Dotted Lake - High Grade Gold Confirmed at Surface

RNS Number : 2959E

Panther Metals PLC

05 November 2020

 

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PANTHER METALS PLC

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

5^th November 2020

Dotted Lake - High Grade Gold Confirmed at Surface

Panther Metals PLC (LSE:PALM) ("Panther" or the "Company"), the company focused on mineral exploration in Canada and Australia, is pleased to announce the results from the reconnaissance work conducted at our 100% owned Dotted Lake property in Ontario, Canada.

The reconnaissance work consisted verifying and reopening former logging access routes into and within the property, visiting localities of historical work, making geological observations on lithologies and alteration as well as a limited amount of sampling. The underexplored Dotted Lake property is largely tree covered, with small lakes and boggy ground, and very limited bedrock outcrop emerging through the overburden.

Panther submitted a total of seven samples for analysis at ALS Laboratories, taken from an area of stripped ground bordering the most northerly point on the Dotted Lake shoreline. This area was cleared in 2010, when four trenches were excavated to investigate gold in soil anomalies identified within small soil sampling grids conducted in 2008 and 2009.

The 2010 channel sampling in historical trench Tr-10-4 returned two mineralised intervals; 1.14 g/t Au over 1.00 m; and 9.02 g/t Au & 859 ppm Zn over 0.40 m with a further 2010 prospecting sample returning  Au 16.95 g/t Au & 7.7 g/t Ag  from nearby.

Panther outcrop sampling within Tr-10-4 verified the historical intervals returning 18.9g/t Au & 0.94 g/t Ag and 9.37g/t & 1.73 g/t Ag, with three of the remaining samples returning low level anomalous gold within the immediate stripped area.

Mineralisation appears to be related to narrow sheared zones and porphyritic dykes cutting through the mafic volcanic and metavolcanic stratigraphy.  On a wider scale the mineralisation sits upon the northern limb of the Schreiber-Hemlo Greenstone belt on the northern edge of the granitoid Dotted Lake Batholith.  It is this greenstone belt and intrusive contact that will be the focus of Panther's planned high resolution airborne magnetic and electromagnetic geophysical survey which is due to be flown later this month.

Darren Hazelwood, CEO, commented:

"Panther's decision to conduct an airborne geophysics survey, followed from the encouraging geological observations made at Dotted Lake by our reconnaissance team in September.

The decision to commission the survey has been fully vindicated by these assay results which verify the historical gold occurrences within the greenstone belt lithologies sited on the northern edge of the Dotted Lake batholith.

The initial recognisance programme conducted with the aim of determining access and logistics for strategic work programme planning, has resulted in some remarkable results. With the assay results from five of the seven samples from the historically stripped area returning anomalous gold grades, and two of these samples being high grade gold, the team are intrigued and excited by the prospect of designing a geophysics led exploration programme to widen the search, beneath the overburden and tree cover".

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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