TIDMPALM
Panther Metals PLC
18 January 2022
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PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
18 January 2022
VMS Mineral System Discovered on Obonga Project
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to announce the discovery of a
volcanogenic massive sulphide(1) ("VMS") mineral system at the
Wishbone Prospect, based on the results of the Phase 1 diamond core
drilling programme at the Obonga Project in Ontario, Canada.
Darren Hazelwood, Chief Executive Officer, commented:
"The discovery of a VMS system at Obonga is a remarkable
achievement for the team, and given that it took just two drill
holes, it shows the level of work that was put into the exploration
targeting process.
The implications of the Wishbone VMS discovery to the wider
Obonga Project area are considerable. Before this programme no
other VMS was known on this belt. Obonga has now been confirmed as
a favourable geological environment for the development of VMS
systems and many more potential VMS targets exist on Panther's
landholding.
The very nature of this type of deposit means they tend to
cluster, once you have one, the chances increase dramatically of
finding others.
Elevated base metal content, especially within close proximity
of our drilling location, adds further confidence to our future
plans."
Wishbone Phase 1 Technical Summary
-- Wishbone Phase 1 Drilling Programme results, with the
discovery of the first VMS system on the Obonga Greenstone Belt,
show proof of concept and validation of the exploration targeting
and modelling undertaken by Broken Rock Resources, Panther's
exploration partner at Wishbone.
-- Two diamond core drill holes, totalling 600m, completed to planned depths of
BBR21_WB_001 ("WB001"): 297m; BBR21_WB_002 ("WB002"): 303m. Core
diameter: 42mm.
-- Wide massive sulphide and semi-massive sulphide
mineralisation intersections in both drill holes:
o WB001: Three wide sulphide intersections:
-- 27.3m of massive sulphide from 106.2m ('Upper layer'), with
fault at base;
-- 2.5m of massive sulphide from 234.8m ('Mid layer'; and
-- 1.4m of massive sulphide from 256.6m ('Lower layer')
o WB002: Wide zoned sulphide intersection:
-- 51m from 174m comprising a wide zone of sulphide dominated
mineralisation, including:
-- 17m from 180m of massive sulphide ('Upper zone') and
-- 7m from 218m of semi-massive sulphide ('Lower zone')
-- An important characteristic of VMS deposits is that they
typically display a zonation of metals within the massive sulphide
body from Fe+Cu at the base to Zn+Fe+/-Pb+/-Ba at the top and
margins, related to differing temperature and chemical conditions
at mineral deposition. The major observed mineral component(2) of
the Wishbone massive sulphide mineralisation is pyrrhotite with
less common pyrite and minor sphalerite and chalcopyrite in
distinct zones:
o WB001:
-- Upper layer: MS intersection includes a 7.5m wide zone of Fe
above/ close to 50% Fe upper detection limit, with pyrrhotite,
pyrite and magnetite identified in the core logging.
-- Mid layer: Strongest zinc (sphalerite) intersection averages
0.5m @ 1.9% Zn (based on verification sampling) within a 1.5m @
1.1% Zn with 3.1g/t Ag from 235.5m.
-- Lower layer: geochemical correlation to the Mid layer with
lower Zn & Ag.
o WB002:
-- Upper zone: displays 10x relative enrichment in Ag (1g/t)
over the Lower zone and similar mineralogical composition to
WB001.
-- Work is ongoing to assess the Phase 1 programme results in
combination with geophysical, structural and geological datasets to
determine next steps to specifically target the potential for
economic base metal zonation within and close to Wishbone.
-- The Wishbone assay result suite, including rare earth element
(REE) analyses, yields important geochemical information allowing
the classification of the mineralisation, alteration ratios and the
development of exploration vectors towards zones of potential
economic interest.
o Alteration and REE ratio markers in both drill holes correlate
well with established VMS exploration models.
o Zn+Pb and Cu ratios of the Wishbone massive sulphide layers
indicate the mineralisation is most likely a bi-modal type VMS
deposit. The deposits of the Sturgeon Lake/Mattabi VMS Camp
(consisting of 6 historic VMS mines) 75km west of Wishbone, has
been classified as a bimodal type deposits as have Canada's Kidd
Creek (Ontario) and Noranda (Quebec) VMS deposits.
-- Another important characteristic of VMS type deposits is that
they typically occur in clusters. The Company views that the
discovery of the Wishbone VMS system bodes very well for the
existence of further, as yet undiscovered VMS bodies in the
vicinity, as it confirms the western part of the Obonga Greenstone
belt as a favourable geological environmental, and permissive
tract, for the development of volcanic associated mineralising
systems.
-- Panther have retained the support of a post-doctoral academic
from a Canadian VMS centre of excellence and are working towards
forging university relationships which will see the Company
leverage all available knowledge and expertise to open up the
Obonga greenstone belt for further VMS exploration.
