TIDMPALM
RNS Number : 1276A
Panther Metals PLC
21 September 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS (SI
2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT,
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FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
21 September 2022
Manitou Lakes - High Grade Gold Discovered in Soils
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to outline the positive findings
from a gold focussed soil geochemical sampling programme conducted
on the recently acquired Shear Gold - Manitou Lakes Project
("Manitou Lakes") or the "Project") (1) in Ontario, Canada. The
Project covers a total area of approximately 98km(2) and is located
within the gold endowed Kenora Mining District on the Eagle -
Manitou Lakes Greenstone Belt, approximately 300km east of the city
of Thunder Bay.
All three soil survey grids conducted during this first
programme have identified anomalous areas of gold in soil with a
significant proportion of the results (>17%) returning highly
significant gold in soil anomalies above 0.01 ppm Au. A total five
soil samples returned standout, highly anomalous assay results
ranging between 1.254 ppm Au up to 6.81 ppm Au, equivalent to 1.254
g/t Au and 6.81 g/t Au respectively, these have been designated
priority targets for investigation.
A map showing the location of the three sample grids within the
Project is available to view at the following link:
https://www.panthermetals.co.uk/images/2022/09/20/manitou-lake-soil-survey-location3.jpeg
Darren Hazelwood, Chief Executive Officer, Panther Metals plc
commented:
"Soil sampling is one of the most important gold exploration
tools, which when combined with geophysical investigation and
geological mapping are the precursors to drilling and deposit
discoveries. Finding single anomalous gold results in a soil
programme is not that unusual, however finding a series of elevated
results which correlate with one another, and which outline
distinct anomalous areas for gold is far more exciting.
All three of the soil sampling grids have returned exciting
results which are worthy of investigation, with five of the soil
samples returning exceptionally high gold for soil, and assay
grades up to 6.8g/t Au that would more typically be associated with
good rock samples.
These results demand follow-up work and our team will be back on
site before the end of September, I look forward to providing
further updates to the market in the near future."
Soil Survey Details
The Manitou Lakes soil programme consisted of a total of 429
soil samples collected over three survey grids located in the east
(Barker Area Grid 1 and Petrie Mine Area Grid 2) and central part
(Glass Reef Mine Area Grid 3) of the Project. Sample analysis for
gold was conducted by AGAT Laboratories of Mississauga, Ontario
using their (202-552) Fire Assay - Trace Au, ICP-OES finish (50g
charge) package.
The soil samples were collected on 25m spaced survey lines at an
average 10m sample spacing, with the survey grids positioned in
areas of interest delineated along strike of historical mining
areas and in association with prospective geophysical structures
identified from regional scale survey data where available. Details
of individual survey grids are as follows:
-- Grid 1: Barker Area: survey grid measures 400m by 200m
orientated approximately 700m north of an area of historical gold
workings. Outlined gold anomaly correlates well with a structural
lineament identified in magnetic geophysics. Results show a strong
linear gold anomaly which extends for at least 400m across the
survey area.
-- Grid 2: Petrie Mine Area: survey grid measures 150m by 100m
in vicinity of the historical Petrie Gold Mine. The distribution of
gold anomalies may be indicative of the veins which were
historically mined. Further follow-up investigation is
warranted.
-- Grid 3: Glass Reef Mine Area: survey grid measures 450m by
250m and covers a ridge of elevated ground located south-west along
strike of the historical Glass Reef Gold Mine. Survey results show
a significant linear gold anomaly southwest of the historical mine
workings.
The person who arranged for the release of this announcement was
Darren Hazelwood, Chief Executive Officer of the Company.
Reference notes
1: Company announcement, Canada: Purchase of Shear Gold Project, 7 April 2022:
(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/ry93y8x
)
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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