Drilling update - Panther Australia

RNS Number : 9840J

Panther Metals PLC

03 May 2022

 

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

FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

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

3 May 2022

Panther Australia Drilling Update

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to note the exploration progress made by Australian Securities Exchange ("ASX") listed Panther Metals Ltd (ASX:PNT) ("Panther Australia"). The Company owns 36.6% of Panther Australia.

Panther Australia has completed the 38 hole, 2,500m, reverse circulation ("RC") drilling programme at the Eight Foot Well Gold Prospect and the drill rig is now moving to the Burtville East Gold Prospect where drilling is due to commence imminently. Drill samples are being submitted for analysis and assay results are to be reported in due course.

Further details of the drilling programmes are available in the ASX Announcement available to view at the Panther Australia website: https://www.panthermetals.com.au/asx-announcement  

  Highlights:

· The completed Eight Foot Well Gold Prospect 38 hole, 2,500m, RC drilling programme was undertaken to provide infill and test potential strike extensions for a historic gold trend outlined in the mid-1990s.

· Drill samples are to be submitted for laboratory analysis and assay results will be reported when available.

· Panther Australia intends to investigate the potential for defining a Maiden Mineral Resource Estimate at Eight Foot Well once the assay results have been received.

· Drill rig has now relocated to the Burtville East Gold Prospect located within the Merolia Gold Project, where RC drilling is expected to commence immediately.

Darren Hazelwood, Chief Executive Officer, Panther Metals PLC commented:

"The rapid deployment of the drill rig to Burtville East, to start a third drilling programme, following the conclusion of the drilling at Eight Foot Well, reflects the intention of Panther Australia to rapidly advance the company following their ASX listing in December.

With the drill bit continuing to turn, Panther Australia are building a pipeline of potentially exciting drill results, and it is worth noting that following the discovery of extensions to the Nickel/Cobalt Deposit at Coglia, over half of the drill assay data is still outstanding and is eagerly awaited by all concerned. I'm looking forward to a news rich period that has the ability to further enhance the value of Panther Metals PLC ."

Daniel Tuffin, Managing Director, Panther Australia commented:

" Completing the second drill programme of our two-pronged commodity exploration approach since listing on 10 December 2021 is an outstanding achievement and one, we are proud of. Prior forward planning has meant we have been able to efficiently and continuously keep the drill bit spinning, reducing downtime between planned programmes to a minimum.

Given the speed in which the Eight Foot Well program me was completed, the samples from the 38 holes drilled were required to be submitted in a single batch for analysis post completion of drilling the entire program me . We will update the market once we receive these assay results, at which point we will look to review the potential for the creation of a maiden Mineral Resource Estimate ("MRE"). We now enthusiastically look to commence our third consecutive drill programme since listing, exploring our 100% owned Burtville East Gold Prospect, which contains a peak historic drill intercept of 5m at 23g/t (inc. 1m at 110g/t) and a peak mineralised stockpile grab sample of 38.45g/t."

For further information please contact:

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:   [phone]

  [phone]

Mitchell Smith, Chief Operating Officer:    [phone]

Broker:

SI Capital Limited

Nick Emerson     [phone]

Notes to Editors

Panther Metals PLC is an exploration company listed on the main market of the London Stock Exchange. Panther is focussed on the discovery of commercially viable mineral deposits. The Company's operational focus is on established mining jurisdictions with the capacity for project scalability. Drill targets are assessed rapidly utilising a combination of advanced technologies and extensive geological data to decipher potential commercial viability and act accordingly. Panther's current geological portfolio comprises of three highly prospective properties in Ontario, Canada while the developing investment wing focuses on the targeting of nickel and gold in Australia.

Obonga Project

Panther Metals acquired the Obonga Greenstone Belt in July 2021 and have already identified four prospective primary targets: Wishbone, Awkward, Survey and Ottertooth. A successful Phase 1 drilling campaign at Wishbone in Autumn 2021 revealed the presence of significant VMS-style mineralised systems on the property - the first such discovery across the entire greenstone belt. Intercepts include 27.3m of massive sulphide in hole one, and 51m of sulphide-dominated mineralisation in hole two. Both drill holes contained multiple lenses. Anomalous high-grade copper in lake sediment close to the target area has also been identified, increasing confidence in the prospectivity of the location.

