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PANTHER METALS
PLC
("Panther" or the "Company")
(Incorporated in the Isle of
Man with company number 009753V)
5 March 2024
Obonga: Extension of Purchase
Agreement
Panther Metals plc (LSE:PALM) the
company focused on developing Canada's next VMS camp and graphite
deposit, is pleased to announce an extension to the Obonga Project
purchase agreement (the "Extension Agreement") with Broken Rock
Resources Ltd ("Broken Rock") over the Obonga Project in Ontario,
Canada.
The Extension Agreement allows for
an additional year to meet the exploration commitment (announced 2
August 2021) 1 over Panther's flagship project, which
has advanced from a greenfield regional data based target area,
through proof of concept to drilling success and base metal
volcanogenic massive sulphide ("VMS") and graphite discoveries
2, 3, 4.
The Panther exploration commitment
entails funding 8,000 meters of drilling on the Obonga
285km2 claim package (and all associated costs including
assay results and core storage); and to make available a budget of
not less than CAN$1,000,000 (which has already been met by Panther)
over an initial four year period, ending 31 July 2025, to
fund all other operating costs on the area covered by the Claims
(including trail building, field work, community relations, access
rights and personnel costs).
Darren Hazelwood, Chief Executive Officer,
commented:
"Our work on a Obonga has gained tremendous traction across the
sector. The discovery of two separate VMS systems combined with a
graphite opportunity, over a substantial but undefined area from
surface, represents huge upside potential.
This zero cost, one year extension to our purchase agreement
provides some guidance in relation to our own ambitions we have a
clear and concise pathway on how we plan to execute on our strategy
and I look forward to updating the market on an exciting year
ahead."
Obonga Project Background
·
Total
Area: 285.0
km2
·
Prospective
for: Base Metals (Copper, Zinc,
Lead, Nickel) and Precious Metals (Gold, Silver and Platinum Group
Metals) with Energy Mineral (Lithium, Graphite)
potential.
·
Significant
Neighbours: Mattabi Mine (Glencore) and Sturgeon Lake VMS Camp to west,
Lac des Iles Mine (Impala Canada) to south.
·
Potential: Canada's Next Mining
District
The Obonga Project is Panther's
flagship project, which has advanced from a greenfield regional
data based target area, through proof of concept to drilling
success and base metal VMS and graphite discoveries 2, 3,
4.
Panther has achieved significant
milestones through successful drilling campaigns at Obonga's
Wishbone prospect, revealing a substantial Volcanogenic Massive
Sulphide system. The Wishbone discovery, a first of its kind on the
Obonga Greenstone Belt, is characterised by impressive drill hole
intercepts, including 27.3m of massive sulphide and 51m of
sulphide-dominated mineralisation 2.
Further drilling in late 2022
reaffirmed the potential 3, with intersections such as
3.6m @ 3.9% Zn, including 2m @ 6.8% Zn & 4.3 g/t Ag, indicating
proximity to metal-fertile fluid flow. The discovery of the
Wishbone VMS system is pivotal, boding well for the existence of
additional VMS bodies in the vicinity, given their tendency to
occur in clusters.
The Survey and Awkward targets also
witnessed preliminary drilling, confirming VMS style mineralisation
at Survey with a 29m wide intercept of cyclical semi-massive and
disseminated sulphide, with graphite discovered at Awkward 4,
5. This, coupled with the Wishbone discovery, solidifies the
Obonga Greenstone Belt's status as a new emerging VMS
Camp.
The Obonga Greenstone Belt, with its
emerging VMS Camp status, is strategically positioned close to
national railroad transport links and the industrial port city of
Thunder Bay. Moreover, it is approximately 75km east of the former
Mattabi/Sturgeon Lake Mining Camp on the Wabigoon Greenstone Belt,
underlining its advantageous geological and logistical
position.
The presence of significant gold
occurrences, base metals, and promising exploration results in the
Obonga Greenstone Belt contribute to its appeal as a potential
mining district. This strategic positioning makes it an attractive
prospect for future resource development and
exploration.
References
1:
Company announcement, dated 2 August 2021, 'Acquisition, issue of
equity, grant of options and total voting rights, Canada - Major
Acquisition on the Obonga Greenstone Belt'
(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/xz9m6or
)
2:
Company announcement, dated 2 February 2023, 'Obonga: New VMS Camp
Discovered & High Grades Intersected'
(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/x4gy0kx
)
3:
Company announcement, dated 18 January 2022, 'VMS Mineral System
Discovered on Obonga Project'
(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/x8kld5x
)
4:
Company announcement, dated 2 February 2023, 'Obonga: Flake
Graphite Discovery'
(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/xzjzl3w
)
5:
Company announcement, dated 11 January 2024, 'Graphite Discovery
Grows Significantly at Obonga'
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv484pw
)
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.