TIDMPALM
Panther Metals PLC
24 January 2022
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RELEVANT LAWS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
24 January 2022
Dotted Lake - Wide Spread Gold Discovered in the System
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to announce the first batch of
assay results, to 172m, from the 402m deep diamond core drill hole
(PD-DL21-01) at the 100% owned Dotted Lake property in the wider
Hemlo region, in Ontario.
Darren Hazelwood, Chief Executive Officer, commented:
"The objective of this drill hole at Dotted Lake was to build
our understanding of the stratigraphy linked to our airborne
geophysics survey and trench sample anomalies, so finding gold
mineralisation widely dispersed in the first sample batch in the
first hole to be drilled in this area is very pleasing, especially
given the context of the wider prospective Hemlo region.
The Dotted Lake soil sampling survey, reported 9 November 2021,
confirmed a 1.3km long linear gold anomaly stretching due west from
the drilling location. The first batch of drill core assay results
support the hypothesis that we are dealing with a mineralised
system as there appears to be a strong correlation of anomalous
gold between the two surveys.
As there was a major electrical fault on rig with the hole at
172m depth, and delays with its repair caused by supply chain
issues, the drill core was split into two batches. The second batch
of drill core down to 402m is currently being processed and we look
forward to reporting those results once received."
Dotted Lake Drill Hole Preliminary Results
-- Preliminary results from the first batch of core assay
results from the Dotted Lake diamond core drill hole (PD-DL21-01)
shows widely dispersed gold mineralisation within the first 172m
assayed.
-- In total eight separate intervals of gold mineralisation are
noted with four separate gold bearing intervals above 1.0g/t Au
intersected between 47m and 158m down hole depth:
o Four sample intervals > 1g/t Au:
-- 0.9m @ 1.73 g/t Au from 47.3m
-- 1m @ 1.05 g/t Au from 122.2m
-- 1m @ 1.59 g/t Au from 136.2m
-- 1m @ 1.04 g/t Au from 158.2m
o Eight Intersections >0.57g/t Au, including two 2m wide
composites:
-- 2m @ 0.87 g/t Au from 122.2m ( inc. 1m @ 1.05 g/t Au from
122.2m)
-- 2m @ 0.96 g/t Au from 158.2m ( inc. 1m @ 1.04 g/t Au from
158.2m )
-- Preliminary analysis points to an orogenic gold signature
with a strong correlation between zones of shearing or strong
foliation, alteration and sulphide bearing quartz veinlets.
Disseminated sulphides are also noted.
-- Structurally complex geology, with multiple zones of shearing
are seen with mafic and lamprophyre dykes intruding foliated or
sheared granodiorite in the upper 127m of the hole and dacites
becoming dominant below.
-- Drill hole is aligned directly beneath trench Tr-10-4 from
which Panther previously reported high grade gold and silver
outcrop samples (18.9g/t Au & 0.94 g/t Ag and 9.37g/t &
1.73 g/t Ag ).
See:
https://polaris.brighterir.com/public/panther_metals/news/rns/story/x5ojz0r
-- Zones of mineralisation seen in drill hole align with
Panther's 2021 soil survey gold Anomaly A.
Map:
https://www.panthermetals.co.uk/images/2021/PALM_Dotted_Soil_Map.jpg
-- Once available, the full drilling results will be interpreted
in conjunction with the Panther Magnetic and Electromagnetic
geophysics survey results.
Dotted Lake Drill Hole Details
The 402m long Dotted Lake diamond drill hole (PD-DL21-01) is the
first to be drilled in this area and utilised a Epiroc C5C Track
Diamond Drill rig under contract with Niigaani Drilling Inc. who
are a north-western Ontario indigenous drilling company based in
Thunder Bay.
With a NQ (47.6mm) core diameter the hole is inclined 60 degrees
and orientated 170 south directly below the 147 m long, average 2m
deep, historical trench (Tr-10-4) excavated during 2010 by a
previous claim holder.
The purpose of the drill hole was to investigate the
stratigraphy in the vicinity of interpreted sheared
felsic/ultramafic intrusive contacts from airborne geophysics data,
whilst testing for the vertical extensions of shear hosted gold
mineralisation seen in surface historical trench TR-10-4 which
intersected two narrow shear zones containing mineralised
granodiorite with up to 10% pyrite, strong sericite alteration and
localised quartz eyes.
Panther chip sampling within Tr-10-4 (reported 5 November 2020)
verified the historical mineralised intervals returning 18.9g/t Au
& 0.94 g/t Ag and 9.37g/t & 1.73 g/t Ag, with a further
three of the samples returning low level anomalous gold within the
immediate stripped area.
Drill hole PD-DL21-01 also coincides with an anomalous magnetic
geophysical feature outlined by Panther's airborne magnetic and
electromagnetic geophysics (survey the results reported 22 February
2021), at the boundary of an intense magnetic low, mapped as a
sheared felsic intrusive pluton (Dotted Lake Batholith) contact,
abutting an intense magnetic high interpreted to represent an
ultramafic intrusive.
Mafic volcanic and metavolcanic rocks of the Hemlo Assemblage
outcrop to the north of Tr-10-4 and the current drill pad.
On a wider scale the Dotted Lake drilling site sits upon the
northern limb of the Schreiber-Hemlo Greenstone belt on the
northern edge of the granitoid Dotted Lake Batholith.
Dotted Soil Survey Anomalies
The findings of the geochemical soil sampling programme in the
vicinity of drill hole PD-DL21-01, as referenced in this release,
were reported to market on 9 November 2021 (
https://polaris.brighterir.com/public/panther_metals/news/rns/story/x57m0pw
).