Awkward is a highly anomalous magnetic target, interpreted to be a layered mafic intrusion and magmatic conduit based on mapped geology and airborne geophysics. Historic sampling in the area returned anomalous platinum and palladium (Pt, Pd) values, while historic drilling on the periphery of the target intersected non-assayed massive sulphide and copper (assumed to be chalcopyrite), non-assayed disseminated pyrite and chalcopyrite in coarse gabbro, and non-assayed 'marble cake' gabbro (matching the description of the Lac des Iles Mine varitexture gabbro ore zone).

Two additional named targets, Survey and Ottertooth, both displays further coincident magnetic and electromagnetic anomalies and are adjacent to the contact between intrusive and extrusive mafic rocks. Historic drilling at Survey intersected several meters of massive sulphides in multiple intersections (main parts of the anomaly remain untested) while Ottertooth remains untested in its entirety.

Dotted Lake Project

Panther Metals acquired the Dotted Lake Project in July 2020, it is situated approximately 16km from Barrick Gold's renowned Hemlo Gold Mine. An extensive soil programme conducted in 2021 identified numerous gold and base metal targets, all within the same geological footprint. Following the installation of a new trail providing direct access to the target location, an initial drilling programme in Autumn 2021 confirmed the presence of gold mineralisation within this system with anomalous gold continuing along strike and present within the surrounding area.

Manitou Lakes Project

The Manitou Lakes project area was optioned from Shear Gold in April 2022. It consists of three contiguous project areas focused on gold discovery. The West Limb, Glass Reef and Catwill prospects contain numerous gold showings and historic mine workings. The Manitou Lakes Project has only ever had limited exploration work conducted on it despite being located in a region that contains large gold deposits and number of producing or historic mines.

Big Bear Project

(Under a sale agreement with Fulcrum Metals that will result in Panther Metals Plc owning 20% of the enlarged business plus a 2% NSR on the Big Bear project. Expected to complete in late summer early autumn of 2022)

The acquisition of various prospects in 2018 and 2019 consolidated previously fragmented areas into the wider Big Bear umbrella project, priming Panther Metals for extensive and comprehensive exploration in the area. A total of 253 geophysical anomalies have been identified, with 39 designated for priority investigation. Gold in soil anomalies in have been identified in five areas, ranging up to 0.71g/t, extending up to 250m wide and open along strike. Gold bearing quartz veins have been outlined within seven separate areas (two with rock and vein samples grading 1 to 5 g/t Au, four with quartz vein sample assays above 5g/t Au, and two quartz samples collected at 50m separation on an E-W trending vein open in both directions returning 105.5g/t Au and 112g/t Au respectively).

The Little Bear Lake and Schreiber prospects are of particular interest to the company: historic work programmes in 2010 and 2011 targeted an intense magnetic response from both. Assays yielded from the 1.6km long gold trend included 6m at 1.5g/t Au, up to 53.7g/t Au and 19.25 g/t Ag in rock chip and 18.2g/t Au and 1.03g/t Ag in soil. Historical bulk sampling reported 150t averaging 17.6g/t Au, while historical drill intersections include 0.55m at 19.2% Zn and 4.6% Cu from 15.2m depth.

Panther Metals Australia

Following the listing of Panther Metals' Australian assets on the Australian Securities Exchange ("ASX") in December 2021, the valuation of the Company's 36.6% holding in the business has risen by over 30% to a valuation of almost £3m. The ASX listing has provided the Australian projects with the necessary capital to advance drill-ready targets focused on nickel and gold (within the Tier 1 Mining Districts of Laverton WA and in the NT). Through this spin-out Panther holds an attractive investment prospect, without any disruption to the Company's capital structure and without any financial obligations.

Conclusion

Panther Metals understand that the commercial realities of building an exploration company requires expertise in geology, finance, and the markets within which they operate. The Company's extensive network of industry leaders allows it to meet these objectives. Ultimately however, drilling success is the only route to discovery: the fundamental objective of any exploration company. Once Panther's world-class geological team identify the anomalies, they work hard to get drilling. The drill hole is the only place where substantial and sustained capital growth originates and it's with that operational focus Panther Metals will continue to advance.

 

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