TIDMPALM
RNS Number : 1612H
Panther Metals PLC
02 August 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN,
THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIIONS
(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
2 August 2021
Acquisition, issue of equity, grant of options and total voting
rights
Canada - Major Acquisition on the Obonga Greenstone Belt
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada and Australia, is pleased to announce the
acquisition of 1,128 claims, constituting an almost exclusive
exploration holding over the Obonga Greenstone Belt located
approximately 80km north of the Lac Des Iles Mine and 160km north
of Thunder Bay in the Province of Ontario Canada. The acquisition
of claims, consolidating Panther's new Obonga Project (the
"Project"), results from an agreement with Broken Rock Resources
Ltd ("BRR" or "Broken Rock") and Panther's own claim staking
strategy which provides the Company with control of an important
mineral belt with identified and permitted high prospectivity
drill-ready base and precious metal targets.
Darren Hazelwood, Chief Executive Officer, commented:
"Panther Metal's strategy of building an exploration business
supported by a world class team, with highly prospective assets, is
now firmly in place, with multiple assets that could each, on their
own, transform the Company.
Structuring the Company's business in such a way that we can
access the required exploration funds to make discoveries, without
negatively impacting our capital structure and shareholder value is
a core principle of Panther.,
The Obonga Greenstone Belt, now almost entirely controlled by
Panther, would likely have yielded discoveries to BHP in the 1990s,
had they not curtailed their Canadian activities. Following the
extraordinary data driven geological investigation and follow-up
conducted by Broken Rock Resources, the Obonga Project will now
witness the exploration it deserves.
This deal is built around drilling, the hard miles at surface
are complete on our first two targets with drill permits in place.
Agreeing on a deal structure that witnesses the vendor only seeing
true upside on discovery, speaks volumes for the potential being
seen by everyone who has reviewed the Obonga Greenstone Belt."
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 ("VMS") copper-lead-zinc-silver deposits,
komatiite/ultramafic associated nickel-copper-platinum group metal
("PGM") deposits and porphyry style base metal mineralisation.
Panther's newly acquired claims constitute 88% coverage of
Obonga and the Project includes seven high prospectivity targets
for gold, nickel, PGM and base metals identified by Broken Rock.
The remaining ground over the belt is either (i) designated as
environmental reserves; or (ii) not otherwise available for
exploration; or (iii) under minor landholding by third parties.
Broken Rock Resources Ltd is a Canadian registered private
exploration company with a number of exploration interests in
north-west Ontario. Broken Rock 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,
Impala Platinum's Lac Des Iles PGM mine and consulted on an
extensive portfolio of exploration projects and mines
internationally.
Importantly, Broken Rock has a good working relationship with
First Nation communities in the Project area which Panther is
committed to maintaining and developing. Panther's aim is to create
shared value that benefits local communities and to explore and
develop projects in an environmentally sensitive manner.
Wishbone VMS - Base Metals & Gold
The Wishbone VMS Prospect, targeting copper ("Cu"), lead ("Pb"),
zinc ("Zn), silver ("Ag") and gold ("Au"), is located in the west
of the Obonga Project and consists 34 claims staked by BRR over a
highly magnetic geophysical anomaly that has a similar signature to
Perseverance, McFaulds and other VMS deposits. The magnetic anomaly
is also coincident with a strong electromagnetic ("EM") geophysical
anomaly.
Wishbone is situated in a similar geological environment to the
nearby Mattabi VMS camp, approximately 75km due west, which
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.
Drilling in the 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
anomaly a high priority for follow up in 1992 however no further
work was completed.
Permits are in place for drilling.
Awkward Conduit - PGM & Nickel-Copper
The Awkward Conduit Prospect is targeting intrusive hosted
palladium ("Pd"), platinum ("Pt"), nickel ("Ni") and Cu. The
prospect consists of 30 claims covering an interpreted feeder
conduit to the Awkward Lake zoned mafic intrusive body. The
geophysical expression of this target is a strong electromagnetic
anomaly which crosscuts stratigraphy coincident with mapped gabbro
which feeds into the awkward intrusion. Additionally there is a
very strong remnant magnetic anomaly coincident with mapped norite
at the north end of the target where it feeds into the layered
intrusion.