Wishbone VMS Prospect
The Wishbone VMS Prospect, targeting the base metals copper
("Cu"), lead ("Pb"), zinc ("Zn) and silver ("Ag") and gold ("Au"),
is located in the west of the Obonga Project area.
The Wishbone VMS system confirmed by Panther's Phase 1 drill
programme coincides with of a significant magnetic geophysics
anomaly which is coincident with a strong electromagnetic ("EM")
geophysical anomaly (the "Wishbone anomaly").
Wishbone is situated in a similar geological environment to the
nearby Sturgeon Lake area, and its Mattabi VMS mining camp, on the
Wabigoon Greenstone Belt, approximately 75km due west. The Sturgeon
Lake / Mattabi area hosted five commercially viable VMS mining
operations that produced from the early 1970's into the 1990's. The
Mattabi mine being the most prolific, reportedly produced 13.5 Mt
of ore with an average grade 7.5% Zn, 0.88% Cu, 0.77% Pb and 3.10
oz/t (96.42g/t) Ag in the period 1970-1983. It was reportedly
discovered through the drilling airborne geophysics anomalies.
In the Obonga area, drilling in the 1970's intersected massive
stringer and disseminated sulphide 800m north of the Wishbone
anomaly and drilling by BHP in the 1990's intersected massive
stringer and disseminated sulphide 600m south of the anomaly. BHP
ranked the Wishbone anomaly a high priority for follow up in 1992
however no further work was completed. Airborne geophysics datasets
compiled since that time have shown that the historical drilling
failed to intersect the major anomalies.
Obonga Project Overview
The Obonga Project("Obonga") covers the Obonga Greenstone Belt
which consists of a 32km long by up to 9km wide, broadly east-west
striking, tract of Archean age metamorphosed volcanic, sedimentary
and intrusive rocks. It is a highly prospective setting for the
formation of orogenic shear-hosted gold deposits, volcanogenic
massive sulphide copper-lead-zinc-silver deposits,
komatiite/ultramafic associated nickel-copper-platinum group metal
("PGM") deposits and porphyry style base metal mineralisation.
Panther's Obonga Project constitutes an 88% coverage of Obonga
Greenstone Belt and includes seven high prospectivity targets for
gold, nickel, PGM and base metals identified by partner company
Broken Rock Resources Ltd. The remaining ground over the belt is
either designated areas as environmental reserves and not available
for exploration, or under minor landholding by third parties.
Broken Rock is a Canadian registered private exploration company
with a number of exploration interests in north-west Ontario. The
company is headed up by Liane Boyer who is a well-respected and
experienced exploration and resource geologist who has worked at a
number of mines in Ontario including Barrick Gold Corp's Hemlo gold
mine, Newmont's Musselwhite gold mine, the Impala Platinum Lac Des
Iles PGM mine and consulted on an extensive portfolio of
exploration projects and mines internationally.
Panther's aim at Obonga is to create shared value that benefits
local communities and to explore and develop projects in an
environmentally sensitive manner.
Reference Notes:
1 Volcanogenic Massive Sulphide ("VMS") also known as a
volcanic-host massive sulphide ("VHMS"). Mineralisation related to
submarine volcanic processes linked to sea floor spreading at
tectonic plate boundaries.
As defined by the United States Geological Survey ("USGS"): VMS
are important sources of copper, zinc, lead, gold, and silver (Cu,
Zn, Pb, Au, and Ag). These deposits formed at or near the seafloor
were circulating hydrothermal fluids driven by magmatic heat are
quenched through mixing with bottom waters or porewaters in
near-seafloor lithologies. Massive sulphide lenses vary widely in
shape and size and may be pod-like or sheetlike. They are generally
stratiform and may occur as multiple lenses.
VMS deposits consist of >40% sulphides, characterised by
abundant Fe sulphides (pyrite or pyrrhotite) and variable but
subordinate amounts of chalcopyrite, sphalerite, and galena;
non-sulphide gangue typically consists of quartz, barite,
anhydrite, iron (Fe) oxides, chlorite, sericite, talc, and their
metamorphosed equivalents.
VMS deposits range in size from small pods of less than a tonne
(which are commonly scattered through prospective terrane) to
supergiant accumulations like Rio Tinto (Spain), 1.5 Bt (billion
tonnes); Kholodrina (Russia), 300 Mt (million tonnes); Windy Craggy
(Canada), 300 Mt; Brunswick No. 12 (Canada), 230 Mt; and Ducktown
(United States), 163 Mt (Galley and others, 2007).
2 Mineral definitions :
Pyrrhotite is an iron (Fe) sulphide mineral with the formula
Fe(1-x) S (x = 0 to 0.2)
Pyrite is an iron sulphide with the chemical formula FeS(2)
Chalcopyrite is a copper (Cu) iron sulphide mineral and the most
abundant copper ore mineral; it has the chemical formula
CuFeS(2)
Sphalerite the most important ore mineral of zinc, it has the
formula (Zn,Fe)S
For further information please contact:
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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