Dotted Lake Soil Sampling Results

RNS Number : 7271R

Panther Metals PLC

09 November 2021

 

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.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

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

 9^th November 2021

Dotted Lake - Soil Sampling Survey Results

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada and Australia, is pleased to announce the findings of the geochemical soil sampling programme undertaken on the Dotted Lake property in Ontario, Canada.

Darren Hazelwood, Chief Executive Officer, commented:

"Following a comprehensive analysis of the Dotted Lake soil assay data which followed on from the geochemical sampling programme undertaken this summer, we have succeeded in delineating a 1.3km long shear-related gold anomaly which trends westward from the 18.9g/t Au sample Panther obtained from a historical trench and westward from the site of Panther's Dotted Lake drill hole.

In addition, a further four distinct gold anomalies associated with interpreted intrusive contacts, or other structural features, have been identified as well as a total 18 multi-element anomalies which may provide exploration vectors towards orogenic style gold deposits.

Whilst we wait for the core from Panther's Dotted Lake diamond drill hole to be assayed, we are planning a work programme to follow-up on these exciting findings, and we look forward to sharing more information in due course".

Soil Survey Anomalies

A detailed analysis of the soil sample assay data has yielded a number of stand-out gold anomalies and high priority targets for follow-up work. In addition to the gold anomalies, a further seven element groupings, which provide vectors towards orogenic style gold mineralisation (the "Vector-Elements"), have been flagged for further investigation including anomalies associated with As, Cu, Hg, Pb, Zn, W, Te, Ag and Sb.

A map which will help with the visualisation of the soil survey results is available to view at: https://www.panthermetals.co.uk/images/2021/PALM_Dotted_Soil_Map.jpg

The five high priority gold anomalies consist of:

· Anomaly A : 1.3km long gold in soil anomaly coincident with the course of a shear zone as outlined by Panther's airborne geophysics survey results and as intersected in historical trench Tr-10-4.  This high priority gold anomaly trends due WSW of Tr-10-4 which intersected gold up to 18.9g/t Au, and also intersects Target 3 (four Vector-Element targets which have been identified for further investigation).  The eastern end of this anomaly is being tested at depth by Panther's diamond drilling, assay results will be reported once they are available.

· Anomaly B : 600m long linear gold anomaly, approximately 170m to the north and broadly parallel with the western extent of Anomaly A.  This forms the southern edge or a magnetic-high ridge feature.

· Anomaly C : 350m by 200m gold anomaly coincident with a granitic intrusive contact and a magnetic body as identified by the geophysics survey.  Centred 280m to the south of Anomaly A.

· Anomaly D : 250m long N-S trending gold anomaly coincident with multi-element anomalies and a magnetic feature interpreted to represent either a dyke or fault.

· Anomaly E : 560m long linear gold in soil anomaly striking WNW, located 220m to the north of Anomaly A.  This feature may represent a fault off-set of Anomaly B which is to the west.

A total 18 Vector-Element targets have been identified for further investigation, the highest ranked form three additional stand-alone targets for investigation:

· Target 1 : The highest ranked multi-element target coincides with anomalous gold and a magnetic high feature.  Coincident anomalies for seven Vector-Elements including Au, As, Cu, Hg Pb, Zn and Sb. Located in the south-west quadrant of the survey area.

· Target 2 : Consists of six distinct Vector-Element anomalies which intersect either gold Anomaly A or Anomaly B and which coincide with perceived structural intersections as identified from geophysics data.

· Target 3 : A collection of four (either 4 or 5) Vector-Element anomalies which fall upon or adjacent to gold Anomaly A.

Follow-up work is currently being planned, this may include ground prospecting, possible trenching, ground geophysics and further drilling. 

Soil Survey Programme Details

The soil geochemistry sampling programme consisted of a total 480 samples collected over a 1.60km by 0.85km target on a nominal 25m by 100m sample spacing, with survey lines orientated perpendicular to the perceived structural strike of the area. At each sample stage a description of the sample media and perceived soil horizon was recorded.

Sample analysis for a suite of 53 elements was undertaken by ALS Laboratories (Vancouver)   using the ME-MS41L Multi-Element Super Trace method which is considered ideal for exploration in soils or sediments.

In this method a 0.5g sample is digested in aqua regia and analysed via ICP-MS and ICP-AES. The prepared sample is digested with 75% aqua regia (3:1 ratio of HCl:HNO3) in a graphite heating block.

The survey area coincides with the Dotted Lake Exploration Permit area (award announced 4 May 2021).  The sample collection work was undertaken by Fladgate Exploration Consulting Corporation who are an experienced exploration services company based in the local city of Thunder Bay.

The soil geochemistry survey was designed to build out and in-fill the westerly strike extensions of high-grade gold mineralisation intersected by historical trenching undertaken by a previous licence holder in 2010 (Tr-10-4) and as confirmed during Panther's reconnaissance sampling (gold up to 18.9g/t Au) announced 5 November 2020.

The soil survey provides important geochemical coverage of target structures outlined by Panther's airborne geophysical survey (announced 22 February 2021).

The geology of the target area consists of volcanosedimentary units in contact with a granodiorite hosted mineralised shear in the vicinity of a mafic/ultramafic intrusive body.

Competent Person Statement

Technical information in this announcement has been reviewed by Nicholas O'Reilly BSc (Hons) MSc DIC MAusIMM MIMMM FGS, a non-executive director of the Company. Mr O'Reilly is principal geologist and a director of Mining Analyst Consulting Ltd. He has over 16 years' experience in mining, exploration and development across all major commodities. As a qualified geologist, he can act as Competent Person for JORC Code and AIM rules.

The person who arranged for the release of this information is Darren Hazelwood, the Company's Chief Executive Officer.

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:     [phone]

[phone]

Mitchell Smith, Chief Operating Officer:  [phone]

Broker:

SI Capital Limited

Nick Emerson      [phone]

 

END

 

 

DRLUWSURABUARUA