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PANTHER METALS
PLC
("Panther" or the "Company")
(Incorporated in the Isle of
Man with company number 009753V)
6 June 2024
Fulcrum Metals: Strong
Tailings Leach Results
Panther Metals PLC (LSE:PALM) the
company focused on mineral exploration in Canada, is pleased to
note the Fulcrum Metals PLC ("Fulcrum", LON: FMET) announcement
detailing further results from the Phase 1 Sampling and Testing
Programme at Fulcrum's Teck-Hughes Gold Tailings Project in
Ontario, Canada.
The initial tailings composite
sample leaching results using Extrakt Processing Solutions LLC
("Extrakt") non-toxic technology has achieved strong initial gold
recovery rates of up to 59.4%. On 7 May 2024 Fulcrum reported
average weighted grade derived from six site composite tailings
samples is 0.717g/t Au, which is 16.9% higher than the historic
weighted average of the composites for the same six sampling
sites.
Panther currently holds a total of
7,625,122 ordinary shares in Fulcrum representing a 15.26% interest
in the entire issued share capital of Fulcrum, plus 714,286
warrants exercisable at 17.5p with a two-year life from 14 February
2023 and a further 476,190 warrants exercisable at 26.25p with a
three-year life. Panther also retains a 2% net smelter return
("NSR") royalty over the Big Bear Project.
CEO, Darren Hazelwood, commented:
"The Extrakt Processing Solutions non-toxic
leaching technology is showing very encouraging initial results for
recovering gold from historical tailings dumps, against a backdrop
of more stringent and environmentally friendly requirements for the
mining industry. Gold tailings offer the potential for low CAPEX
and high returns with the right reprocessing
solution.
These initial results are extremely encouraging providing
Fulcrum a solid base from which to develop their business model. I
expect the market to begin taking serious note of what's
potentially developing within this company as the risk/reward
profile decreases at the very moment the opportunities
grow.
The industry is watching, whilst the market sleeps, Fulcrum
are beginning to deliver something unique to London that could have
global implications."
Fulcrum Announcement Highlights
·
Proportionate mixed composite tailings sample of
all six sites grading 0.723g/t
Au was submitted for batch leach testing using Extrakt
technology for gold recovery rates *.
·
Preliminary leaching results from the
"as-received" composite sample achieves strong initial gold recovery rates of up to
59.4% *.
·
Optimisation of operational parameters are
underway to achieve targeted
recovery rates beyond 60% focussing on overall efficiency
and cost effectiveness.
References *: See Fulcrum
announcement dated 7 May 2024
Ryan Mee, Chief Executive Officer of Fulcrum,
commented:
"The success of every tailings project is dependent on the
efficiency and effectiveness of the technology used. I am thrilled
with the exceptional gold grades from our initial sampling and
testing programme which are 16.9% higher than the historical
reported average grade, and with Extrakt's non-toxic technology
achieving initial leaching gold recovery rates of over 59%. It is
important to note that no metallurgical studies have been completed
at Teck-Hughes before and that recovery rates from refractory gold
without cyanide or pre-treatment are usually below 40%, so to
achieve the recovery rates that we have on samples with no
pre-treatment or re-grinding is outstanding and hugely
encouraging.
"The work undertaken so far provides a compelling pathway to
transform mine tailings from an environmental liability into a
sustainable resource by extracting metals from mine waste through
innovative technology.
"I
look forward to providing further updates on the leaching test work
optimisation at Teck-Hughes and developing the exciting potential
of Fulcrum's tailings business in Ontario".
Phase 1 Sampling and Testing Programme
Summary
The programme, which is designed to
evaluate the efficiency of Extrakt's processing technology in
recovering gold from the tailings at the Teck-Hughes Project, has
been very successful to date. Sampling and analysis of the gold
content of the tailings produced composite samples for each of the
six sites returning an average weighted grade of 0.717g/t Au which is 16.9% higher (announced 7 May 2024)
than historic sampling of the same sites. Initial leach tests using the Extrakt
Technology has reported gold recovery rates of up to 59.4%,
using the as-received composite sample with no
re-grinding.
Further leach tests are underway to
optimise the operational parameters to achieve beyond 60% recovery
focussing on overall efficiency and cost effectiveness.
Licensing discussions with Extrakt
Fulcrum announced on 30 November
2023 that, inter alia, it
had entered into a mining option agreement to acquire the
Teck-Hughes Project. Since this announcement, Fulcrum has been
advancing its discussions with Extrakt, a sustainable technology
company which uses separation technology to extract metals from
tailings without the use of cyanide, about the licensing of its
proprietary technology. On 24 January 2024, Fulcrum entered into a
phased study and testing programme for the project. Fulcrum is
continuing term sheet stage discussions in relation to a wider
licencing framework in Ontario.
Further information is available in the full Fulcrum RNS
announcement which is available at:
https://fulcrummetals.com/news/
For further information please
contact:
Panther Metals PLC:
Darren Hazelwood, Chief Executive
Officer:
+44(0)
1462 429 743
+44(0) 7971 957 685
Brokers:
Tavira Financial
Limited
Christopher James
Kipling
+44(0) 203
833 3743
SI Capital Limited
Nick
Emerson
+44(0) 1438 416 500
Axis Capital Markets
Limited
Ben Tadd
Lewis
Jones
+44 (0)20 3026 0449
Notes to Editors
Panther Metals PLC is an exploration
company listed on the main market of the London Stock Exchange.
