Big Bear Exploration Permits

RNS Number : 9591I

Panther Metals PLC

21 April 2022

 

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

FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

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

21 April 2022

Award of Exploration Permits

Panther Metals plc (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to announce the issue of four Exploration Permits for the Company's Big Bear Project ("Big Bear") located in the townships of Priske and Strey on the Schreiber-Hemlo Greenstone Belt in northern Ontario.  The Temporary Hold which had been in place over Exploration Permit Applications has now been lifted and the permits have been awarded.

Details of the permitted activities, including diamond drilling, trenching, stripping, ground geophysics, trail cutting, and exploration camp set-up are summarised in Table 1 below. The permits are effective for a period of three years. As announced on 7 April 2022¹, subject to a number of conditions, the Company's Canadian subsidiary Panther Metals (Canada) Limited has agreed to transfer the Big Bear claims, associated data, and documentation (the "Sale") to Fulcrum Metals (Canada) Ltd the Canadian subsidiary of Fulcrum Metals Limited, ("Fulcrum").

Darren Hazelwood, Chief Executive Officer, commented:

"The award of the four exploration permits over the Big Bear Project will allow a full programme of exploration works across a number of exciting targets, across various parts of the highly prospective property, over the next three years.

The issue of the permits is a crucial step for Big Bear, facilitating the drilling, trenching and ground geophysics work which is required to make and prove up mineral discoveries. We look forward to consulting with Fulcrum and the Aboriginal communities in scheduling the permitted work in due course."

Table 1: Exploration Permit Details

Exploration Permit Number	Project Name (claim numbers included)	Expiry Date	Permitted Activities
PR-21-000140	Big Duck Creek Project ( 546085, 566379) northern Big Bear Project	13 April 2025	· Mechanised Drilling (up to 19 diamond core drill holes), · Line Cutting (8,000m), · Ground Geophysics (Electromagnetics ("EM"), Induced Polarisation ("IP"), Resistivity) up to 15 line/km, · Pitting and Trenching (up to 24 pits/trenches). · Exploration camp for up to 10 persons.
PR-20-000052	Big Bear Project - North (546085, 566379, 571638)	13 April 2025	· Mechanised Drilling (up to 5 diamond core drill holes), · Mechanised stripping (125m2) · Line Cutting (2,000m), · Ground Geophysics ( IP), · Pitting and Trenching (up to 5 pits/trenches). · Exploration camp for up to 6 persons.
PR-20-000054	Big Bear Project - West (140258, 141544, 145842, 146218, 174809, 174810, 174811, 192267, 192268, 241122, 277831, 277832, 288061, 308268, 315504, 327866, 336359, 554099, 554100, 556514, 557198, 563083, 566293)	13 April 2025	· Mechanised Drilling (up to 10 diamond core drill holes), · Mechanised stripping (500m2) · Line Cutting (10,000m), · Ground Geophysics (IP), · Pitting and Trenching (up to 15 pits/trenches). · Exploration camp for up to 6 persons.
PR-20-000055	Big Bear Project - East (565926, 566292, 566390, 566391, 566392, 571621, 571637)	13 April 2025	· Mechanised Drilling (up to 5 diamond core drill holes), · Mechanised stripping (200m2) · Line Cutting (10,000m), · Ground Geophysics ( IP), · Pitting and Trenching (up to 10 pits/trenches). · Exploration camp for up to 6 persons.

The person who arranged for the release of this announcement on behalf of the company was Darren Hazelwood, CEO of the company.

Reference Notes

1  Panther Metals PLC company announcement, 7 April 2022:
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x2k05nx )

For further information please contact:

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:   [phone]

  [phone]

Mitchell Smith, Chief Operating Officer:    [phone]

Broker:

SI Capital Limited

Nick Emerson      [phone]

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 four prospective primary targets: Wishbone, Awkward, Survey and Ottertooth. 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.

Big Bear Project

The acquisition of various prospects in 2018 and 2019 consolidated previously fragmented areas into the wider Big Bear umbrella project, priming Panther Metals for extensive and comprehensive exploration in the area. A total of 253 geophysical anomalies have been identified, with 39 designated for priority investigation. Gold in soil anomalies in have been identified in five areas, ranging up to 0.71g/t, extending up to 250m wide and open along strike. Gold bearing quartz veins have been outlined within seven separate areas (two with rock and vein samples grading 1 to 5 g/t Au, four with quartz vein sample assays above 5g/t Au, and two quartz samples collected at 50m separation on an E-W trending vein open in both directions returning 105.5g/t Au and 112g/t Au respectively).

The Little Bear Lake and Schreiber prospects are of particular interest to the company: historic work programmes in 2010 and 2011 targeted an intense magnetic response from both. Assays yielded from the 1.6km long gold trend included 6m at 1.5g/t Au, up to 53.7g/t Au and 19.25 g/t Ag in rock chip and 18.2g/t Au and 1.03g/t Ag in soil. Historical bulk sampling reported 150t averaging 17.6g/t Au, while historical drill intersections include 0.55m at 19.2% Zn and 4.6% Cu from 15.2m depth.

Panther Metals Australia

Following the listing of Panther Metals' Australian assets on the Australian Securities Exchange ("ASX") in December 2021, the valuation of the Company's 36.6% holding in the business has risen by over 30% to a valuation of almost £3m. 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.

 

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