Panther terminates Manitou Lakes gold option as focus shifts to critical minerals
Exploration company Panther Metals has terminated an option and sale and purchase agreement with Shear Gold over the Manitou Lakes project, in Ontario, Canada, with its focus shifting towards the critical minerals sector.
CEO Darren Hazelwood said while Manitou Lakes remained a potentially highly prospective early-stage gold project in a promising location, the termination of the option agreement reflected developments within the company’s wider exploration portfolio.
“Our current geography of focus would leave the asset unduly isolated over the next two years if we were to continue with the agreement,” he said on Tuesday, adding that Panther’s growth strategy was focused on the critical minerals sector that attracted growing support at federal and provincial level, as well as an increasing amount of overseas funding options.
“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.”
Termination of the agreement would enable Shear Gold to drive Manitou Lakes forward.
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