Notably the Awkward remnant magnetic feature has distinct
similarity to geophysical signatures at the Lac Des Isle mine, the
Clean Air Metals Inc (TSXV: AIR) Thunder Bay North PGM Co-Cu-Ni
resource stage project (Indicated 16.3Mt@ 3.5 g/t Pd (Equivalent)
and Inferred 9.9Mt @ 2.1 g/t Pd (Equivalent) ) and the Lundin
Mining (TSX:LUN) Eagle mine which is a 2,000 tonnes per day
underground nickel-copper operation.
Historical records show shallow drilling, in 1971, on the edge
of Awkward anomaly intersected both massive and disseminated
sulphides including chalcopyrite hosted in gabbro, but assay
results were not reported. Surface samples also show anomalous Pd
and Pt.
Permits are in place for targeted diamond drilling, stripping
and additional ground-based EM and induced polarisation ("IP")
geophysics surveys which are planned to refine additional
targets.
Tommyhow Gold
The Tommyhow Gold Prospect is targeting shear hosted orogenic
gold mineralisation and consists five claims in the south-east of
the Obonga Project. The gold showing is identified on a government
geologic map from 1965 and is coincident with a large mapped
structure at the boundary of this greenstone belt. Like much of
this belt this target has seen little to no exploration and will be
high priority for early follow up.
Transaction Details
The acquistion agreement for the 80 claims held by Broken Rock
Resources Ltd, together with associated exploration data and
permits, entails Panther delivering combined cash and stock
consideration together with a right to an additional deferred
consideration and a net smelter return ("NSR") royalty as
summarised below. In addition, as part of the agreement, Panther
has made an exploration commitment which will be directed towards
drilling and associated exploration works and will designate the
1,084 claims it has staked directly into the Obonga Project.
Deal Summary:
-- CAD$50,000 in cash;
-- 228,925 Panther shares credited as fully paid;
-- the right to receive deferred consideration (as described below); and
-- 1.5% NSR royalty (which has provision for Panther to reduce the royalty to 1.0% NSR through a CAD$3,000,000 buy-back).
The Deferred Consideration consists of four tranches of
CAD$30,000 in cash each payable within 30 days of the annual
anniversary of the acquisition agreement, followed by a final
payment of CAD$250,000 in cash payable within 30 days of the fifth
anniversary of the date of the acquisition agreement.
The 1.5% NSR royalty is on the net value of all ores, minerals,
metals and materials mined and removed from the Property and sold
or deemed to have been sold by or for the Royalty Payor and a 1.5%
a gross overriding royalty for diamonds. The royalty applies to all
1,128 claims consisting the Obonga Project with a provision for a
future 1.5% NSR royalty on 1,048 claims staked by Panther in the
event Panther meets certain exploration commitments but elects not
to progress with exploration.
As part of the transaction Panther will also award 500,000 share
options with an exercise price of 13p per share and a life of five
years.
The Panther exploration commitment entails funding 8,000 meters
of drilling on the area covered by the claims (and all associated
costs including assay results and core storage) (at an estimated
cost of CAN$250 per metre and spread over three years); and to make
available a budget of not less than CAN$1,000,000 over the initial
three year period 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).
Broken Rock has also provided Panther with a first right of
refusal to meet any sale or farm-out offer for Broken Rock's other
claim holdings and exploration interests.
The Company has made applications for 228,925 new Ordinary
Shares to be admitted to listing on the standard segment of the
Official List of the Financial Conduct Authority and to trading on
the main market for listed securities of London Stock Exchange plc
under the TIDM "PALM".
Admission is expected to take place at 8.00am on 5 August
2021.
The total number of Ordinary Shares in issue following Admission
will be 61,591,339 and no shares are held in treasury. This number
may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules.
For the purposes of UK MAR, the person responsible for arranging
for the release of this announcement on behalf of Panther is Darren
Hazelwood, Chief Executive Officer.
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
Broker:
SI Capital Limited
Nick Emerson +44(0) 1438 416 500
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END
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