TIDMPALM
RNS Number : 3906Z
Panther Metals PLC
11 January 2024
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FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
Graphite Discovery Grows Significantly at Obonga
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to provide the additional
graphite assay results for drill hole BBR22_AW-P1-1, following
additional sample submissions targeting crystalline or 'flake'
graphite.
The additional sampling is part of a review of the graphitic
core drilled at the Awkward Prospect in the autumn of 2022 and a
comprehensive historical data review which has extended the
graphite potential.
The Awkward Prospect area is prospective for sulphide bearing
magmatic conduits and graphite and is located in the eastern side
of the Company's Obonga Project, which covers 90% (291 km(2) ) of
the district scale Obonga Greenstone Belt in northwest Ontario.
Highlights
-- Updated graphite assay results for drill hole BBR22_AW-P1-1,
following further sample submissions. BBR22_AW-P1-1 was drilled to
test a geophysical modelled conductive target at the western end of
a 730m long conductive lineament 'Trend 3'.
-- Samples analysed by ALS Laboratories for Total Graphitic
Carbon ('TGC') analysis (by method C- IR18) in order to confirm the
presence of crystalline 'flake' graphite.
-- Results extend the downhole intersection of graphitic carbon
to 27.2m @ 2.25 % TGC between 12m to 43.3m downhole.
-- Key downhole Total Graphitic Carbon ('TGC') intersections as follows:
o 27.2 m @ 2.25 % TGC from 12m downhole, including;
-- 4.0 m @ 3.64 % TGC from 14.0 m, with
-- 1.0 m @ 5.15 % TGC from 16.0 m ;
-- 6.0 m @ 3.60 % TGC from 19.0 m, with
-- 1.0 m @ 5.12 % TGC from 21.0 m ; and
-- 8.0 m @ 2.42 % TGC from 27.0 m, with
-- 2.0 m @ 4.16 % TGC from 29.0 m downhole.
-- Additional geophysical plate modelling has the prospect of
extending Trend 3 a further 4.1km eastwards.
-- Factoring the additional claim package recently acquired by
Panther, initial geological interpretation suggests a preliminary
graphite target area in the region of 21.5 km(2) across the Awkward
and Awkward East prospect areas.
-- Historic data review notes graphite at surface and abundant
in some units within the wider exploration area.
Darren Hazelwood, Chief Executive Officer, commented:
"It is important we are cautious at this time due to the
potential scale but graphite is known to be abundant in the Obonga
area.
Historically graphite was ignored, but it is now a critical
ingredient for the decarbonisation of the global economy. Any
graphite discovery in a major mining jurisdiction is significant,
but one at surface, with substantial scale potential and within
trucking distance of a major port, offers outstanding
potential.
Our current graphite target area is around 21.5 km(2) , our
geological interpretation and historical records confirm the
potential for widespread graphite. Whilst investigations are
currently at an early stage, we have already engaged with the
Ontario government as they look to create a circular economy by
connecting explorers directly with end users."
Background
In October-November 2022 Panther undertook a 9 hole 1,500m
diamond drilling programme over the Wishbone, Survey and Awkward
Prospect areas. The Awkward drilling comprised three holes
(totalling 243m) designed to test the first 3 of 20 conductive
plate targets identified by Maxwell Plate Modelling of
electromagnetic ('EM') geophysical data. The 20 conductive plates
outline four distinct conductive lineations or 'Trends' which are
interpreted to relate to sulphide bearing magmatic conduits and
graphite.
The most southerly of the conductive lineations, Trend 3, was
intersected by Panther diamond drill hole BBR22_AW-P1-1. The 91m
long hole intersected 35.1m of graphitic metasediment from 8.4m
downhole near the western end of Trend 3.
As a precursor to complete hole sampling an initial 2.65m
assayed interval from the 35.1m wide graphitic zone, was submitted
to ALS Laboratories for Total Graphitic Carbon ('TGC') analysis (by
method C- IR18) in order to confirm the presence of crystalline
'flake' graphite as observed during core logging. This assayed
interval totalled 2.65 m @ 4.02% TGC from 21m, including 1m @ 5.12%
TGC from 21m (1) .
As the graphite mineralisation was open above and below the
sampled interval. Follow-up sampling was conducted extending the
total downhole intersection of graphitic carbon to 27.2m @ 2.25 %
TGC between 12m to 43.3m downhole.
The updated assay results for drill hole BBR22_AW-P1-1 are as
follows:
Drillhole BBR22_AW-P1-1 Total Graphitic Carbon Assay Results
-- 27.2 m @ 2.25 % Total Graphitic Carbon ('TGC') from 12m downhole, including;
o 4.0 m @ 3.64 % TGC from 14.0 m, with
-- 1.0 m @ 5.15 % TGC from 16.0 m ;
o 6.0 m @ 3.60 % TGC from 19.0 m, with
-- 1.0 m @ 5.12 % TGC from 21.0 m ; and
o 8.0 m @ 2.42 % TGC from 27.0 m, with
-- 2.0 m @ 4.16 % TGC from 29.0 m downhole.
Based on the plate modelling Trend 3 is currently circa 730m
long but remains open to the east. Additional drilling will be
required to confirm that the graphite extends to the full length of
Trend 3, but current interpretation based on conductance levels
supports the continuation of the graphite body.
Based on preliminary interpretation of the EM data there is the
prospect that additional plate modelling eastwards of Trend 3 could
extend the conductive lineation a further 4.1km to the east, which
would significantly enlarge the potential size of a graphite
target.
Further Graphite Targets
On 29 December 2023 Panther announced the Obonga Project Awkward
East Claim Purchase Agreement (2) , which has enlarged the Awkward
Prospect area by an additional 7.25km(2) to the east.
A review of historical reports for the Awkward East area has
shown that a single 55m long diamond hole (Number 66-1) drilled by
Cantri Mines Limited in June 1966 intersected three graphitic
'flow' zones interbedded with rhyolite on the western end of the
Awkward East claim block. Whilst this drill hole was a single
isolated hole it is located on the eastern end of a 6.5km long
conductive lineament (the 'Cantri Trend') based on the
Garden-Obonga Airborne Geophysical Survey flown by the Ontario
Government in late 1999. It is noteworthy that the Cantri Trend
runs to 2km to the north and parallel to Panther's Trend 3 and that
both can in part be attributed to graphite.
Initial geological interpretation has established a preliminary
graphite target area in the region of 21.5 km(2) across the Awkward
and Awkward East prospect areas.
In addition to the graphite potential Awkward remains 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).
References
1: Company announcement, dated 2 February 2023, 'Obonga: Flake Graphite Discovery'
(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/xzjzl3w
)
2: Company announcement, dated 29 December 2023, 'Obonga Project
Awkward East Claim Purchase Agreement'
(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/xlj3d7r
)
For further information please contact:
Panther Metals PLC:
Darren Hazelwood, Chief Executive Officer: +44(0) 1462 429 743
+44(0) 7971 957 685
Brokers:
Tavira Financial Limited
Christopher James Kipling +44(0) 203 833 3743
SI Capital Limited
Nick Emerson +44(0) 1438 416 500
Axis Capital Markets Limited
Ben Tadd
Lewis Jones +44 (0)20 3026 0449
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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