an option and sale and purchase agreement in April 2022 with Shear Gold Exploration Corporation, which it has now terminated to focus on the critical minerals.
Chief executive Darren Hazelwood said: “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.
“We 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.”