Drilling Commenced at Dotted Lake

RNS Number : 7522M

Panther Metals PLC

23 September 2021

 

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PANTHER METALS PLC

("Panther" or the "Company")

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

 23^rd September 2021 

Dotted Lake - Commencement of Drilling

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada and Australia, is pleased to announce all necessary drilling equipment has been mobilised to our 100% owned Dotted Lake property in Ontario, Canada. It is expected the drill hole collar will be set on Thursday morning, with core drilling of the planned 400m deep hole following on immediately.

Darren Hazelwood, Chief Executive Officer, commented:

"This represents a milestone for Panther Metals and our shareholders as we commence drilling at Dotted Lake. Our drive for exploration success is now in full flow with a busy autumn ahead, not only drilling at Dotted Lake, but also a considerable programme planned and financed at Wishbone, on the Obonga Greenstone Belt.

I look forward to updating the market as our projects advance at the earliest opportunity ".

Drilling Programme Details

The planned drilling at Dotted Lake consists of a single NQ (47.6mm) core diameter hole  (PD-DL21-01) planned at  400m deep, inclined 45 degrees and orientated directly below a 147 m long, average 2m deep, historical trench (Tr-10-4 ) excavated during 2010 by a previous claim holder. 

The Epiroc C5C Track Diamond Drill rig being utilised will be operated on a single 12 hour shift per day basis under contract with Niigaani Drilling Inc. Niigaani are a north western Ontario indigenous drilling company based in Thunder Bay.

The purpose of the drill hole is to investigate the stratigraphy in the vicinity of interpreted sheared felsic/ultramafic intrusive contacts, whilst testing for the vertical extensions of shear hosted gold mineralisation seen in surface trenching.

The historical trench TR-10-4 which is orientated broadly north-south, was constructed to investigate gold in soil anomalies (up to 0.484ppm Au) from earlier soil sampling in 2008. Tr-10-4 intersected two narrow shear zones containing mineralised granodiorite with up to 10% pyrite, strong sericite alteration and localised quartz eyes.  Limited channel sampling in the sheared section yielded two significant channel samples including 9.02g/t Au & 859ppm Zn over  0.40m and 1.14g/t Au over 1.00m.  Significantly significant portions of the trench in the area around the two mineralised samples were unable to be channel sampled due to the intense shearing and associated deep weathering. An additional 2010 prospecting sample from the area of Tr-10-4 reportedly returned  16.95 g/t Au & 7.7 g/t Ag .

Panther chip sampling within Tr-10-4 (reported 5 November 2020) verified the historical mineralised intervals returning 18.9g/t Au & 0.94 g/t Ag and 9.37g/t & 1.73 g/t Ag, with a further three of the samples returning low level anomalous gold within the immediate stripped area.

The planned PD-DL21-01 drill hole also coincides with an anomalous magnetic geophysical feature outlined by Panther's airborne magnetic and electromagnetic geophysics (survey the results reported 22 February 2021), at the boundary of an intense magnetic low, mapped as a sheared felsic intrusive pluton (Dotted Lake Batholith) contact, abutting an intense magnetic high interpreted to represent an ultramafic intrusive. Mafic volcanic and metavolcanic rocks of the Hemlo Assemblage outcrop to the north of Tr-10-4 and the current drill pad.

On a wider scale the drilling site sits upon the northern limb of the Schreiber-Hemlo Greenstone belt on the northern edge of the granitoid Dotted Lake Batholith. 

 About the Dotted Lake Property

The Dotted Lake property consists of a total of 174 contiguous claims located approximately 18km north-northeast of the Barrick-owned Hemlo Gold Mine, which has produced over 22 million oz of gold over 30 years to date. Located on the northern limb of the Schreiber-Hemlo Greenstone belt the Dotted Lake property covers 7km of the prospective geological contact between the Dotted Lake Batholith plutonic intrusive and mafic volcanic and metavolcanic 'greenstone' rocks.

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:             [phone]

[phone]

Mitchell Smith, Chief Operating Officer:  [phone]

Broker:

SI Capital Limited

Nick Emerson      [phone]

 

END

 

 

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