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PANTHER METALS
PLC
("Panther" or the "Company")
(Incorporated in the Isle of
Man with company number 009753V)
1 July 2024
Obonga: Progress
Update
Panther Metals PLC (LSE:PALM) the
company focused on developing Canada's next base metal volcanogenic
massive sulphide ("VMS") camp and graphite deposit, is pleased to
provide an update for both the VMS and graphite focussed work
streams at the Obonga Project in Ontario, Canada.
Darren
Hazelwood, Chief Executive Officer, commented:
"The high
resolution, low altitude 25m line spacing, magnetic geophysical
drone survey over the Survey, Ottertooth and Silver Rim prospect
areas will greatly enhance our drill targeting on these three
highly prospective systems. The digital data is currently being
processed and we eagerly await the 3D inversion models and mapping
products.
Panther's
metallurgical work has already confirmed that the single hole
drilled into the 3km long Survey anomaly, intersected another VMS
system and this new magnetic geophysics data will help refine the
potential size of this deposit over which we have a current drill
permit. We also have drill permits for the Ottertooth and Silver
Rim prospects, both of which represent areas of high interest that
will be targeted in the same aggressive manner we conducted at
Survey.
I'm delighted
with the feedback from the geological team who have been working on
the ground in the Awkward area of Obonga; the fact we are sending a
host of samples to the laboratory for total graphitic carbon assays
speaks volumes for the potential of the area post our graphite
discovery announced earlier this year. I look forward to sharing
the results once known."
VMS Targeting:
High Resolution Magnetic Geophysics Survey
Geophysical survey experts Pioneer Exploration
Consultants Ltd. ("Pioneer") have completed the unmanned aerial
vehicle ("UAV" or "Drone") high resolution airborne magnetic
geophysical surveys over three high prospectivity areas at
Obonga. The Survey, Ottertooth and Silver Rim prospect areas
flown are covered by Exploration Permit PR-22-000116. Whilst
the Survey Prospect comprises a VMS discovery, as determined by the
2022/23 drilling results 1, the Ottertooth and Silver
Rim prospects remain exciting regional geophysical anomalies which
have yet to be drill tested.
Pioneer are currently processing the data sets
to prepare a suite of magnetic mapping products as well as a three
dimensional ("3D") inversion model that will help refine planned
drill hole orientations to target high-grade base metal zones at
depth, as well as providing inputs for the mineral system
modelling. Given the apparent success of this work to date
Panther are extending the magnetic survey work over
additional target areas including the Wishbone VMS, following the
recent award of the new Wishbone Exploration Permit
(PR-24-000022), and will incorporate the Awkward graphite and
conduit target areas into a survey in the near future.
Graphite
Workstream
Concurrent to the completion of the geophysical
survey work, further to the Company announcement of 30 May 2024
2, the Bayside Geoscience Inc ("Bayside") field team has
made good progress on the graphite focussed ground exploration work
on the Awkward prospect areas during the month of
June.
Over the course of two separate visits,
interspersed by a week-long period of bad weather which prevented
helicopter access, the Bayside team successfully traversed and
mapped five separate regions along strike and parallel to Panther's
graphite drill discovery3,4, and the conductive plate
modelling targets based on the regional electromagnetic geophysical
data.
The Bayside work has mapped out metavolcanic
and metasedimentary rock packages constrained by gabbroic
intrusives that are orientated strike parallel to the conductive
plates. Encouragingly more competent rock units at a number of
localities displayed distinct tourmaline veining, a metamorphic
hydrothermal mineral that often forms in association with graphite
and with gold.
A representative collection of 19 samples from
a total 66 outcrop areas have now been submitted to ALS
laboratories for graphite, precious metal and 61 element assay
methods. The results of this work will help refine the graphite
targets. Further information will be provided once the
results are available.
References
1:
Company announcement, dated 22 February 2023, 'Obonga: New VMS Camp
Discovered & High Grades Intersected'
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x4gy0kx
)
2:
Company announcement, dated 30 May 2024, 'Obonga: Graphite
Exploration Update'
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/rmdyv8r
)
3:
Company announcement, dated 2 February 2023, 'Obonga: Flake
Graphite Discovery'
(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/xzjzl3w
)
4:
Company announcement, dated 11 January 2024, 'Graphite Discovery
Grows Significantly at Obonga'
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv484pw
)
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 15% 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.