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
PANTHER METALS
PLC
("Panther" or the "Company")
(Incorporated in the Isle of
Man with company number 009753V)
11 November 2024
Dotted Lake: Drilling and
Soil Survey Extension Update
Panther Metals PLC (LSE:PALM) the
company focused on mineral exploration in Canada, is pleased to
provide an update on the ongoing Phase 1 Diamond Drilling
Programme1 (the "Programme") at the Dotted Lake Project
("Dotted Lake" or the "Project"), the 100% owned exploration
property situated on the north limb of the Schreiber-Hemlo
Greenstone Belt in Ontario, Canada.
The Programme is focussed on
nickel (Ni), cobalt (Co), copper (Cu), gold (Au) and platinum group
element ("PGE") bearing sulphide mineralisation associated with
four initial target areas (Figure 1) in an undercover
mafic-ultramafic intrusive complex in the north-east of the Dotted
Lake area.
Progress Summary
·
As of 7am shift change on 10 November a total of
847m of diamond core drilling have been undertaken with drill holes
DL24-001 (339m end of hole) at Target D and DL24-002 (328m end of
hole) completed and DL24-003 (at 180m) in progress at Target
C.
·
Initial drilling has confirmed the presence of the
buried ultramafic intrusive system as modelled from geophysical
inversion data and as associated with anomalous soil geochemical
sampling results.
·
Early geological core logging confirms the
presence of nickel, chrome and copper bearing minerals and quartz
veins prospective for gold.
·
Serpentinite alteration has been widely recorded
in core.
·
Large intervals of the core are highly
magnetic.
·
The presence of chromite layering has been
detected.
·
The structurally orientated drill core is
geotechnically and geologically logged and scanned with both a
magnetic susceptibility meter and handheld Vanta C Series X-ray
fluorescent ("XRF") analyser at site 2.
The drill core is then transported to Thunder Bay
for further detailed geological logging, core photography, core
cutting and sampling for subsequent laboratory assay.
·
Soil geochemical sampling grid extension and
infill programme successfully completed over entirety of the
planned areas (Figure 1).3 Samples will be
laboratory assayed and interpreted.
Darren Hazelwood, CEO commented:
"The north shore of Dotted Lake has always been viewed as
geologically interesting and our work over several years has
gradually built up our understanding of its potential. Until this
drilling programme much of this potential was still a theory, based
on the existence of an ultramafic system interpreted from
geophysical signatures, inversion modelling and anomalous soil
samples. The drilling confirmation that the ultramafic system
exists means our theory has been proven correct representing a
great success for the Company and its
shareholders.
Initial observations of drill core confirm a serpentinite
ultramafic intrusive mineralised system which does contain nickel,
chrome and copper. Whilst we have only drilled on the western edge
of the system to date, this confirmation at Area C represents a
highly encouraging start to our drill programme ahead of a planned
move to the eastern, wider part, of the modelled intrusive body at
Target Area E and F.
Caution is always required during a drilling programme and its
critical investors understand at this stage we've proven our theory
on this location only, laboratory assays are required to determine
elemental content and grade. I will update the market once the
assay results become available and are
interpreted."
Summary of Target Areas
The initial four drill target areas
(Figure 1) comprise significant coincident anomalies based on
geochemical soil sampling assay data, prospecting, and the results
of recent geophysical inversion modelling and
interpretation:
o Target Area
C: Western end (toe) of the Dotted
Lake ultramafic intrusive complex coincident with multielement
anomalies including Ni, Cu, Co, Au and PGE. Includes Centre for
Exploration Targeting ("CET") grid analysis target zones of
significant structural complexity that present preferential sites
for the development of mineral deposits.
o Target Area
D: Anomalous soils for Ni, Cu, Co,
Au and PGE, over zone of structural complexity and CET zones on the
south flank of an ultramafic intrusive modelled below Lampson Lake.
Lampson Lake has one of the regions highest lake sediment
copper anomaly (985 ppm Cu) as well as highly anomalous heavy rare
earth elements.
o Target Area
E: Multi element soil anomalies
located over ultramafic intrusive body.
o Target Area
F: Coincident copper in soil
anomalies and electromagnetic 500m long 3D plate modelling
conductors, situated on the northern flank of the ultramafic
intrusive complex.
Exploration strategies involving
drill targeting of geophysical modelled ultramafic intrusive feeder
dykes coincident with soil anomalies have led to multiple
discoveries of high-grade nickel and copper and PGE, to the east of
Dotted Lake by GT Resources Inc. Preliminary interpretation
suggests that the Dotted Lake ultramafic intrusive complex is part
of a similar mineralising system.
Figure 1: Dotted Lake Soil Survey Extension and Infill Areas
with Phase 1 Drill Targets
Reference Notes
1: Company
announcement, 17 October 2024, Dotted Lake: Diamond Drilling
Mobilisation,
(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv32yvr
)
2: Due to the
veiny and spotty (non-homogenous) nature of geological sample from
diamond drill core the use of an XRF is unsuitable for making
estimates of mineralogical grade. The XRF analyser is used to help
with the identification of individual minerals only.
Determination of metallurgical grade will require laboratory assay
of fully prepared samples. The XRF is not able to detect elements
lighter than magnesium, and does not detect gold, platinum or
palladium.
3: Company
announcement, 21 October 2024, Dotted Lake: Soil Survey Extension
Commenced,
(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/ryn86kw
)
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.
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.
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.
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 12.38% of the
issued share capital of Fulcrum Metals Plc and a 2% NSR on the Big
Bear project.
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.