TIDMPALM
Panther Metals PLC
30 November 2023
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FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
30 November 2023
Fulcrum Metals: Tailings Project Option
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to note the Fulcrum Metals PLC
("Fulcrum", LON: FMET) announcement that they have entered into an
option agreement (the 'Option Agreement') to acquire a 100%
interest in the Teck Hughes Gold Tailings project ('Teck-Hughes'),
located in Kirkland Lake, Ontario, Canada.
In addition, the Fulcrum have announced that they are in
advanced discussions with Extrakt Process Solutions ('Extrakt'),
regarding the licensing of its proprietary separation technology to
extract metals from mine processing tailings without the use of
cyanide.
Panther currently holds a total of 9,971,839 ordinary shares in
Fulcrum representing a 19.99% interest in the entire issued share
capital of Fulcrum, plus 714,286 warrants exercisable at 17.5p with
a two-year life from 14 February 2023 and a further 476,190
warrants exercisable at 26.25p with a three-year life. Panther also
retains a 2% net smelter return ("NSR") royalty over the Big Bear
Project.
Fulcrum Announcement Highlights
-- Fulcrum agreed Option Agreement to acquire 100% of
Teck-Hughes Gold Tailings Project. The historical Teck-Hughes mine
milled 9,565,302 tonnes of ore and produced 3,700,007 ounces of
gold between 1917 and 1968.
-- Historic drilling campaigns have been taken across the
tailings, the first in 1980 (9 holes) and the most recent between
2018/19 and 2022:
o As part of the most recent campaigns a total of 95 auger
samples were assayed with the highest sample returning 1.23g/t Au
and with 72 of the 95 samples assaying between 0.5 to 0.8 g/t Au,
and an average sample grade 0.66g/t Au.
o Based on all the drilling data a historical (non-compliant)
unverified estimate of 6.5Mt of tailings containing 138,460 ounces
contained gold was reported. The estimate has not been verified by
Fulcrum and the tailings body requires detailed follow-up sampling
work and modelling in order to state a compliant Mineral Resource
for the tailings.
-- Fulcrum is in advanced discussions with Extrakt for the use
of its non-cyanide gold leaching tailings extraction
technology.
-- Testing of tailing material from Teck-Hughes, using Extrakt's
technology, is scheduled for Q1 2024.
-- This represents an opportunity for Fulcrum to utilise
tailings extraction technology with the potential to deliver a cash
generative metal project.
Darren Hazelwood, Chief Executive Officer, commented:
"The Teck-Hughes Gold Tailings Project offers Fulcrum the
exciting proposition of generating cashflow using an
environmentally considerate tailings reprocessing and residual gold
extraction technology ,in the relative near-term and for a low
upfront acquisition cost.
We look forward to further updates from Fulcrum as the
opportunity progresses."
Further details on the Option Agreement, historical background
and a map are available in the Fulcrum announcement which is
available to view at https://fulcrummetals.com/news/
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
Joint Brokers:
Axis Capital Markets Limited +44 (0)20 3026 0449
Ben Tadd
Lewis Jones
Tavira Financial Limited +44 (0)20 3833 3743
Christopher James Kipling
SI Capital Limited +44 (0)1438 416 500
Nick Emerson
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
Fulcrum Metals Plc
Fulcrum Metals PLC (LON: FMET) is an AIM listed exploration
company which finances and manages exploration projects focused on
Canada, widely recognised as a top mining jurisdiction.
FMET currently holds a beneficial 100% interest in highly
prospective gold and base metals projects in Ontario and Uranium
projects in Saskatchewan.
Fulcrum's strategy is to focus on discovery and
commercialisation of its Projects through targeted exploration
programmes. The primary focus is to make an economic discovery on
the flagship Schreiber-Hemlo Properties and establishing the
prospectivity of its wider Ontario and Saskatchewan portfolio with
a view to securing potential joint venture and/or acquisition
interest.
Panther Metals Plc own 20% of the issued share capital of
Fulcrum Metals Plc and a 2% NSR on the Big Bear project.
Panther Metals Australia
Following the listing of Panther Metals' Australian assets on
the Australian Securities Exchange ("ASX") in December 2021. 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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