TIDMPALM
RNS Number : 5572H
Panther Metals PLC
07 April 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMMENT) (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)
7 April 2022
Purchase of Shear Gold Project
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to announce the company has
entered into an option and sale and purchase agreement (the
"Agreement") with Shear Gold Exploration Corporation ("Shear Gold")
to purchase a substantial claim holding (the "Shear Gold Project"
or "Project") including the West Limb and Glass Reef gold
properties, on the Eagle - Manitou Lakes Greenstone Belt.
The Shear Gold Project covers a total area of approximately
98km(2) and is located within the gold endowed Kenora Mining
District, approximately 300km east of Thunder Bay and equidistant
between the towns of Fort Frances and Dryden in north-western
Ontario, Canada.
The terms of the Agreement are set out below.
Darren Hazelwood, Chief Executive Officer, Panther Metals plc
commented:
"The gold potential of the Manitou Lakes area and the wider
Kenora Mining District of Ontario has been on Panther's radar for
some time. The opportunity to take a substantial new stake in this
exciting belt has greatly enhanced the Company's exploration
portfolio and widened our exposure to potential gold and base metal
discoveries.
It was paramount to Panther that we had the organisational
structure in place to support an entry into the Manitou Lakes area
and it's great that the experienced Ontario geologist, Ryan Hrkac,
will be working with us on a package he diligently put together
through Shear Gold.
The recent sale of an immediately adjacent project, announced in
March by Manitou Gold Inc, for CAN$7 million to the private company
Dryden Gold underpins the value attributed to the Manitou
exploration address. Dryden Gold is backed by the founders and
management of Ely Gold Royalties Inc., which sold for approximately
CAN$300 million in 2021.
It is paramount that a successful explorer should have the time,
expertise and capital to invest in its project portfolio. The Big
Bear Project disposal which Panther announced today, enables
Panther to take up new opportunities in a third Ontario greenstone
belt, under a controlled and well managed structure, whilst
retaining and building our upside on the Schreiber-Hemlo Greenstone
Belt through the Company's planned major shareholding in
Fulcrum.
The exploration sector is entering a gradual growth phase
following a long period of underinvestment and it's my belief
Panther Metals Plc is one of the best placed explorers to take
advantage of the growing mineral supply chain appetite and the
significant shift in the global risk landscape."
Agreement Terms
A cash consideration of $11,325 Canadian dollars ("CAD$") has
been paid to Shear Gold Exploration Corporation in order to secure
the option and sale and purchase agreement, under which Panther has
committed to:
-- a minimum spend commitment of:
o CAD$325,000 to be expended over years one and two; and
o a further CAD$400,000 to be expended between the second and
fourth annual anniversaries of the Agreement. Any excess spend in
years one and two can be offset against expenditure in years three
and four.
-- grant Shear Gold a net smelter return ("NSR") royalty of 2%
over the 32 multicell mining claims (the "Claims") covered in the
Agreement. Panther can elect to purchase 50% of the NSR (reducing
the remaining royalty to 1%) for the sum CAD$1M at any time.
-- Panther Metals Plc can elect at any time to purchase the
Claims outright through a payment of CAN$250,000 to Shear Gold.
Background Information
There are over 200 known gold occurrences in the Manitou Lakes
area and numerous historic gold producers in the Eagle - Manitou
Lakes Greenstone Belt which is prospective for Archean age orogenic
gold and associated base metal deposits.
Exploration work conducted by Shear Gold on the Project to date
has identified numerous gold bearing structures and favourable
geological host rocks through early stage mapping and surface
sampling. The work has focussed on two target areas, being the West
Limb Gold Property and the Glass Reef Gold Property, both of which
host historic gold mines which have never been systematically
explored using modern techniques or drill tested.
Further details will be announced as Panther works with Shear
Gold to plan and schedule follow-on work programmes.
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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