TIDMPALM
RNS Number : 1886Z
Panther Metals PLC
13 September 2022
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PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
13 September 2022
Dotted Lake - New Nickel Target Outlined
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to provide a technical update for
the Dotted Lake Property ("Dotted Lake") with regards to the
potential for ultramafic intrusive hosted nickel mineralisation.
Dotted Lake is located on the north-eastern arm of the
Schreiber/Hemlo greenstone belt to the north of the Dotted Lake
intrusive batholith.
A recent study incorporating the findings of Panther's airborne
geophysics survey(1) and the 2021 soil geochemistry survey (2) with
recently digitised historical exploration data has defined a new
area, in the northeast of the property, which is considered very
prospective zone for nickel (Ni) mineralisation (the "Ni Target")
and which is underlain by an ultramafic intrusive complex.
A map outlining the Ni Target is available to view at the
following link:
https://www.panthermetals.co.uk/images/dotted-lake-ultramafic.jpg
New Nickel Target
Panther has digitised historical geochemical soil survey report
data based on work undertaken by Clear Mines Ltd in August 1983
(the "Clear Mines Survey"). These results show a 2.8km long linear
broadly east-west striking zone of elevated nickel in soil
coinciding with a mapped ultramafic / gabbro intrusive unit and a
distinct geophysical anomaly.
The Clear Mines Survey consisted of 577 soil samples analysed
for 27 elements, collected on a series of north-south lines
directly to the east of the Panther 2021 soil survey area (2) .
Nickel is elevated across the prospect area defined by highs
ranging 137 - 235 ppm Ni and peaking at 614ppm Ni in the eastern
end. Other soil anomalies across the Ni Target include cobalt (Co)
up to 214 ppm Co and copper (Cu) up to 861 ppm Cu.
The western end of the ultramafic intrusive is shown on
government mapping to lie beneath the lake, however the geophysics
survey and the Panther soil survey data indicates that the
intrusive rocks likely extend further to the west and may underlie
the soil survey Anomaly A and Anomaly C as reported 9 November 2021
(3) .
Panther's Ni Target is located 9km west of a new zone of massive
nickel-copper sulphide mineralisation drilled by Palladium One
Mining Inc (TSXV:PDM.V) at their Tyko Project, West Pickle Lake
joint venture property with First Class Metals (LSE:FCM). The 7
September 2022 Palladium One announcement (4) for the West Pickle
Lake discovery notes massive and semi-massive
pentlandite-pyrrhotite-chalcopyrite sulphide mineralisation
interpreted to be related to ultramafic chonolith feeder dykes has
been intersected in two diamond drill holes. Assay results are yet
to be reported.
About the Dotted Lake Property
The Dotted Lake property is 100% owned by Panther and consists a
contiguous land package of approximately 37km(2) located
approximately 18km north-northeast of the Barrick-owned Hemlo Gold
Mine, which has produced over 22 million oz of gold over 30 years
to date. Located on the northern limb of the Schreiber-Hemlo
Greenstone belt the Dotted Lake property covers 7km of the
prospective geological contact between the Dotted Lake Batholith
plutonic intrusive and mafic volcanic and metavolcanic 'greenstone'
rocks.
Darren Hazelwood, Chief Executive Officer, Panther Metals plc
commented:
"Panther's new Nickel Target at Dotted Lake is only 9km east of
the Tyko Project West Pickle Lake nickel discovery announced by
Palladium One Mining on 7 September 2022. West Pickle Lake is the
latest in a series of ultramafic hosted nickel discoveries which
are building out a 20km wide nickel district at Tyko.
The regional geophysics and geological mapping show strong
similarities between the new Ni Target in the northeast of
Panther's Dotted Lake Property and the Tyko discoveries,
importantly they also share a similar level of anomalous nickel and
copper in soil surveys."
Reference notes
1: Company announcement, Canada: Dotted Lake Property -
Geophysics Survey Update, 22 February 2021:
https://polaris.brighterir.com/public/panther_metals/news/rns/story/xpp329x
2: Company announcement, Dotted Lake - Soil Sampling Survey Results, 9 November 2021:
https://polaris.brighterir.com/public/panther_metals/news/rns/story/x57m0pw
3: Map, Panther Soil Sampling Survey Results showing Anomaly C:
https://www.panthermetals.co.uk/images/2021/PALM_Dotted_Soil_Map.jpg
4: Palladium One Mining Inc corporate announcement, 7 September
2022, Palladium One Discovers New Zone With Massive Nickel-Copper
Sulphides at the Tyko Project, Ontario, Canada :
https://palladiumoneinc.com/news/2022/palladium-one-discovers-new-zone-with-massive-nickel-copper-sulphides-at-the-tyko-project-ontario-canada
The person who arranged for the release of this announcement was
Darren Hazelwood, Chief Executive Officer 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.
Manitou Lakes Project
The Manitou Lakes gold project is located approximately 300km's
east of Thunder Bay, Ontario and covers a total area of around 98sq
km's.
There are over 200 known gold occurrences on the Manitou Lakes
project area with the wider Eagle/Manitou Lakes greenstone belt
hosting numerous historic gold producers and 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.
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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