TIDMPALM
Panther Metals PLC
29 September 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)
29 September 2022
Panther Australia: Burtville East Gold Intercepts
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to note further high-grade gold
drill intercepts from the second phase programme at the Burtville
East Gold Project ("Burtville East") in Western Australia,
following the Panther Metals Ltd ("Panther Australia") Australian
Securities Exchange ("ASX") announcement. Panther Metals plc holds
36.6% of Panther Metals Ltd (ASX:PNT).
Darren Hazelwood, Chief Executive Officer, Panther Metals plc
commented:
"These latest set of strong gold intercepts from drilling at the
Burtville East Gold Project further to add to the underlying value
of Panther Australia, as the team continue to grow the
business.
The potential positive impact on Panther Metals PLC through our
36.6% holding in the Australian business should not be
underestimated, as their successes continue to build momentum."
Burtville East News Highlights:
-- The second phase drill programme at the Burtville East Gold
Project returns further high-grade gold reverse circulation ("RC")
drilling downhole intercepts including:
o Hole BVE007:
-- 7m @ 3.69g/t Au from 61m ; and
-- 12m @ 1.24g/t Au from 88m , including
-- 1m @ 4.80g/t Au from 95m
o Hole BVE009:
-- 4m @ 17.2g/t Au from 90m , including
-- 1m @ 62.8g/t Au from 91m ; and
-- 1m @ 1.61g/t Au from 84m
o Hole BVE010:
-- 7m @ 1.17g/t Au from 75m , including
-- 1m @ 3.47g/t Au from 80m
-- Assay results from the two diamond core drillholes ( BVEDD001
and BVEDD002) are awaited, visible gold is noted in the core of
hole BVEDD001 at 48.6m downhole.
-- The second phase drill programme consisted of 6 RC drillholes
totalling 577m drilled and 2 diamond core holes for a total 147m
drilled.
-- High grade gold assay results from the first phase of
drilling were announced 27 July 2022 (1) , with hole BVE006
returning a shallow high grade gold zone composite of 15m @
53.94g/t Au from 27m downhole.
-- At Panther Australia's Ironstone Gold Project, the diamond
core drilling is now complete, with disseminated sulphide intervals
noted in core of hole IRN001. Assay results are pending.
The Panther Metals Ltd ASX announcement with full details
including drill hole table, plans and sections, is available to
view on the Panther Australia website at the following link:
https://www.panthermetals.com.au/asx-announcement
References
1: Panther Metals PLC announcement dated 27 July 2022, Panther
Australia: Follow-up Drilling at Burtville East :
(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/r79ojvx
)
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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