TIDMPALM
Panther Metals PLC
14 July 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)
14 July 2022
Panther Australia: Very High-Grade Gold Drill Results
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to provide an update for the
Burtville East Gold Project ("Burtville") and Eight Foot Well
prospect in Western Australia, following the Panther Metals Ltd
("Panther Australia") Australian Securities Exchange ("ASX")
announcement detailing very high grade gold drill intercepts and
visible gold in reverse circulation ("RC") drilling chips at
Burtville East. 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:
-- RC drillhole BVE006 returns new shallow high grade gold zone
composite of 15m @ 53.94g/t Au from 27m downhole, including
individual intersections of:
o 1m @ 79.90g/t Au from 27m;
o 1m @ 478.00g/t Au from 28m;
o 1m @ 125.50g/t Au from 34m; and
o 1m @ 43.80g/t Au from 35m.
-- Visible gold panned from sample chips from drillhole BVE006.
-- RC Drillhole BVE002 returned an assay of 1m at 73.30g/t Au from 93m downhole.
-- Peak grab sample of 21.70g/t Au (BE01CP).
-- Follow up drill planning to commence for the Burtville East Gold Project.
Darren Hazelwood, Chief Executive Officer, Panther Metals plc
commented:
"The goldfields of Western Australia continue to produce
surprises and I'm delighted for everyone involved with this
stunning drilling success at the Burtville East Project. The 15m @
53.94g/t Au is an outstanding drill intercept especially given the
shallow depth. The peak intersection of 1m @ 478g/t Au from 28m and
the visible gold panned from drill chips reinforce the case for
further exploration at Burtville East.
The underlying value being built into our share of the Panther
Australia business, through exploration success in such a short
timeframe, bodes very well for the future and I'm looking forward
to the next stages of exploration at both Burtville East and
Coglia."
Daniel Tuffin, Managing Director, Panther Metals Limited
commented:
"The first round of drilling at the Burtville East Project
consisted of six RC drillholes for a total 675m drilled and was
designed as an initial first pass programme to test accepted
mineralisation trends and explore the potential for alternative
trends.
The results from this short programme of drilling at Burtville
East are simply stunning. Some of the holes drilled into the
accepted trend model did not perform as expected, while others,
particularly in the case of hole BVE006, intercepted a new shallow
broad high-grade zone of 15m at 53.94g/t gold. BVE006 was planned
to investigate a conceptual, and untested, alternative
mineralisation trend theory.
The interception of a new shallow broad high-grade gold zone in
hole BVE006, in conjunction with confirmation that unprocessed
local stockpiles contain gold in previously unprocessed
'mineralised altered zones'* requires a rethink about the accepted
mineralisation trends at Burtville East.
We will now progress with a full review of the results and
follow up with a new drill plan to further test, and explore for
new, mineralised trends in the area."
Burtville East RC Drilling Results
An initial first round of drilling, consisting of six RC holes
for a total 675m drilled, was designed as a first pass programme to
test the current interpretation of gold mineralisation, and explore
for new mineralised positions and structures. Drill hole assay
results above 0.5g/t gold are given in Table 1. The interception of
a new shallow broad high-grade gold zone in hole BVE006 poses a
rethink about the accepted mineralisation trends at Burtville East.
The prior interpretation of the mineralised trend was a north-south
structure. It is now thought that the formation of mineralisation
is more complex and likely the result of shear deformation, forming
a series of northeast-southwest trending en-echelon dilations.
Panther Australia will now progress with a full review of the
results and follow up with a new drill plan to further test, and
explore for new, mineralised trends in the area.
Table 1: Burtville East RC Drill Intersections
Drillhole Drillhole intersections for assay results above
ID 0.5g/t Au
BVE001 1m @ 1.14g/t Au from 79m and
1m @ 1.25g/t Au from 103m
----------------------------------------------------
BVE002 1m @ 73.30g/t Au from 93m and
1m @ 0.58g/t Au from 96m
----------------------------------------------------
BVE003 1m @ 0.74g/t Au from 72m
----------------------------------------------------
BVE004 4m @ 3.36g/t Au from 79m
1m @ 2.07g/t Au from 106m and
1m @ 3.41g/t Au from 119m
----------------------------------------------------
BVE005 1m @ 0.95g/t Au from 106m
----------------------------------------------------
BVE006 15m @ 53.94g/t Au from 27m, including 1m intercepts
>10g/t Au of
1m @ 79.90g/t Au from 27m
1m @ 478.00g/t from 28m
1m @ 24.30g/t Au from 29m
1m @ 125.50g/t Au from 33
1m @ 43.80g/t from 34m
1m @ 14.60g/t from 35m and
1m @ 11.40g/t from 40m
----------------------------------------------------
Burtville East is one of four gold prospects located in Panther
Australia's Merolia Gold Project which consists of a land holding
over some of the region's most prospective and under-explored
ground and which covers a total area of 90km(2) .
The Burtville East prospect area contains historical underground
workings, along with mineralised stockpiles of historically
rejected material ready for treatment. Historical grab samples from
this altered mineralised zone have returned grades of up to
38.45g/t Au.
See the Panther Australian ASX announcement for further
information including the Burtville East drill collar location
table, grab sample results, drill sections and figures outlining
the drilling results; and the assay results from the Eight Foot
Well prospect RC drilling campaign.
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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