Big Bear, Canada: Acquisition of Additional Claims

RNS Number : 7354S

Panther Metals PLC

13 July 2020

 

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FOR IMMEDIATE RELEASE

PANTHER METALS PLC

(Incorporated in the Isle of Man with company number 009753V)

13  July 2020

Big Bear Project, Canada: Acquisition of Additional Claims

Panther Metals PLC (LSE:PALM) ("Panther" or the "Company"), the company focused on mineral exploration in Canada and Australia, is pleased to announce the enlargement of the Big Bear Project area following on from the airborne geophysics survey.

The acquisition of an additional 19 mining claims, includes coverage for the southerly extension of the historical Schreiber Pyramid mine in the centre of the project area and the historical Jedder Mine workings on the eastern side of the project area:

· Two mining claims provide coverage of the southerly extent of the historical Schreiber Pyramid gold mine, where high grade gold bearing quartz veins were the focus of small scale mining in 1930s. In 1939 production was reported to be 136 tonnes at 17.6 g/t Au;

· Six mining claims provide coverage of the small scale historical Jedder Mine and mill site where gold bearing quartz veins were  intermittently  worked by open cut up to 15m deep between 1934-1986. Whilst the historical production  was not reported channel sampling of a 87m long section of the Mill Vein in 1984 yielded values up to 39.50g/t Au &  73.17 g/t Ag over 0.5m.

· Eleven mining claims were acquired on the basis of Panther's preliminary data from Panther's June 2020 airborne geophysics survey data; with 4 claims covering a combine electromagnetic and magnetic anomaly in the centre of the project area and a further 7 mining claims providing coverage of a magnetic anomaly in the east of the Big Bear Project area.

Darren Hazelwood, Chief Executive Officer, commented:

"This strategic acquisition allows us to consolidate our position around the high grade, past producing, Schreiber Pyramid mine and extend our footprint to encompass the highly prospective Jedder Mine area. As we continue to piece together this previously fragmented, high grade property, I couldn't be more delighted with the technical team's progress as we advance the project rapidly towards a planned maiden drilling campaign.

The progress made, combined with the additional capital now available to the company, enable us to target an increased number of areas on the Big Bear property. With field operations resuming today, following a scheduled break, we look forward to ground truthing geophysical and soil geochemical anomalies and delineating ground geophysics targets ahead of subsequent drill testing."

Deal terms

Panther Metals Plc has agreed to pay the vendor a total cash consideration of $30,000.00 (Canadian) for the 100% acquisition of mining claims 537571 (this is a five mining claim unit), 551846, 551847, 551848, 551849, 554098, 554101 and 569210. These claims are free of any underlying instruments or royalties.

Seven claims were staked directly by Panther on previously unclaimed ground.

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:   [phone] and [phone]

Mitchell Smith, Chief Operating Officer:            [phone]

Brokers:

SI Capital Limited

Nick Emerson                                                    [phone]

Peterhouse Capital Limited

Guy Miller and Duncan Vasey                          [phone]

 

END

 

 

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