Geophysical Data Processing and Initial Targeting

RNS Number : 8581B

Panther Metals PLC

15 June 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)

15 June 2021

Completion of Geophysical Data Processing and Initial Targeting

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada and Australia, is pleased to announce, the completion of data processing from its airborne geophysical programmes on its 100%-owned projects in Western Australia and the Northern Territory.

Darren Hazelwood, Chief Executive Officer, commented:

"The completion of our airborne geophysical programmes in Western Australia and the Northern Territory marked an important point in the development of our Australian portfolio.  Going a step further, we have now integrated our high-resolution geophysical data coverage with other open-file data across our regions of operation, providing us with a unique tool for further exploration, enabling contextual exploration targeting across our licence areas.  This represents a cornerstone to our exploration strategy, which builds datasets systematically to improve on our ability to complete successful targeting and field follow-up."

Summary of Geophysical Programmes

The 5,867 line-km airborne geophysical survey over the Merolia Gold Project area, in Western Australia, was completed by Thomson Airborne Pty Ltd.  The high resolution survey, involving the collection of magnetic, radiometric and elevation data on a 50m line spacing and at a nominal flight altitude of 35m above ground, utilised a conventional fixed-wing platform.  This data has been integrated with other regional high-resolution datasets to assist with exploration targeting (Figure 1).

https://www.panthermetals.co.uk/images/2021/06/14/meriola-total-magnetic-intensity.jpg  

Figure 1: Geophysical map of the Laverton area, WA, showing the Total Magnetic Intensity (TMI), reduced to pole.  This map was produced following the compilation, stitching and processing of all open-file data available for the region and included the high-resolution geophysical data recently obtained by the company over its over its Merolia Project.

The 1,715 line-km airborne geophysical survey over the Annaburroo and Marrakai gold project areas in the Northern Territory was also completed by Thomson Airborne Pty Ltd.  The high resolution survey, involving the collection of magnetic, radiometric and elevation data on a 50m line spacing and at a nominal flight altitude of 35m above ground, utilised a conventional fixed-wing platform.  This data has been integrated with other regional high-resolution datasets to assist with exploration targeting (Figure 2).

https://www.panthermetals.co.uk/images/2021/06/14/northern-territory-total-magnetic-intensity.jpg  

Figure 2: Geophysical map of the Mount Bundey area, NT, showing the Total Magnetic Intensity (TMI), reduced to pole.  This map was produced following the compilation, stitching and processing of all open-file data available for the region and included the high-resolution geophysical data recently obtained by the company over its Annaburroo and Marrakai projects.

Panther engaged geophysical consultants, Core Geophysics, to undertake the raw data processing and to stitch the resultant outputs with other regional datasets.  The full suite of derivative geophysical data products will be utilised to guide the exploration targeting process, with Panther expecting to mobilise for an initial reverse circulation ("RC") drilling programme to test certain target areas. 

Significance of Recent Exploration Results

In parallel with the geophysical survey over the Merolia Project, Panther also completed an extensive auger drill geochemistry programme within tenement E38/3384.  This programme covered a large part of the south-eastern extension of the Comet Well Gold trend from which significant gold anomalism in soil was previously identified over at least 2.5km of strike. 

Sampling comprised of 827 auger soils holes, with samples analysed by ALS Ionic Leach for gold and 60 other elements.  One anomalous gold target in the central area (40 Mile Camp) and one open gold target defined in the north (near Comet Well) were defined.  Elements associated with alteration support the gold anomaly with other elements showing negative response, representing a zone of iron depletion. 

Importantly, the 40 Mile Camp anomaly is coincident with a series of distinct arcuate geophysical anomalies, which may represent folded units within the Archaen greenstones (Figure 3).  Depending on the nature of this structure, this could increase the potential of the 40 Mile Camp geochemical anomaly.  The Company is expecting to mobilise a structural geologist to site to assist with the definition and characterisation of this structure. 

https://www.panthermetals.co.uk/images/2021/06/14/auger-results-2021-meriola.jpg  

Figure 3: Geophysical map of part of the Merolia Project area, WA, showing the First Vertical Derivative of the Total Magnetic Intensity (TMI), reduced to pole.  This shows a pronounced target comprising several arcuate anomalies exactly coincident with the 40 Mile Camp geochemical anomaly.

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:  [phone]

  [phone]

Mitchell Smith, Chief Operating Officer:    [phone]

Brokers:

SI Capital Limited

Nick Emerson     [phone]

 

END

 

 

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