Drilling Appointment - Wishbone Prospect, Canada

RNS Number : 6426N

Panther Metals PLC

01 October 2021

 

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FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

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

 29^th September 2021

Obonga Project Drilling Contractor Appointment - Wishbone VMS Prospect

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada and Australia, is pleased to announce the appointment of Rugged Aviation Inc, Murillo, Ontario, Canada, to conduct the proposed diamond drilling programme targeting volcanogenic massive sulphide ("VMS") mineralisation at our Wishbone VMS Prospect at the Obonga Project in Ontario, Canada.

Darren Hazelwood, Chief Executive Officer, commented:

"The Wishbone VMS Prospect was a high priority drilling target for mining giant BHP in the early 1990's, which due to corporate affairs elsewhere in Canada, has largely remained untested since.  Subsequent airborne geophysical surveys flown over the area have served to increase the resolution of geophysical anomalies and show that the seven historical holes in the wider Wishbone area were all several hundred metres off-target.

Following a full strategic review of all known data and the engagement of a geophysical consultant to model the latest available airborne magnetic and electromagnetic geophysics datasets, we have come to the unanimous conclusion that the anomalies at Wishbone should be drilled. Advances in geophysical technology since drilling last took place in the area add to our confidence that the most prospective zones were previously missed. The geological setting at Wishbone is notably reminiscent of the lucrative Sturgeon Lake area VMS deposits.

With a drilling permit already in place and our supportive shareholders, we have been able to act efficiently and award the Wishbone diamond drilling contract to take advantage of the autumn weather window.

I look forward to updating the market on progress at Wishbone".

Wishbone VMS Prospect

The Wishbone VMS Prospect, targeting the base metals copper ("Cu"), lead ("Pb"), zinc ("Zn) and silver ("Ag") and gold ("Au"), is located in the west of the Obonga Project area.

The current drilling target consists of a significant magnetic geophysics anomaly which is coincident with a strong electromagnetic ("EM") geophysical anomaly (the "Wishbone anomaly"). The geophysical expression could be indicative of VMS type mineralisation.

Wishbone is situated in a similar geological environment to the nearby Sturgeon Lake area, and its Mattabi VMS mining camp, on the Wabigoon Greenstone Belt, approximately 75km due west. The Sturgeon Lake / Mattabi area hosted five commercially viable VMS mining operations that produced from the early 1970's into the 1990's. The Mattabi mine being the most prolific, reportedly produced 13.5 Mt of ore with an average grade 7.5% Zn, 0.88% Cu, 0.77% Pb and 3.10 oz/t (96.42g/t) Ag in the period 1970-1983. It was reportedly discovered through the drilling airborne geophysics anomalies.

In the Obonga area, drilling in the 1970's intersected massive stringer and disseminated sulphide 800 m north of the Wishbone anomaly and drilling by BHP in the 1990's intersected massive stringer and disseminated sulphide 600 m south of the anomaly. BHP ranked the Wishbone anomaly a high priority for follow up in 1992 however no further work was completed. Airborne geophysics datasets compiled since that time have shown that the historical drilling failed to intersect the major anomalies.

Obonga Project Overview

The Project covers the Obonga Greenstone Belt ("Obonga") which consists of a 32km long by up to 9km wide, broadly east-west striking, tract of Archean age metamorphosed volcanic, sedimentary and intrusive rocks.  It is a highly prospective setting for the formation of orogenic shear-hosted gold deposits, volcanogenic massive sulphide copper-lead-zinc-silver deposits, komatiite/ultramafic associated nickel-copper-platinum group metal ("PGM") deposits and porphyry style base metal mineralisation.

Panther's Obonga Project constitutes an 88% coverage of Obonga and the Project includes seven high prospectivity targets for gold, nickel, PGM and base metals identified by partner company Broken Rock Resources Ltd. The remaining ground over the belt is either designated areas as environmental reserves and not available for exploration, or under minor landholding by third parties.

Broken Rock is a Canadian registered private exploration company with a number of exploration interests in north-west Ontario.  The company is headed up by Liane Boyer who is a well-respected and experienced exploration and resource geologist who has worked at a number of mines in Ontario including Barrick Gold Corp's Hemlo gold mine, Newmont's Musselwhite gold mine, the Impala Platinum Lac Des Iles PGM mine and consulted on an extensive portfolio of exploration projects and mines internationally.

Panther's aim at Obonga is to create shared value that benefits local communities and to explore and develop projects in an environmentally sensitive manner.

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:    [phone]

[phone]

Mitchell Smith, Chief Operating Officer:  [phone]

Broker:

SI Capital Limited

Nick Emerson      [phone]

 

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