Panther Mountain, located near Phoenicia, New York, is part of the Catskill Mountains, which form the eastern end of the Allegheny Plateau in New York. It is a circular mass defined physiographically by an anomalous circular drainage pattern produced by Esopus Creek and its tributary Woodland Creek. The circular valley that rings the mountain is fracture-controlled; where bedrock is exposed, it shows a joint density 5 to 10 times greater than that on either side of the valley. Where obscured by alluvial valley fill, the bedrock's low seismic velocity suggests that this anomalous fracturing is continuous in the bedrock underlying the rim valley. North-south and east-west gravity and magnetic profiles were made across the structure. Terrane-corrected, residual gravity profiles show an 18-mgal negative anomaly, and very steep gradients indicate a near-surface source. Several possible explanations of the gravity data were modeled. We conclude that the Panther Mountain circular structure is probably a buried meteorite crater that formed contemporaneously with marine or fluvial sedimentation during Silurian or Devonian time. An examination of drill core and cuttings in the region is underway to search for ejecta deposits and possible seismic and tsunami effects in the sedimentary section. Success would result in both dating the impact and furnishing a chronostratigraphic marker horizon.