Drilling Commenced - Wishbone VMS Prospect

RNS Number : 0433O

Panther Metals PLC

05 October 2021

 

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PANTHER METALS PLC

("Panther" or the "Company")

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

 5^th October 2021

Drilling Commenced - Wishbone VMS Prospect

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada and Australia, is pleased to announce the commencement of diamond drilling on the Wishbone volcanogenic massive sulphide ("VMS") prospect at the Obonga Project in Ontario, Canada.

Darren Hazelwood, Chief Executive Officer, commented:

"The execution of our strategy to advance our projects as rapidly as possible is now fully in play. In Canada, target definition diamond drilling which is seeking to confirm VMS style mineralisation at the Obonga Project's Wishbone Prospect has now commenced. The Wishbone drilling follows rapidly on the heels of the recent commencement of diamond drilling at our 100% owned property at Dotted Lake.

The building of shareholder value through discovery sits as a core principle of Panther Metals. With multiple, highly prospective, geologically justified, targets across our portfolio, we now find ourselves perfectly positioned   to make a commercial discovery. I look forward to further updating the market as our projects advance and as results become available".

Wishbone Drill Programme Details

The Wishbone Phase 1 diamond core drilling programme consists of up to three diamond core drill holes seeking to test strong geophysical expressions which are considered to be indicative of VMS type mineralisation.  The current programme is utilising a single-shift operated drilling rig with BTW size equipment to produce a 42mm diameter core.

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 Obonga Project("Obonga") covers the Obonga Greenstone Belt 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 Greenstone Belt and 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 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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