TIDMPALM
RNS Number : 5830R
Panther Metals PLC
08 November 2021
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
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LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS
(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN .
FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
8 November 2021
Proposed Listing on the ASX-Update
Panther Metals Limited ("PML"), the Australian subsidiary of
Panther Metals plc confirms today that it is expecting to list on
the Australian Securities Exchange ("ASX") on the 10 December 2021,
following an initial public offering ("IPO") to raise A$5,000,000
following the issue of 25,000,000 ordinary shares in PML (the
"Offer"). The fundraise is being supported by Sanlam Private Wealth
Pty Ltd and Kerr Allan Financial Pty Ltd as joint lead
managers.
As a result of this fundraise Panther Metals plc will be diluted
to 36.6% of PML, which will have 54,625,001 (undiluted) shares in
issue following the IPO. The opening date of the Offer is 8
November 2021 and the closing date of the Offer is 22 November
2021; the issue of shares under the Offer is expected to occur on
26 November 2021.
Shareholders are referred to the Panther Metals Limited website
for more information: http://www.panthermetals.com.au
Darren Hazelwood, Chief Executive Officer, commented:
"Providing the working capital to develop the exciting portfolio
held in Australia by Panther Metals Limited is the key aim of the
process to listing the business on the ASX. Achieving this goal is
now within sight. The world class expertise and network provided by
the board in Australia gives Panther Metals plc a great foundation
for building value via its equity stake in the ASX listed vehicle
at no extra capital cost to its shareholders.
Our corporate strategy of building underlying value within the
business while managing the risk/reward profile, that is the
foundation of exploration, is being defined in this transaction.
Having a liquid asset on our balance sheet with untapped growth
potential focused on nickel and gold that on listing will exceed in
value the total amount ever raised in capital by Panther Metals plc
shows the strength of the company in identifying and executing on
great targets and shareholders seeing value retained."
About Panther Metals Limited
The following information is derived from stock exchange
announcements by Panther Metals plc (principally 21 June 2021, 27
May 2021, 8 July 2020 and 18 June 2020). Panther Metals Limited
("PNT") is a majority-owned subsidiary of Panther Metals plc
(LSE:PALM), and is focused on mineral exploration in Western
Australia and the Northern Territory. PNT is presently pursuing a
listing on the Australian Securities Exchange (the "ASX" or "ASX
Exchange").
Western Australia Projects
The Merolia Project ("Merolia") comprises a series of largely
contiguous exploration licences located from 35km to the southeast
of the town of Laverton (population: 340) in the Eastern Goldfields
Province of Western Australia. The area around Laverton includes
several major gold mines, including Granny Smith (3 Moz), Sunrise
Dam (8 Moz) and Wallaby (8 Moz), and many significant gold
deposits. It is one of the most prolific gold producing areas in
Western Australia and is consequently well-serviced by
infrastructure and has a skilled local work-force.
The Archaean greenstone belts in the Laverton region are
dominantly basaltic in composition, containing ultramafic
intercalations, which were subsequently intruded by dolerite dykes
in places and which are particularly prospective for gold and
nickel mineralisation. The areas under licence are partly obscured
by a veneer of partly lateritic transported cover and exploration
in the area has consequently been limited.
Within the eastern part of Merolia are a series of gold
prospects, notably Burtville East, Comet Well and Ironstone.
Regional magnetic data over this part of the project identifies
several NW-SE trending shear systems which have potential to host
gold mineralisation. This potential has been confirmed by surface
geochemical sampling along the 15km long Comet Well gold trend,
which has identified several significant and coherent linear gold
in soil anomalies at Comet South, Comet North, Comet West,
Ironstone and the recently discovered 40 Mile Camp anomaly.
Previous drilling across these prospect areas includes 8m at 6.7
g/t Au at Burtville East and 9m at 46.5 g/t Au at Ironstone. In
addition, historic drilling at Burtville East includes 5m at 27.8
g/t Au and 24m at 8.6g/t Au at Ironstone. The Comet Well area has
not been drilled to date, but contains a series of distinct
sub-parallel 1.25 to 2.5km long NW-trending gold anomalous zones
(gold in soils reaching a peak of 2.6 g/t Au), which yielded
substantial quantities of angular gold nuggets through surface
prospecting. The angular nature of the gold nuggets suggests a
proximal gold source, which will become the focus of further work
in this area.
Approximately 15km to the west of Laverton lies the Red Flag
Project ("Red Flag"). Previous exploration in the area around Red
Flag identified a WNW-trending gold anomalous zone coinciding with
a distinct magnetic low. The geology of the area is dominated by
mafic volcanic rocks intruded by dolerite dykes, displaying sheared
gold mineralised margins in places. This area was drilled, yielding
a best near surface intercept of 2m at 9.20 g/t Au. The licence
area is also significantly prospective for nickel-cobalt sulphide
mineralisation, containing the Mt. Goose and Salimas prospects, and
with several resources identified on adjacent tenements.
Panther has also recently defined a JORC Exploration Target for
nickel and cobalt at the Coglia Project ("Coglia") on the
southernmost area encompassed by the Merolia project tenements.
This target provided a tonnage range of 30-50Mt at 0.6 to 0.8%
nickel and 400 to 600ppm cobalt. The mineralisation is developed
along a lateritic horizon lying above largely ultramafic host rocks
which are themselves mineralised with sulphides in places. It is
expected that Panther will be able to define at least an Inferred
JORC Resource with certain additional drilling and other work at
Coglia.
Northern Territory Projects
The Annaburroo and Marrakai gold projects comprise two granted
licences (EL32140 and EL32121 respectively) covering a total area
of 160km2, located from 70km to the southeast of Darwin, Northern
Territory (Figure 1). The projects are situated within the
Palaeoproterozoic Pine Creek Orogen ("PCO"), which hosts over 250
gold occurrences and several operating gold mines. Both licence
areas are close to good infrastructure and the Toms Gully and
Rustlers Roost deposits, which are owned by China Hanking Holdings
Limited. Toms Gully is a high-grade underground mine containing
1.1Mt @ 8.9 g/t Au (0.3 Moz); operations are expected to recommence
following recent EIA approval. Rustlers Roost contains 51Mt @ 1.0
g/t Au (1.6Moz) and is one of the largest gold projects in the
region.
The project areas contain several gold prospects at Donkey Hill,
Johns Reef, Chins Gully and Jasons Rise, some of which have yielded
substantial quantities of gold nuggets, individually up to 30oz in
weight. These prospects have all yielded high-grade gold from grab
samples (e.g. c. 30-60 g/t Au), trenching (e.g. 5m @ 6.68 g/t Au)
and limited RAB or RC drilling (e.g. 2m @ 5.74g/t Au from surface).
In more detail, several NE and NW trending linear features cut the
local geology and may provide control on the distribution of gold
mineralisation. These will be the focus of future ground-based
exploration work. The mineralisation consists largely of sulphidic
quartz veins hosted by banded greywacke and siltstones of the
Finnis River, South Alligator and Mt. Partridge Groups, which are
metamorphosed to lower greenschist facies. It is expected that
Panther will continue to explore and ultimately drill-test several
of these prospect areas during the next few years.
The person who arranged the release of this information is
Darren Hazelwood, Chief Executive Officer.
Panther Metals plc:
Darren Hazelwood, Chief Executive Officer: +44(0) 1462 429 743
+44(0) 7971 957 685
Mitchell Smith, Chief Operating Officer: +1(604) 209 6678
Broker:
SI Capital Limited
Nick Emerson +44(0) 1438 416 500
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