Dotted Lake Gold Project Area Increased 346%

RNS Number : 0921U

Panther Metals PLC

27 July 2020

 

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FOR IMMEDIATE RELEASE

PANTHER METALS PLC

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

27  July 2020

Dotted Lake Gold Project Area Increased 346%

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 135 mining claim cells, increasing the total area of the Dotted Lake Gold Project by 346%. The Dotted Lake property is approximately 16km north of Barrick Gold Corporation's renowned Hemlo Gold Mine.

Highlights:

• The new claim acquisition constitutes a strategic expansion in an area renowned for gold discoveries and gold production over the last 40 years, including over 21Moz Au produced from the Hemlo gold mine 16km south of Panther's newly extended Dotted Lake Gold property.

• New mining claims cover major west-south-west trending structural features and geophysical anomalies within greenstone belt lithologies identified during Panther's desktop study of historical data relating to the recent Dotted Lake acquisition.

• New claims extend Panther's coverage of the prospective Dotted Lake pluton geological contact up to 7km. Historical sampling of shears associated with this contact have yielded samples up to 16.95 g/t Au. Historic drill intersections near to the licence area include 8.2g/t Au and 3.2g/t Au,  2.9% and 1.1% Cu.

• Preliminary analysis shows there are multiple gold and base metal targets within the targets within the enlarged project area. Including known hosted massive sulphide mineralisation, banded iron formations and shear hosted gold veining.

• Panther are currently undertaking a historical data compilation and desk study on the enlarged area and plan to undertake preliminary soil geochemistry and geophysical data reprocessing at the new Dotted Lake property in early autumn.

Darren Hazelwood, Chief Executive Officer, commented:

"I am delighted to report that, through tripling the size of our Dotted Lake Gold Project, Panther Metals has gained an important strategic stronghold in the highly competitive Hemlo Gold District. This win for the company, increasing our landholding by 346%, demonstrates the Board's commitment to advancing the company and growing shareholder value at this busy time in the Panther's evolution.

As confidence and interest in the business, and our model, continues to accelerate I'm looking forward to what I believe will be an exciting time for the business and our shareholders as we move into late summer and early autumn. We continue to advance our planning, at pace, across our entire portfolio and we look forward to keeping the market updated with exciting new developments".

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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