Update

RNS Number : 5225I

Panther Metals PLC

14 December 2020

 

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)

14^th December 2020

Magnetic Survey Complete and Drill Hole Planned at Dotted Lake

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada and Australia, is pleased to announce the completion of the high-resolution airborne electromagnetic ("AEM") and magnetic ("Mag") geophysics survey at the company's 100% owned Dotted Lake property in Ontario, Canada. The helicopter survey totalled 1,033 line kilometres at 50m line spacing and an average aircraft height above the ground of 86m. The processed geophysical survey data and report is expected to be available early in the new year.

Additionally, Panther Metals is pleased to confirm the company is actively engaged in the required preparations to facilitate diamond drill testing of high priority targets on the property. Drill targets include testing shear zone hosted gold mineralisation, at an interpreted intrusive contact, intersected by a previous holder's trenching programme and coinciding with structures perceived in Panther's preliminary geophysics results. Further details of the planned drilling will be announced in due course.

Darren Hazelwood, Chief Executive Officer, commented:

"We are excited to announce Panther is making the necessary preparations to commence diamond drilling of untested historical high-grade gold trench intersections, which were confirmed during our September fieldwork at Dotted Lake. This includes targets associated with a potential intrusive sheared contact, which were planned to be drilled by a previous claim holder, but which never came to fruition.

The escalation of our work at Dotted Lake comes at a time of increased  exploration news and some encouraging results in neighbouring areas. Pushing forward our understanding of the project is an exciting development.

This campaign is designed to provide the business with a broader understanding of the potential for gold mineralisation held within the shear zone and will also give us important information on the underlying stratigraphy."

Airborne Electromagnetic & Magnetic Geophysics Survey Details

The Prospectair Geosurveys ("Prospectair") helicopter completed the high resolution AEM and Magnetics survey over a series of seven flights between 9^th -11^th December. The helicopter was flown at an average height above the ground of 86m, with the Mag sensor at an altitude of 61m and the EM transmitter at a resultant 36m elevation.  The processed geophysical survey data and report is expected to be available early in the new year.

Survey Technical Details:

Airborne Magnetometers: Geometrics G-822A

Both the ground and heliborne magnetometer systems use a non-oriented (strap-down) optically-pumped Cesium split-beam sensor. These have a sensitivity of 0.005 nT and a range of 15,000 to 100,000 nT with a sensor noise of less than 0.02 nT. The heliborne sensor is mounted in a bird made of non-magnetic material located 25 m below the helicopter when flying. Total magnetic field measurements are recorded at 10 Hz in the aircraft. The ground system is recording magnetic data at 1 sample every second with a GSM-19 Overhauser base-station magnetometer.

Time-Domain Electromagnetic System: ProspecTEM

The ProspecTEM system employs a transient or time-domain electromagnetic transmitter that drives an alternating current through an insulated electrical coil system. The towing bridle is constructed from a Kevlar rope and multi-paired shielded cables. It is attached to the helicopter by a weak link assembly. An onboard harness with outboard connectors mounted on a plate allows for quick disconnection or connection of the exterior elements. The system uses a 4 KW generator and a large condenser to transmit alternating 2.75-ms half sine pulses with intervening off-times of 13.916 ms electric pulse, 60 pulses per second.

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:    [phone]

   [phone]

Mitchell Smith, Chief Operating Officer:             [phone]

Brokers:

SI Capital Limited

Nick Emerson     [phone]

Peterhouse Capital Limited

Guy Miller and Duncan Vasey                              [phone]

 

END

 

 

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