About the Dotted Lake Property
The Dotted Lake property consists of a total of 174 contiguous
claims located approximately 18km north-northeast of the
Barrick-owned Hemlo Gold Mine, which has produced over 22 million
oz of gold over 30 years to date. Located on the northern limb of
the Schreiber-Hemlo Greenstone belt the Dotted Lake property covers
7km of the prospective geological contact between the Dotted Lake
Batholith plutonic intrusive and mafic volcanic and metavolcanic
'greenstone' rocks.
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
Notes to Editors
Panther Metals PLC is an exploration company listed on the main
market of the London Stock Exchange. Panther is focussed on the
discovery of commercially viable mineral deposits. The Company's
operational focus is on established mining jurisdictions with the
capacity for project scalability. Drill targets are assessed
rapidly utilising a combination of advanced technologies and
extensive geological data to decipher potential commercial
viability and act accordingly. Panther's current geological
portfolio comprises of three highly prospective properties in
Ontario, Canada while the developing investment wing focuses on the
targeting of nickel and gold in Australia.
Obonga Project
Panther Metals acquired the Obonga Greenstone Belt in July 2021
and have already identified four prospective primary targets:
Wishbone, Awkward, Survey and Ottertooth. A successful Phase 1
drilling campaign at Wishbone in Autumn 2021 revealed the presence
of significant VMS-style mineralised systems on the property - the
first such discovery across the entire greenstone belt. Intercepts
include 27.3m of massive sulphide in hole one, and 51m of
sulphide-dominated mineralisation in hole two. Both drill holes
contained multiple lenses. Anomalous high-grade copper in lake
sediment close to the target area has also been identified,
increasing confidence in the prospectivity of the location.
Awkward is a highly anomalous magnetic target, interpreted to be
a layered mafic intrusion and magmatic conduit based on mapped
geology and airborne geophysics. Historic sampling in the area
returned anomalous platinum and palladium (Pt, Pd) values, while
historic drilling on the periphery of the target intersected
non-assayed massive sulphide and copper (assumed to be
chalcopyrite), non-assayed disseminated pyrite and chalcopyrite in
coarse gabbro, and non-assayed 'marble cake' gabbro (matching the
description of the Lac des Iles Mine varitexture gabbro ore
zone).
Two additional named targets, Survey and Ottertooth, both
displays further coincident magnetic and electromagnetic anomalies
and are adjacent to the contact between intrusive and extrusive
mafic rocks. Historic drilling at Survey intersected several meters
of massive sulphides in multiple intersections (main parts of the
anomaly remain untested) while Ottertooth remains untested in its
entirety.
Dotted Lake Project
Panther Metals acquired the Dotted Lake Project in July 2020, it
is situated approximately 16km from Barrick Gold's renowned Hemlo
Gold Mine. An extensive soil programme conducted in 2021 identified
numerous gold and base metal targets, all within the same
geological footprint. Following the installation of a new trail
providing direct access to the target location, an initial drilling
programme in Autumn 2021 confirmed the presence of gold
mineralisation within this system with anomalous gold continuing
along strike and present within the surrounding area.
Big Bear Project
The acquisition of various prospects in 2018 and 2019
consolidated previously fragmented areas into the wider Big Bear
umbrella project, priming Panther Metals for extensive and
comprehensive exploration in the area. A total of 253 geophysical
anomalies have been identified, with 39 designated for priority
investigation. Gold in soil anomalies in have been identified in
five areas, ranging up to 0.71g/t, extending up to 250m wide and
open along strike. Gold bearing quartz veins have been outlined
within seven separate areas (two with rock and vein samples grading
1 to 5 g/t Au, four with quartz vein sample assays above 5g/t Au,
and two quartz samples collected at 50m separation on an E-W
trending vein open in both directions returning 105.5g/t Au and
112g/t Au respectively).
The Little Bear Lake and Schreiber prospects are of particular
interest to the company: historic work programmes in 2010 and 2011
targeted an intense magnetic response from both. Assays yielded
from the 1.6km long gold trend included 6m at 1.5g/t Au, up to
53.7g/t Au and 19.25 g/t Ag in rock chip and 18.2g/t Au and 1.03g/t
Ag in soil. Historical bulk sampling reported 150t averaging
17.6g/t Au, while historical drill intersections include 0.55m at
19.2% Zn and 4.6% Cu from 15.2m depth.
Panther Metals Australia
Following the listing of Panther Metals' Australian assets on
the Australian Securities Exchange ("ASX") in December 2021, the
valuation of the Company's 36.6% holding in the business has risen
by over 30% to a valuation of almost GBP3m. The ASX listing has
provided the Australian projects with the necessary capital to
advance drill-ready targets focused on nickel and gold (within the
Tier 1 Mining Districts of Laverton WA and in the NT). Through this
spin-out Panther holds an attractive investment prospect, without
any disruption to the Company's capital structure and without any
financial obligations.
Conclusion
Panther Metals understand that the commercial realities of
building an exploration company requires expertise in geology,
finance, and the markets within which they operate. The Company's
extensive network of industry leaders allows it to meet these
objectives. Ultimately however, drilling success is the only route
to discovery: the fundamental objective of any exploration company.
Once Panther's world-class geological team identify the anomalies,
they work hard to get drilling. The drill hole is the only place
where substantial and sustained capital growth originates and it's
with that operational focus Panther Metals will continue to
advance.
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