TIDMPALM
Panther Metals PLC
26 April 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)
26 April 2022
Obonga Exploration Permit Application
Panther Metals plc (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to announce it has submitted an
Exploration Permit application for an additional three drill
prospects at the Company's Obonga Project ("Obonga") located on the
Obonga Greenstone Belt in northern Ontario. The application has
been submitted in collaboration with Broken Rock Resources Ltd
("Broken Rock"), and concerns planned work within 45 Single Cell
Mining Claims ("Claims") in the Puddy Lake administrative area.
The submitted application covers diamond core drilling of up to
10 holes and associated down-hole electromagnetic geophysics
surveys spread across three named prospects: Silver Rim; Ottertooth
and Survey, which are respectively located in the north,
centre-east and centre-west of the Obonga Project area. The three
prospects are targeting volcanogenic massive sulphide ("VMS") base
metal mineralisation and intrusion related nickel in association
with compelling, coincident, geophysical anomalies and historical
work results. Details of the planned work is outlined in Table 1
below.
Darren Hazelwood, Chief Executive Officer, commented:
"With this additional Exploration Permit application, Panther is
building a pipeline of high prospectivity drill targets at
Obonga.
The exploration permit application covers diamond drilling at a
further three prospects, bringing the total number of high
prospectivity targets at Obonga to five.
Together with Broken Rock, Panther discovered a VMS system at
Wishbone last autumn, we are currently procuring drilling tenders
for the exciting Awkward nickel target, scheduled for drilling
post-snow melt, and this permit application will support the drill
testing of three new base metal and nickel targets, each in
association with compelling anomalies."
Table 1: Exploration Permit Application and Prospect Details
Exploration Permit Prospect Targeting & Exploration Requested Activities
Application Number Name (location) Rational
(Administrative Area
& Claim numbers)
-- Mechanised
Silver Intrusion hosted Drilling (up
Rim Prospect nickel & copper. to 4 diamond
core drill holes),
(northern Historical shallow -- Down-hole
Obonga trenching and Electromagnetic
Project channel sampling ("EM") Geophysics
noted intrusion
hosted copper
and nickel mineralisation
in 1985.
-- Mechanised
Ottertooth VMS base metal Drilling (up
Prospect mineralisation. to 3 diamond
core drill holes),
(East-central Coincident magnetic -- Down-hole
Obonga and electromagnetic EM Geophysics
Project) anomalies.
Adjacent to contact
between intrusive
mafic rocks and
extrusive mafic
rocks.
No drillholes
in this area -
completely untested.
PR-22-000116 Survey -- Mechanised
Prospect VMS base metal Drilling (up
(North-west, Puddy mineralisation. to 3 diamond
Lake Area (West-Central core drill holes),
Obonga Coincident magnetic Down-hole EM
Cells: 566033, 566034, Project) and electromagnetic Geophysics
566036, 607967, 607968, geophysical anomalies.
607969, 614978, 614979,
614980, 669276, 669287, Historic drillhole,
669288, 669289, 669290, by International
669291, 669292, 669325, Nickel Co of Canada
669330, 669331, 669332, Ltd. ("INCO")
669333, 669334, 669335, in 1968, intersected
669336, 669339, 669340, several metres
669341, 669342, 669522, of massive sulphide
669528, 669549, 669581, mineralisation
669588, 669595, 669607, hosted
669723, 669729, 669732, by metavolcanics
669738, 669742, 669746,
669748, 669755, 669779,
669785)
The person who arranged for the release of this announcement on
behalf of the company was Darren Hazelwood, CEO of the company.
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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