Panther Australia: New Au and Ni targets

RNS Number : 8391T

Panther Metals PLC

22 March 2023

 

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FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

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

22 March 2023

Australia: New Au & Ni Targets at 40 Mile Camp Prospect

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to note the Panther Metals Ltd ("Panther Australia") Australian Securities Exchange ("ASX") announcement detailing significant new gold and nickel targets identified on their  40 Mile Camp prospect located approximately 65km southeast of Laverton in Western Australia. Panther Metals PLC holds 36.6% of Panther Metals Ltd (ASX:PNT).

Further details, illustrative figures and maps are available to view in the ASX Announcement via the Panther Australia website: https://www.panthermetals.com.au/asx-announcement

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

"We are pleased to note that Panther Australia have identified several new gold and nickel targets associated with structural traps within interlayered tremolite schist and metabasalt rock units, which show the potential for the discovery of a significant new gold and nickel district in the Laverton Gold Fields.

These targets are the product of detailed geological modelling and geophysical data re-processing for a 25km² area, and include the new 40 Mile Camp East prospect which Panther Australia plan to drill test later this year.

In addition, the assay results from the diamond drilling at their Ironstone Gold Prospect have confirmed prospective geology and yielded significant gold drill intercepts, with further geophysical targets identified."

News Highlights:

40 Mile Camp Prospect

· Comprehensive data review and new geological modelling indicates the potential for the discovery of a new gold and nickel district in the Laverton Gold Fields.

· Technical studies identify further drill targets within the 40 Mile Camp region, including the new 40 Mile Camp East prospect, currently spanning circa 25km²:

• Aeromagnetic geophysics survey data encompassing 78.2 km² reprocessed, inversion modelling has identified several potential intrusive bodies associated with large-scale deformation, which may localise mineralising fluids;

• Detailed geochemical evaluation of 826 auger samples defined gold and nickel anomalies complementing the geophysical targets.

· An initial drill programme has been planned to test the 40 Mile Camp targets (see ASX release Figure 1) once the final heritage survey is completed (scheduled for May 2023).

Ironstone Gold Prospect

· Assays from six diamond drill holes (totalling 947.4m) at the Ironstone Gold Prospect (see ASX announcement 4 August 2022) returned peak intercepts of 3.0m @ 1.61g/t Au from 105m downhole (drillhole: IRN001) and 1.5m @ 1.85g/t Au from 45.5m downhole (drillhole: IRN006):

• A review of the Ironstone stratigraphic drilling reveals greenstone tremolite schist and metabasalt lithologies, adding confidence to the regional geological interpretations;

• Future drilling at the Ironstone Gold Prospect will focus on the geophysical inversion targets to further confirm the extent of the target lithological units.

The full announcement with figures is available to view on the Panther Metals Ltd website under the ASX announcements heading:  www.panthermetals.com.au

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 gold project is located approximately 300km's east of Thunder Bay, Ontario and covers a total area of around 98sq km's.

There are over 200 known gold occurrences on the Manitou Lakes project area with the wider Eagle/Manitou Lakes greenstone belt hosting numerous historic gold producers and is prospective for Archean age orogenic gold and associated base metal deposits.

Exploration work conducted by Shear Gold on the Project to date has identified numerous gold bearing structures and favourable geological host rocks through early-stage mapping and surface sampling. The work has focussed on two target areas, being the West Limb Gold Property and the Glass Reef Gold Property, both of which host historic gold mines which have never been systematically explored using modern techniques or drill tested

Big Bear Project

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 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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