TIDMPALM
RNS Number : 6636O
Panther Metals PLC
02 February 2023
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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) REGULATIIONS
(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
02 February 2023
Obonga: Flake Graphite Discovery
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to report the latest round of
diamond drilling(1) has outlined potentially significant
intersections of near-surface crystalline 'flake' graphite at the
Obonga Project, Awkward Prospect.
Graphite is listed on the Critical Minerals List of raw
materials in Canada(2) , with a supply risk fuelled by the
high-purity graphite demand for the rapidly growing electric
vehicle ("EV") and energy storage industry and in support of the
drive for carbon emission net-zero. The European Union and United
States have also identified graphite a critical mineral for a
secure, sustainable and resilient raw materials value chain(3)
.
Darren Hazelwood, Chief Executive Officer, commented:
"In January 2023, the Critical Minerals Institute, an
international organisation for critical mineral companies and
professionals, published a list of the 14 most critical minerals
for developed world economies; and graphite ranked fifth.
The discovery of flake graphite on Obonga is especially exciting
in light of exponential demand growth forecasts and the western
worlds' attempt to move supply reliance away from China which
currently serves around 70% of global graphite consumption.
A historical report recently identified by the Company, also
noted an abundance of graphite in metasedimentary rocks in the
wider Awkward area following work conducted in 1986 by Platinum
Exploration Canada Inc.
This graphite discovery will now allow us to plan a
comprehensive programme aimed at further understanding the
opportunity this discovery presents to Panther Metals and our
shareholders, graphite is widely accepted to be a key constituent
of the global drive to Carbon net zero.
I would like to thank the local Indigenous Communities for
allowing us to conduct our exploration activities at Awkward.
Following further engagement, I will update the market on future
plans for this exciting opportunity."
Awkward Graphite Summary
-- Diamond drillhole BBR22 AW-P1-1, one of three holes drilled,
on the Awkward Prospect during November 2022, intersected a 22.4m
wide intersection of graphitic metasediment from 8.4m downhole
depth.
-- As a precursor to complete hole sampling an initial 2.65m
assayed interval from the wider graphitic zone, was submitted to
ALS Laboratories for Total Graphitic Carbon analysis (by method C-
IR18) in order to confirm the presence of crystalline 'flake'
graphite as observed during core logging.
-- Assayed interval totals 2.65 m @ 4.02% Total Graphitic Carbon
("TGC") from 21m, including 1m @ 5.12% TGC from 21m.
-- Graphite mineralisation is anticipated to be open above and
below the sampled interval. Follow-up investigations are currently
being planned.
Obonga 2022 Drilling Programme Details
During Panther's autumn 2022 diamond drilling programme a total
of 1,500m were drilled across nine holes, in addition future
drilling pads were prepared as summarised in Table 1 and Table 2
below. Figure 1 below provides regional location context.
Table 1: Obonga 2022 Diamond Drill Hole Details
Prospect Drill Hole Hole Easting Northing Targeting
ID Depth * *
(BBR22 series) (m)
VMS hosted
Wishbone WB22-P1-1 200 300407 5529018 Base Metals
----------------- ------- -------- --------- ------------------
WB22-P1-2 200
------------------------------- ------- -------- --------- ------------------
WB22-P2-1 201 300664 5529054
------------------------------- ------- -------- ---------
WB22-P2-2 201
------------------------------- ------- -------- ---------
WB22-P3-1 200 300918 5529444
------------------------------- ------- -------- --------- ------------------
Intrusive related
Ni / PGE
Awkward AW-P1-1 92 315485 5534407 Graphite
----------------- ------- -------- --------- ------------------
AW-P2-1 71 315470 5534530
------------------------------- ------- -------- --------- ------------------
AW-P4-1 80 314307 5535070
------------------------------- ------- -------- --------- ------------------
VMS hosted
Survey Lake SV-P1-1 255 308313 5530371 Base Metals
----------------- ------- -------- --------- ------------------
Total Drilled 1,500
------------------------------- ------- -------- --------- ------------------
*Projection: UTM Zone 16N NAD83
Table 2: Obonga 2022 Drill Pad Preparations
Prospect Drill Pads Prepared Targeting
Awkward Intrusive related Ni / PGE and
AW Pad 3 graphite
-------------------- -------------------------------
AW Pad 7
-------------------- -------------------------------
Ottertooth OT Pad 1 VMS hosted Base Metals
-------------------- -------------------------------
Associated waterline trails and helicopter landing zones also
cleared
Figure 1: Location of Obonga Project and select Drill Holes with
reference infrastructure and port city of Thunder Bay
For the purposes of UK MAR, the person responsible for arranging
for the release of this announcement on behalf of Panther is Darren
Hazelwood, Chief Executive Officer.
Reference Notes:
1: Panther Metals PLC company announcement, Diamond Drilling
Completion - Obonga and Issue of Equity, dated 24 November 2022 (
https://polaris.brighterir.com/public/panther_metals/news/rns/story/w9eyvgr
)
2: Source: Critical Minerals Centre of Excellence (CMCE) at Natural Resources Canada
(
https://www.canada.ca/en/campaign/critical-minerals-in-canada.html
)
3: Source: European Commission, EU and Canada set up a strategic
partnership on raw materials, dated 21 June 2021 (
https://single-market-economy.ec.europa.eu/news/eu-and-canada-set-strategic-partnership-raw-materials-2021-06-21_en
)
4: Source: Critical Minerals Institute, dated 18 January 2023
( https://criticalmineralsinstitute.com/2023/01/18/ )
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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