TIDMPALM
Panther Metals PLC
22 November 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
FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
22 November 2021
Canada - Obonga Project Additional Claim Purchase Option
Panther Metals PLC (LSE:PALM) a company focused on mineral
exploration in Canada and Australia, is pleased to announce the
signing of a purchase option agreement over four multicell mining
claims (the "Properties" or "Claims") covering a total area of
7.7km(2) to supplement the Obonga Project's 235km(2) of prospective
greenstone belt coverage,160km north of Thunder Bay in the Province
of Ontario, Canada.
Darren Hazelwood, Chief Executive Officer, commented:
"Site visits. Favourable inspection of visual core. Result, the
acquisition of four more licence areas."
Property Details
The purchase option agreement covers the four named properties:
Wig; Z2 Gold; Tommy W; and Otter Gold, as outlined below. Each of
the properties consists a single multicell mining claim held by Mr
Aki Siltamaki. A map showing the location of the Properties is
available at the following link:
https://www.panthermetals.co.uk/images/2021/Obonga_Project_-_Aki_Siltamaki_Properties_Map.jpg
Wig Property
The Wig Property is directly adjacent to the north-western side
of Panther's current Awkward Conduit Prospect ("Awkward") on the
southern flank of the Awkward Lake zoned mafic intrusive body. Wig
supplements and extends the Awkward prospect area which is
targeting intrusive hosted palladium, platinum, nickel, copper, and
cobalt.
Z2 Gold Property
The Z2 Gold property is located on the southern boundary of the
Obonga Project and covers magnetic and electromagnetic geophysical
targets. A limited amount of diamond drilling was conducted in this
area during the 1970s, with 6 drill holes on two 725m spaced
cross-sections perpendicular to the geophysical anomaly. Given the
historical drilling intercepts of up to 0.76m @ 5.64g/t Au on the
eastern section and up to 14m of disseminated sulphides, including
3m @ 0.49% Zn, on the western section, this area is considered
worthy of further investigation.
Tommy W Property
The Tommy W property adjoins and provides a westward extension
to Panther's Tommyhow Gold Prospect which is a structural target
prospective for shear hosted orogenic gold mineralisation.
Otter Gold Property
The Otter Gold Property is immediately southwest of Panther's
Wishbone VMS - Base Metals & Gold prospect area. Panther's
recent drilling campaign has centred on Wishbone, with drill core
assays currently awaited.
Transaction Details
The purchase option agreement ("Purchase Option") for the four
Properties, listed in Table 1 and held 100% by Mr Aki Siltamaki,
allows Panther the option to purchase the Claims for a total cash
consideration of CAN$200,000 and the award of a 1.5% net smelter
return ("NSR") royalty as summarised below.
In addition, in order to complete the purchase Panther will need
to have drilled no less than an aggregate 1,800 metres within the
total package of claims during the four-year option period, and as
a minimum will need to conduct at least one diamond drill hole on
each of the individual claim areas.
Deal Summary:
The Purchase Option price, payable on the signing of the
agreement is CAD$30,000 with further payments of CAD$10,000 due on
each anniversary of the date of signing for three consecutive
years.
The Purchase Option gives Panther the option to purchase the
Claims, and the project documents for a consideration
comprising:
-- CAD$200,000 in cash; and
-- 1.5% NSR royalty (which has provision for Panther to reduce the royalty to 1.0% NSR through a CAD$1,000,000 buy-back).
The 1.5% NSR royalty is on the net value of all ores, minerals,
metals, and materials mined and removed from the four claims
included in the option agreement and sold or deemed to have been
sold by or for the Royalty Payor and a 1.5% a gross overriding
royalty for diamonds.
Table 1: Claims subject to the Purchase Option
Multicell Mining Claim Property Name Area (km(2) )
Number
672121 Wig 3.12
-------------- --------------
672124 Z2 Gold 2.50
-------------- --------------
672125 Tommy W 1.25
-------------- --------------
585222 Otter Gold 0.83
-------------- --------------
Obonga Project Overview
The Obonga Project covers a total area of over 235km(2) and
constitutes an 88% coverage of 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 currently 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.
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.
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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