TIDMPALM
Panther Metals PLC
01 October 2021
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RELEVANT LAWS OF SUCH JURISDICTION.
FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
29(th) September 2021
Obonga Project Drilling Contractor Appointment - Wishbone VMS
Prospect
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada and Australia, is pleased to announce the
appointment of Rugged Aviation Inc, Murillo, Ontario, Canada, to
conduct the proposed diamond drilling programme targeting
volcanogenic massive sulphide ("VMS") mineralisation at our
Wishbone VMS Prospect at the Obonga Project in Ontario, Canada.
Darren Hazelwood, Chief Executive Officer, commented:
"The Wishbone VMS Prospect was a high priority drilling target
for mining giant BHP in the early 1990's, which due to corporate
affairs elsewhere in Canada, has largely remained untested since.
Subsequent airborne geophysical surveys flown over the area have
served to increase the resolution of geophysical anomalies and show
that the seven historical holes in the wider Wishbone area were all
several hundred metres off-target.
Following a full strategic review of all known data and the
engagement of a geophysical consultant to model the latest
available airborne magnetic and electromagnetic geophysics
datasets, we have come to the unanimous conclusion that the
anomalies at Wishbone should be drilled. Advances in geophysical
technology since drilling last took place in the area add to our
confidence that the most prospective zones were previously missed.
The geological setting at Wishbone is notably reminiscent of the
lucrative Sturgeon Lake area VMS deposits.
With a drilling permit already in place and our supportive
shareholders, we have been able to act efficiently and award the
Wishbone diamond drilling contract to take advantage of the autumn
weather window.
I look forward to updating the market on progress at
Wishbone".
Wishbone VMS Prospect
The Wishbone VMS Prospect, targeting the base metals copper
("Cu"), lead ("Pb"), zinc ("Zn) and silver ("Ag") and gold ("Au"),
is located in the west of the Obonga Project area.
The current drilling target consists of a significant magnetic
geophysics anomaly which is coincident with a strong
electromagnetic ("EM") geophysical anomaly (the "Wishbone
anomaly"). The geophysical expression could be indicative of VMS
type mineralisation.
Wishbone is situated in a similar geological environment to the
nearby Sturgeon Lake area, and its Mattabi VMS mining camp, on the
Wabigoon Greenstone Belt, approximately 75km due west. The Sturgeon
Lake / Mattabi area hosted five commercially viable VMS mining
operations that produced from the early 1970's into the 1990's. The
Mattabi mine being the most prolific, reportedly produced 13.5 Mt
of ore with an average grade 7.5% Zn, 0.88% Cu, 0.77% Pb and 3.10
oz/t (96.42g/t) Ag in the period 1970-1983. It was reportedly
discovered through the drilling airborne geophysics anomalies.
In the Obonga area, drilling in the 1970's intersected massive
stringer and disseminated sulphide 800 m north of the Wishbone
anomaly and drilling by BHP in the 1990's intersected massive
stringer and disseminated sulphide 600 m south of the anomaly. BHP
ranked the Wishbone anomaly a high priority for follow up in 1992
however no further work was completed. Airborne geophysics datasets
compiled since that time have shown that the historical drilling
failed to intersect the major anomalies.
Obonga Project Overview
The Project covers the Obonga Greenstone Belt ("Obonga") which
consists of a 32km long by up to 9km wide, broadly east-west
striking, tract of Archean age metamorphosed volcanic, sedimentary
and intrusive rocks. It is a highly prospective setting for the
formation of orogenic shear-hosted gold deposits, volcanogenic
massive sulphide copper-lead-zinc-silver deposits,
komatiite/ultramafic associated nickel-copper-platinum group metal
("PGM") deposits and porphyry style base metal mineralisation.
Panther's Obonga Project constitutes an 88% coverage of Obonga
and the Project includes seven high prospectivity targets for gold,
nickel, PGM and base metals identified by partner company Broken
Rock Resources Ltd. The remaining ground over the belt is either
designated areas as environmental reserves and not available for
exploration, or under minor landholding by third parties.
Broken Rock is a Canadian registered private exploration company
with a number of exploration interests in north-west Ontario. The
company is headed up by Liane Boyer who is a well-respected and
experienced exploration and resource geologist who has worked at a
number of mines in Ontario including Barrick Gold Corp's Hemlo gold
mine, Newmont's Musselwhite gold mine, the Impala Platinum Lac Des
Iles PGM mine and consulted on an extensive portfolio of
exploration projects and mines internationally.
Panther's aim at Obonga is to create shared value that benefits
local communities and to explore and develop projects in an
environmentally sensitive manner.
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
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