TIDMPALM
Panther Metals PLC
03 May 2022
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FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
3 May 2022
Panther Australia Drilling Update
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to note the exploration progress
made by Australian Securities Exchange ("ASX") listed Panther
Metals Ltd (ASX:PNT) ("Panther Australia"). The Company owns 36.6%
of Panther Australia.
Panther Australia has completed the 38 hole, 2,500m, reverse
circulation ("RC") drilling programme at the Eight Foot Well Gold
Prospect and the drill rig is now moving to the Burtville East Gold
Prospect where drilling is due to commence imminently. Drill
samples are being submitted for analysis and assay results are to
be reported in due course.
Further details of the drilling programmes are available in the
ASX Announcement available to view at the Panther Australia
website: https://www.panthermetals.com.au/asx-announcement
Highlights:
-- The completed Eight Foot Well Gold Prospect 38 hole, 2,500m,
RC drilling programme was undertaken to provide infill and test
potential strike extensions for a historic gold trend outlined in
the mid-1990s.
-- Drill samples are to be submitted for laboratory analysis and
assay results will be reported when available.
-- Panther Australia intends to investigate the potential for
defining a Maiden Mineral Resource Estimate at Eight Foot Well once
the assay results have been received.
-- Drill rig has now relocated to the Burtville East Gold
Prospect located within the Merolia Gold Project, where RC drilling
is expected to commence immediately.
Darren Hazelwood, Chief Executive Officer, Panther Metals PLC
commented:
" The rapid deployment of the drill rig to Burtville East, to
start a third drilling programme, following the conclusion of the
drilling at Eight Foot Well, reflects the intention of Panther
Australia to rapidly advance the company following their ASX
listing in December.
With the drill bit continuing to turn, Panther Australia are
building a pipeline of potentially exciting drill results, and it
is worth noting that following the discovery of extensions to the
Nickel/Cobalt Deposit at Coglia, over half of the drill assay data
is still outstanding and is eagerly awaited by all concerned. I'm
looking forward to a news rich period that has the ability to
further enhance the value of Panther Metals PLC ."
Daniel Tuffin, Managing Director, Panther Australia
commented:
" Completing the second drill programme of our two-pronged
commodity exploration approach since listing on 10 December 2021 is
an outstanding achievement and one, we are proud of. Prior forward
planning has meant we have been able to efficiently and
continuously keep the drill bit spinning, reducing downtime between
planned programmes to a minimum.
Given the speed in which the Eight Foot Well program me was
completed, the samples from the 38 holes drilled were required to
be submitted in a single batch for analysis post completion of
drilling the entire program me . We will update the market once we
receive these assay results, at which point we will look to review
the potential for the creation of a maiden Mineral Resource
Estimate ("MRE"). We now enthusiastically look to commence our
third consecutive drill programme since listing, exploring our 100%
owned Burtville East Gold Prospect, which contains a peak historic
drill intercept of 5m at 23g/t (inc. 1m at 110g/t) and a peak
mineralised stockpile grab sample of 38.45g/t."
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.
Manitou Lakes Project
The Manitou Lakes project area was optioned from Shear Gold in
April 2022. It consists of three contiguous project areas focused
on gold discovery. The West Limb, Glass Reef and Catwill prospects
contain numerous gold showings and historic mine workings. The
Manitou Lakes Project has only ever had limited exploration work
conducted on it despite being located in a region that contains
large gold deposits and number of producing or historic mines.
Big Bear Project
(Under a sale agreement with Fulcrum Metals that will result in
Panther Metals Plc owning 20% of the enlarged business plus a 2%
NSR on the Big Bear project. Expected to complete in late summer
early autumn of 2022)
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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