TIDMPALM
RNS Number : 2648Q
Panther Metals PLC
27 June 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN,
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JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
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)
27 June 2022
Maiden Ni/Co Mineral Resource Estimate at Coglia
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to provide an update for the
Coglia Nickel/Cobalt Project ("Coglia") in Western Australia,
following the Panther Metals Ltd ("Panther Australia") Australian
Securities Exchange ("ASX") announcement detailing a maiden Mineral
Resource Estimate and new Exploration Target. Panther Metals plc
holds 36.6% of Panther Metals Ltd (ASX:PNT).
Further details and maps are available in the ASX Announcement
available to view at the Panther Australia website:
https://www.panthermetals.com.au/asx-announcement
News Highlights:
-- Maiden Mineral Resource Estimate ("MRE") of 70.6Mt @ 0.7%
Nickel & 460ppm Cobalt (Inferred Resources) for
o 476kt Nickel & 32.2kt Cobalt (see Table 1)
o MRE exceeds the 50Mt upper limit of the former Coglia JORC
Exploration Target ("JET") by 20Mt, a 40% uplift over the expected
tonnage.
o Circa 5km long Resource area
o MRE establishes Coglia as a new standalone nickel-cobalt
project in the Laverton region of Western Australia.
-- Further potential shown through, new 'Southern' Exploration
Target ranging between 34Mt - 62Mt @ 0.40-0.65% Ni & 400-600ppm
Co for 136kt-400kt Ni and 14-37kt Co has been defined (see Table 2)
*
o Southern Exploration Target covers area of 2.7km(2) with
strike length of 2.8km.
o Two new drill target areas 'East' and 'Central', in an area of
3.7km(2) result from drilling and geophysics review.
* The potential quantity and grade of an Exploration Target is
conceptual in nature. There has been insufficient exploration to
estimate a Mineral Resource and there is no certainty that further
exploration work will result in the determination of Mineral
Resources.
Table 1: Coglia Nickel-Cobalt Inferred Mineral Resource Estimate
at a 0.5% Nickel Grade Cut-Off (#)
0.5% Ni cut-off Tonnes Ni % Co ppm Ni tonnes Co tonnes
------------- ------ -------- ---------- ----------
Domain North 25,800,000 0.7 360 186,000 9,300
------------- ------ -------- ---------- ----------
Domain South 44,800,000 0.6 510 290,000 22,900
------------- ------ -------- ---------- ----------
Total Inferred
Resources 70,600,000 0.7 460 476,000 32,200
------------- ------ -------- ---------- ----------
(#) See Panther Australia ASX announcement of 27 June 2022 Table
1 for further details. Some errors may occur due to rounding.
Table 2: New Coglia Nickel-Cobalt Southern JORC Code (2012)
Exploration Target(*)
Tonnage Range Grade Range Grade Range
Nickel % Cobalt ppm
---------------- ----------------
34,000,000 - 62,000,000 0.40 - 0.65 400 - 600
---------------- ----------------
* The potential quantity and grade of an Exploration Target
is conceptual in nature. There has been insufficient exploration
to estimate a Mineral Resource and there is no certainty that
further exploration work will result in the determination of
Mineral Resources.
Darren Hazelwood, Chief Executive Officer, Panther Metals plc
commented:
"The maiden Mineral Resource estimate for Coglia has exceeded
all our expectations and has the potential to add a significant
uplift to Panther Australia. The three new target areas to the
south and east of the Resource area provide further potential for
future uplifts subject to the necessary drilling and technical
studies.
The rapid and successful progress made in Australia provides a
great platform not only for the ASX company but also for Panther
Metals Plc as we continue to grow the business."
Daniel Tuffin, Managing Director, Panther Metals Limited
commented:
"This is an outstanding and transformative outcome for Panther
Australia. This 70.6Mt, 5km long Ni-Co Resource far surpasses the
results expected and marks Coglia as a new standalone nickel-cobalt
project in the Laverton region of WA." The "new targets, in
addition to the MRE, have vastly increased the potential scale of
the Coglia Project. We will now commence a review to plan further
drilling to infill the South Coglia domain and test the new
Southern, East, and Central targets."
The full announcement is available to view on the Panther Metals
Ltd website under the ASX announcements heading:
www.panthermetals.com.au
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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