TIDMPALM
Panther Metals PLC
05 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)
5(th) October 2021
Drilling Commenced - Wishbone VMS Prospect
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada and Australia, is pleased to announce the
commencement of diamond drilling on the Wishbone volcanogenic
massive sulphide ("VMS") prospect at the Obonga Project in Ontario,
Canada.
Darren Hazelwood, Chief Executive Officer, commented:
"The execution of our strategy to advance our projects as
rapidly as possible is now fully in play. In Canada, target
definition diamond drilling which is seeking to confirm VMS style
mineralisation at the Obonga Project's Wishbone Prospect has now
commenced. The Wishbone drilling follows rapidly on the heels of
the recent commencement of diamond drilling at our 100% owned
property at Dotted Lake.
The building of shareholder value through discovery sits as a
core principle of Panther Metals. With multiple, highly
prospective, geologically justified, targets across our portfolio,
we now find ourselves perfectly positioned to make a commercial
discovery. I look forward to further updating the market as our
projects advance and as results become available".
Wishbone Drill Programme Details
The Wishbone Phase 1 diamond core drilling programme consists of
up to three diamond core drill holes seeking to test strong
geophysical expressions which are considered to be indicative of
VMS type mineralisation. The current programme is utilising a
single-shift operated drilling rig with BTW size equipment to
produce a 42mm diameter core.
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 Obonga Project("Obonga") covers the Obonga Greenstone Belt
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
Greenstone Belt and 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 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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October 05, 2021 03:36 ET (07:36 GMT)
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