Panther is focussed on the discovery of commercially viable mineral
deposits. The Company's operational focus is on established mining
jurisdictions with the capacity for project scalability. Drill
targets are assessed rapidly utilising a combination of advanced
technologies and extensive geological data to decipher potential
commercial viability and act accordingly. Panther's current
geological portfolio comprises of three highly prospective
properties in Ontario, Canada while the developing investment wing
focuses on the targeting of nickel and gold in
Australia.
Obonga Project
Panther Metals acquired the Obonga
Greenstone Belt in July 2021 and have already identified five
prospective primary targets: Wishbone, Awkward, Survey, Ottertooth
and Silver Rim. A successful Phase 1 drilling campaign at Wishbone
in Autumn 2021 revealed the presence of significant VMS-style
mineralised systems on the property - the first such discovery
across the entire greenstone belt. Intercepts include 27.3m of
massive sulphide in hole one, and 51m of sulphide-dominated
mineralisation in hole two. Both drill holes contained multiple
lenses. Anomalous high-grade copper in lake sediment close to the
target area has also been identified, increasing confidence in the
prospectivity of the location.
Awkward is a highly anomalous
magnetic target, interpreted to be a layered mafic intrusion and
magmatic conduit based on mapped geology and airborne geophysics.
Historic sampling in the area returned anomalous platinum and
palladium (Pt, Pd) values, while historic drilling on the periphery
of the target intersected non-assayed massive sulphide and copper
(assumed to be chalcopyrite), non-assayed disseminated pyrite and
chalcopyrite in coarse gabbro, and non-assayed 'marble cake' gabbro
(matching the description of the Lac des Iles Mine varitexture
gabbro ore zone).
Two additional named targets, Survey
and Ottertooth, both displays further coincident magnetic and
electromagnetic anomalies and are adjacent to the contact between
intrusive and extrusive mafic rocks. Historic drilling at Survey
intersected several meters of massive sulphides in multiple
intersections (main parts of the anomaly remain untested) while
Ottertooth remains untested in its entirety.
Dotted Lake Project
Panther Metals acquired the Dotted
Lake Project in July 2020, it is situated approximately 16km from
Barrick Gold's renowned Hemlo Gold Mine. An extensive soil
programme conducted in 2021 identified numerous gold and base metal
targets, all within the same geological footprint. Following the
installation of a new trail providing direct access to the target
location, an initial drilling programme in Autumn 2021 confirmed
the presence of gold mineralisation within this system with
anomalous gold continuing along strike and present within the
surrounding area.
Manitou Lakes Project
The Manitou Lakes gold project is
located approximately 300km's east of Thunder Bay, Ontario and
covers a total area of around 98sq km's.
There are over 200 known gold
occurrences on the Manitou Lakes project area with the wider
Eagle/Manitou Lakes greenstone belt hosting numerous historic gold
producers and is prospective for Archean age orogenic gold and
associated base metal deposits.
Exploration work conducted by Shear
Gold on the Project to date has identified numerous gold bearing
structures and favourable geological host rocks through early-stage
mapping and surface sampling. The work has focussed on two target
areas, being the West Limb Gold Property and the Glass Reef Gold
Property, both of which host historic gold mines which have never
been systematically explored using modern techniques or drill
tested
Fulcrum Metals Plc
Fulcrum Metals PLC (LON: FMET) is an
AIM listed exploration company which finances and manages
exploration projects focused on Canada, widely recognised as a top
mining jurisdiction.
FMET currently holds a beneficial
100% interest in highly prospective gold and base metals projects
in Ontario and Uranium projects in Saskatchewan.
Fulcrum's strategy is to focus on
discovery and commercialisation of its Projects through targeted
exploration programmes. The primary focus is to make an economic
discovery on the flagship Schreiber-Hemlo Properties and
establishing the prospectivity of its wider Ontario and
Saskatchewan portfolio with a view to securing potential joint
venture and/or acquisition interest.
Panther Metals Plc own 20% of the
issued share capital of Fulcrum Metals Plc and a 2% NSR on the Big
Bear project.
Panther Metals Australia
Following the listing of Panther
Metals' Australian assets on the Australian Securities Exchange
("ASX") in December 2021. The ASX listing has provided the
Australian projects with the necessary capital to advance
drill-ready targets focused on nickel and gold (within the Tier 1
Mining Districts of Laverton WA and in the NT). Through this
spin-out Panther holds an attractive investment prospect, without
any disruption to the Company's capital structure and without any
financial obligations.
Conclusion
Panther Metals understand that the
commercial realities of building an exploration company requires
expertise in geology, finance, and the markets within which they
operate. The Company's extensive network of industry leaders allows
it to meet these objectives. Ultimately however, drilling success
is the only route to discovery: the fundamental objective of any
exploration company. Once Panther's world-class geological team
identify the anomalies, they work hard to get drilling. The drill
hole is the only place where substantial and sustained capital
growth originates and it's with that operational focus Panther
Metals will continue to advance.