TIDMPALM
Panther Metals PLC
11 October 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)
11 October 2022
Obonga Drilling Programme On Schedule
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to provide an update on
preparations for the Obonga Project ("Obonga" or the "Project")
diamond drilling programme on the Obonga Greenstone Belt
approximately 160km north of Thunder Bay, Ontario.
Preparation for the autumn 2022 helicopter supported Obonga
drilling programme targeting high priority electromagnetic ("EM")
and magnetic geophysical anomalies prospective for volcanogenic
massive sulphide ("VMS") copper/base metal mineralisation and
intrusion hosted nickel, platinum and palladium, is progressing to
schedule. The construction of helicopter landing zones at the five
drill target locations will complete this week ahead of the planned
drilling rig mobilisation.
Darren Hazelwood, Chief Executive Officer, Panther Metals plc
commented:
"The construction of helicopter landing zones across our
portfolio of targets on Obonga represents the final preparations
ahead of the diamond drill rig mobilisation.
Our aggressive plans to drill five separate targets containing
multiple anomalies flies in the face of conventional thinking in
today's junior exploration sector but this approach offers
extraordinary upside combined with the most efficient use of
capital.
Our confidence in this greenstone belt was further enhanced
following our discovery of VMS mineralisation at Wishbone on Obonga
in the autumn of 2021, providing confirmation that we are operating
in a location containing all the right ingredients.
We look forward to providing further details as the drilling
team mobilises to site"
Obonga 2022 Drilling Programme Targets
The Obonga Project covers an area of circa 251km(2) providing an
88% coverage of the Obonga Greenstone Belt and currently comprises
five high priority prospects for which exploration drilling permits
are in place:
Wishbone; Awkward; Survey, Ottertooth; and Silver Rim.
Wishbone Prospect
Planned work at the Wishbone Prospect consists a second phase of
drilling to start to delineate the extent of sulphide
mineralisation following the discovery of the Wishbone VMS mineral
system by Panther's inaugural autumn 2021 two-hole drilling
programme (1) . At Wishbone, Panther is targeting the base metals
copper (Cu), lead (Pb) and zinc (Zn) as well as potential silver
(Ag) and gold (Au).
Anomalous high-grade copper in lake sediment close to the target
area increases confidence in the prospectivity of the target
area.
The 2021 Wishbone drilling which consisted of two holes for a
total 600m of diamond drilling, intercepted multiple lenses of
sulphide mineralisation including in drill hole BBR21_WB_001 a
27.3m wide intercept of massive sulphide mineralisation and in hole
BBR21_WB_002 51m of sulphide-dominated mineralisation.
The Wishbone discovery was the first significant VMS-style
mineralisation to be made on the entire Obonga Greenstone Belt.
Given the geological tendency for VMS systems to cluster and repeat
and given the presence of highly anomalous copper in lake-sediments
nearby, the Wishbone Prospect area is a high priority for
Panther.
Awkward Prospect
Awkward presents a highly anomalous magnetic and EM geophysics
target related to an interpreted layered mafic intrusion and
associated magmatic conduit based on plate modelling of airborne
geophysics data and geological mapping. Historic sampling has
confirmed the presence of anomalous platinum (Pt) and palladium
(Pd) values, while historical drilling on the periphery of the
target reported copper and sulphide mineralisation, which was never
assayed, in coarse gabbro and "marble cake' gabbro (matching the
description of the Lac des Iles platinum palladium mine varitexture
gabbro ore zone, 80km to the south).
Survey Prospect
The Survey Prospect consists an anomalous magnetic and
electromagnetic geophysics target adjacent to the geological
contact between intrusive mafic rocks and extrusive mafic rocks. A
historical report shows a single shallow, 23.5m deep, drill hole in
the vicinity, but not on the main target, intersected several
meters of massive sulphide but assay results were not documented
and the results were not followed-up.
Ottertooth Prospect
Similar to Survey the Ottertooth Prospect consists a coincident
anomalous magnetic and EM geophysics target adjacent to the
geological contact between intrusive mafic rocks and extrusive
mafic rocks. Unlike Survey, Ottertooth is entirely untested with no
historical drilling reported in the vicinity.
Silver Rim Prospect
The Silver Rim Prospect is defined by coincident magnetic and EM
geophysics anomalies in an area which has yielded elevated silver
in soil samples. Anomalous lithium has also been identified in lake
sediment at the target. The area remains otherwise untested. With
No historical drilling in the vicinity.
Reference Notes
1 Panther Metals PLC company announcement, VMS Mineral System
Discovered on Obonga Project, dated 18 January 2022
(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/x8kld5x
)
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 five prospective primary targets:
Wishbone, Awkward, Survey, Ottertooth and Silver Rim. 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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