Manitou Lakes: Soil Results extend Barker Prospect

RNS Number : 1692I

Panther Metals PLC

01 December 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)

1 December 2022

Manitou Lakes: Soil Results Extend Barker Prospect

Panther Metals plc (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to announce the findings of the follow-up geochemical soil sampling programme ¹ in the Barker area of the Manitou Lakes Project ("Manitou Lakes" or the "Project") in Ontario, Canada.

Manitou Lakes covers a total area of approximately 98km² and is located within the gold endowed Kenora Mining District on the Eagle - Manitou Lakes Greenstone Belt, approximately 300km east of the city of Thunder Bay.

This follow-up soil programme has successfully delineated a further 300m strike extent of linear anomalous and high grade gold in soils at the Barker prospect area.  These results, in addition to the results announced 21 September 2022 ², extend the north-northwest trending gold in soil anomaly at Barker to 700m with the mineralised ground remaining open along strike in both directions, with the historical workings of the Barker Bros. Mine situated a further 200m south of the enlarged gold target. 

The gold anomaly is coincident with a mapped shear structure and is parallel to electromagnetic and magnetic geophysics anomalies identified by regional and historical geophysical datasets.

The soil survey results have effectively extended the area of interest for the planned induced polarisation ("IP") geophysics survey work and future drill target planning which are the subject of current exploration permit applications.

Darren Hazelwood, Chief Executive Officer, commented:

"These results from the latest round of soil geochemical sampling at Manitou Lakes have  almost doubled the strike extent of anomalous gold to 700m at the exciting Barker Area Prospect in the east of the Project area.  

The gold mineralisation at Barker remains open ended with the strong results giving Panther the justification to commit to a next stage of work. The team is currently preparing exploration permit applications to facilitate follow-on works which will include ground geophysics and drilling permissions.

With the historic gold workings located 200m to the south along strike of the Barker Prospect, these latest round of soil results and associated geological investigations point to the presence of a very prospective gold bearing shear structure approaching 1km long. I look forward to providing further updates as our plans come to fruition."

Soil Survey Details

The Manitou Lakes, Barker Prospect area enlarged soil programme consisted of a further 137 soil samples collected over a 100m-150m wide by 300m long survey grid, directly to the NNW of the previous Barker Area soil sampling grid undertaken this summer ². The soil samples were collected on 25m spaced survey lines at an average 10m sample spacing, with the survey grid positioned to investigate the strike extent of the linear gold anomaly identified from the previous assay results received in September 2022.

Sample analysis for gold was conducted by AGAT Laboratories of Mississauga, Ontario using their (202-552) Fire Assay - Trace Au, ICP-OES finish (50g charge) package.

Figures showing the extent of the Barker Prospect Area gold in soil anomaly, parallel to structural and geophysical limitations and the wider Manitou Lakes Project area are available for viewing on the Panther Metals website at the following links:

https://www.panthermetals.co.uk/images/2022/11/30/picture-device-independent-bitmap-1.jpg

Figure 1: Manitou Lakes: Barker Prospect Area gold in soil anomaly parallel to structural and geophysical limitations (Nov. 2022)

https://www.panthermetals.co.uk/images/2022/11/30/picture-device-independent-bitmap-2.jpg

Figure 2: Manitou Lakes Project area showing location of Panther Metals 2022 soil sampling grids, with Barker Prospect Area anomaly shown as locality 2 (Nov. 2022)

The person who arranged for the release of this announcement on behalf of the company was Darren Hazelwood, CEO of the company.

Reference notes

1:  Company announcement, Second Soil Programme Commences at Manitou Lakes, 18 October 2022:
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/wkojd2x )

2:  Company announcement, Manitou Lakes - High Grade Gold Discovered in Soils, 21 September 2022:
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/rg987zx )

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.

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 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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