TIDMPALM
RNS Number : 8288D
Panther Metals PLC
07 March 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
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2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT,
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FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
7 March 2022
Placing to Raise GBP0.3m-GBP0.36m to Accelarate Drilling
Program
Panther Metals plc (LSE:PALM) the company focused on mineral
exploration in Canada, announces an equity placing to raise
GBP0.3m-GBP0.36m to accelerate it's proposed drilling program at
its Platinium/Paladium prospect Awkward on the Obonga greenstone
belt and allow us to refine our geophysics targeting on Wishbone
following the discovery of VMS mineralisation.
Highlights
- Placing to raise a minimum of GBP0.3m and up to GBP0.36m,
before expenses, through the issue of up to 4,500,000 new ordinary
shares, in aggregate, to new and existing investors (the "Placing
Shares).
- The placing is being conducted by way of an accelerated
bookbuild, to be undertaken by SI Capital Limited, which will
commence immediately following this announcement.
- The placing shares are to be issued at 8 pence per share which
represents a discount of approximately 4% to the closing mid-price
of Panther on market close on 4(th) March.
Use of Proceeds
The Ccompany intends to use the funds raised for working capital
purposes, which include, drill test the Awkward Platinium/Paladium
prospect on the Obonga greenstone belt due to annomalus Pd/Pt at
the location plus encouraging plate modelling results provided in
November 2021, we will also conduct geophysical targeting at
Wishbone on the Obonga greenstone belt following the successful
drilling program conducted in the autumn of 2021.
Awkward Prospect highlights.
- Highly anomalous magnetic target (remnant mag) coincident with EM conductor
- Target is interpreted to be a layered mafic intrusion and
magmatic conduit based on mapped geology airborne geophysics.
- Historic sampling in area returned anomalous Pd+Pt values,
highest reported was 1.23 g/t Pd+Pt.
- Historic drilling on the periphery of target intersected:
-Massive sulfide and massive copper (assumed to be chalcopyrite)
- not assayed
-Disseminated pyrite and chalcopyrite in coarse gabbro - not
assayed
- "Marble Cake" gabbro - matches description of Lac des Iles
Mine varitexture gabbro ore zone - not assayed.
Wishbone Prospect Highlights
- 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')
The Highlights and Use of Proceeds summery above should be read
in conjunction with the full text of the announcement.
Bookbuild
The placing is not underwritten. Panther's broker, SI Capital,
will commence book building in respect of the placing (the
"Bookbuild"), with immediate effect following the release of this
announcement.
The timing of the closing of the Bookbuild and allocations shall
be at the discretion of Panther and SI Capital.
A further announcement will be made following the close of the
Bbookbuild.
By choosing to participate in the placing and by making a verbal
offer to acquire ordinary shares to be issued under the placing,
investors will be deemed to have read and understood this
announcement in its entirety.
The person who arranged for the release of this announcement on
behalf of the
Company was Darren Hazelwood, CEO of the Ccompany.
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 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 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 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 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's 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 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 will continue to advance.
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