Acquisition of the Dotted Lake Property

RNS Number : 1445T

Panther Metals PLC

16 July 2020

 

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PANTHER METALS PLC

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

16^TH July 2020

Panther Metals Plc Moves into Hemlo Area

Panther Metals PLC (LSE:PALM) ("Panther" or the "Company"), the company focused on mineral exploration in Canada and Australia, is pleased to announce the acquisition of the Dotted Lake exploration property approximately 20km from Barrick Gold Corporation's renowned Hemlo Gold Mine.

Highlights:

· The Dotted Lake property consists of 39 cells approximately 20km north-northeast of the Barrick-owned Hemlo Gold Mine, which has produced over 21 million oz of gold over 30 years.

· Gold prospects on the property include 23.3 g/t Au over 0.3m and 9.02 g/t Au over 0.4m from channel sampling.

· Reconnaissance rock-chip grades of up to 16.95 g/t Au along a >2km long sulphidic shear-zone have been recorded, in addition to anomalous geochemistry along this zone for both gold and base-metals.

Darren Hazelwood, Chief Executive Officer, commented:

"The Hemlo area is synonymous with gold exploration and gold mining success over the last 40 years. For Panther Metals to be able to secure this property, on such favourable deal terms, represents outstanding value for the company and its shareholders.  In our opinion, the presence of gold mineralisation at surface, an intriguing coincidence of geological and geophysical features, combined with no previous drilling across the project area, warrants further work.

Our initial planned work programme in the Autumn of 2020 will include soil geochemistry and geophysical data reprocessing, as we look to build our understanding of this opportunity. Having the opportunity to work so close to one of the largest historically producing gold mines in North America brings an added level of excitement to the business as we head into a rapid development phase of the company".

Deal Terms

Panther Metals PLC has agreed to pay the vendors a total cash consideration of $20,000 (Canadian) for the 100% acquisition of the claims that make up the Dotted Lake exploration property. These claims are free of any underlying instruments or royalties.

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer: [phone] and [phone]

Mitchell Smith, Chief Operating Officer:   [phone]

Brokers:

SI Capital Limited

Nick Emerson  [phone]

Peterhouse Capital Limited

Guy Miller and Duncan Vasey  [phone]

 

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