TIDMPALM
RNS Number : 2965N
Panther Metals PLC
29 September 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 FORMS PART OF
DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018) ("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)
29th September 2021
Proposed Investment and Technical Support
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada and Australia, is pleased to announce a
proposed investment into Panther Metals Limited, Australia, by
Asgard Metals Fund ("the fund"),a 100% owned subsidiary of Ariana
Resources Plc (AIM:AAU), and a proposed consultancy agreement with
Ariana Resources Plc.
Darren Hazelwood, Chief Executive Officer, commented:
"We are delighted to see the support shown in Panther Metals
Limited Australia by Asgard Metals Fund as we work towards the
proposed IPO on the ASX. The investment, combined with the
successful track record of the Ariana technical team, and now their
direct involvement supporting the Panther Metals Australia board
post listing, reflects the strong regard the assets in Australia
are held in.
aHaving built powerful position that's prospective for both
Nickel and Gold in Australia, the proposed ASX listing will provide
Panther Metals Plc with a significant holding in the business.This
will immediately boost our balance sheet while providing the
potential for capital growth as the well-funded team in Australia
go to work."
Highlights:
-- Asgard Metals Fund ("Asgard") to take an interest in Panther
Metals Limited in Australia ("Panther Australia") through an issue
of new shares.
-- 1.25 million shares to be granted to Asgard on completion of
the IPO of Panther Australia on the ASX (equivalent to A$250,000),
as provided for under the terms of a consultancy agreement.
-- Under the consultancy agreement to take effect from IPO, the
Ariana team will provide technical expertise into the design,
implementation and interpretation of the exploration programmes of
Panther Australia over a two-year period.
-- A further subscription for at least 250,000 shares is
expected via the IPO placing (equivalent to A$50,000 in value at
current estimates).
-- Shares issued to Ariana will be held in a mandatory escrow
for a 2-year period following the IPO of Panther Australia on the
ASX.
-- Panther Australia's IPO anticipated to take place before the end of 2021.
-- Dr. Kerim Sener, is a director and shareholder (2.6%) in
Panther Metals plc and a director of Panther Australia, which is
currently 77% owned by Panther Metals plc.
The person who approved this announcement for the purposes of UK
MAR is Darren Hazelwood, Chief Executive Officer.
Editors' Notes:
About Panther Metals Limited:
The following information is derived from stock exchange
announcements by Panther Metals plc (principally 21 June 2021, 27
May 2021, 8 July 2020 and 18 June 2020). Panther Metals Limited
("PML") is a majority-owned subsidiary of Panther Metals PLC
(LSE:PALM), and is focused on mineral exploration in Western
Australia and the Northern Territory. PML is presently pursuing a
listing on the Australian Securities Exchange (the "ASX" or "ASX
Exchange").
Western Australia Projects
The Merolia Project ("Merolia") comprises a series of largely
contiguous exploration licences located approximately 35km to the
southeast of the town of Laverton (population: 340) in the Eastern
Goldfields Province of Western Australia. The area around Laverton
includes several major gold mines, including Granny Smith (3 Moz),
Sunrise Dam (8 Moz) and Wallaby (8 Moz), and many significant gold
deposits. It is one of the most prolific gold producing areas in
Western Australia and is consequently well-serviced by
infrastructure and has a skilled local work-force.
The Archaean greenstone belts in the Laverton region are
dominantly basaltic in composition, containing ultramafic
intercalations, which were subsequently intruded by dolerite dykes
in places and which are particularly prospective for gold and
nickel mineralisation. The areas under licence are partly obscured
by a veneer of partly lateritic transported cover and exploration
in the area has consequently been limited.
Within the eastern part of Merolia are a series of gold
prospects, notably Burtville East, Comet Well and Ironstone.
Regional magnetic data over this part of the project identifies
several NW-SE trending shear systems which have potential to host
gold mineralisation. This potential has been confirmed by surface
geochemical sampling along the 15km long Comet Well gold trend,
which has identified several significant and coherent linear gold
in soil anomalies at Comet South, Comet North, Comet West,
Ironstone and the recently discovered 40 Mile Camp anomaly.
Previous drilling across these prospect areas includes 8m at 6.7
g/t Au at Burtville East and 9m at 46.5 g/t Au at Ironstone. In
addition, historic drilling at Burtville East includes 5m at 27.8
g/t Au and 24m at 8.6g/t Au at Ironstone. The Comet Well area has
not been drilled to date, but contains a series of distinct
sub-parallel 1.25 to 2.5km long NW-trending gold anomalous zones
(gold in soils reaching a peak of 2.6 g/t Au), which yielded
substantial quantities of angular gold nuggets through surface
prospecting. The angular nature of the gold nuggets suggests a
proximal gold source, which will become the focus of further work
in this area.
Approximately 15km to the west of Laverton lies the Red Flag
Project ("Red Flag"). Previous exploration in the area around Red
Flag identified a WNW-trending gold anomalous zone coinciding with
a distinct magnetic low. The geology of the area is dominated by
mafic volcanic rocks intruded by dolerite dykes, displaying sheared
gold mineralised margins in places. This area was drilled, yielding
a best near surface intercept of 2m at 9.20 g/t Au. The licence
area is also significantly prospective for nickel-cobalt sulphide
mineralisation, containing the Mt. Goose and Salimas prospects, and
with several resources identified on adjacent tenements.
Panther has also recently defined a JORC Exploration Target for
nickel and cobalt at the Coglia Project ("Coglia") on the
southernmost area encompassed by the Merolia project tenements.
This target provided a tonnage range of 30-50Mt at 0.6 to 0.8%
nickel and 400 to 600ppm cobalt. The mineralisation is developed
along a lateritic horizon lying above largely ultramafic host rocks
which are themselves mineralised with sulphides in places. It is
expected that Panther will be able to define at least an Inferred
JORC Resource with some additional drilling and other work at
Coglia.
Northern Territory Projects
The Annaburroo and Marrakai gold projects comprise two granted
licences (EL32140 and EL32121 respectively) covering a total area
of 160km(2) , located from 70km to the southeast of Darwin,
Northern Territory (Figure 1). The projects are situated within the
Palaeoproterozoic Pine Creek Orogen ("PCO"), which hosts over 250
gold occurrences and several operating gold mines. Both licence
areas are close to good infrastructure and the Toms Gully and
Rustlers Roost deposits, which are owned by China Hanking Holdings
Limited. Toms Gully is a high-grade underground mine containing
1.1Mt @ 8.9 g/t Au (0.3 Moz); operations are expected to recommence
following recent EIA approval. Rustlers Roost contains 51Mt @ 1.0
g/t Au (1.6Moz) and is one of the largest gold projects in the
region.
The project areas contain several gold prospects at Donkey Hill,
Johns Reef, Chins Gully and Jasons Rise, some of which have yielded
substantial quantities of gold nuggets, individually up to 30oz in
weight. These prospects have all yielded high-grade gold from grab
samples (e.g. c.30-60 g/t Au), trenching (e.g. 5m @ 6.68 g/t Au)
and limited RAB or RC drilling (e.g. 2m @ 5.74g/t Au from surface).
In more detail, several NE and NW trending linear features cut the
local geology and may provide control on the distribution of gold
mineralisation. These will be the focus of future ground-based
exploration work. The mineralisation consists largely of sulphidic
quartz veins hosted by banded greywacke and siltstones of the
Finnis River, South Alligator and Mt. Partridge Groups, which are
metamorphosed to lower greenschist facies. It is expected that
Panther will continue to explore and ultimately drill-test several
of these prospect areas during the next few years.
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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