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PANTHER METALS
PLC
("Panther" or the "Company")
(Incorporated in the Isle of
Man with company number 009753V)
22 April 2024
Obonga: Awkward West
Exploration Permit Application
Panther Metals PLC (LSE:PALM) the
company focused on developing Canada's next VMS camp and graphite
deposit, is pleased to announce it has submitted a further
Exploration Permit application for additional drilling following
the intersection of significant widths of graphite mineralisation
comprising 27.2m @ 2.25 % Total Graphitic Carbon 1, on
the Awkward Prospect at the Company's Obonga Project ("Obonga")
located on the Obonga Greenstone Belt in northern Ontario. This
Awkward West application
is in addition to the Awkward
East permit application 2 which was announced 2
April 2024 and covers ground prospective for graphite deposits as
well as intrusive hosted platinum group elements, to the west and
south of the Awkward East application area.
The Exploration Permit application
concerns planned work within 21 Mining Claims ("Claims") in the
Puddy Lake Area and Obonga Lake Area administrative
regions.
The submitted application covers a
planned series of up to 31 diamond core drill pads and associated
down-hole and surface geophysics surveys spread across the Awkward
West application area on the eastern side of the Obonga
Project.
Details of the permit application is
outlined in Table 1 below.
Darren Hazelwood, Chief Executive Officer,
commented:
"We are delighted to announce the completion of our third, and
final, drilling licence application, a pivotal step in our
short-term strategy for Obonga. With a focused approach on Graphite
and VMS, this step solidifies our commitment to discovery following
very encouraging results from our previous work.
Obonga can deliver huge value to our stakeholders. We hold
such a dominate position on this greenstone belt, that with further
discoveries, interested parties will have to engage with Panther
Metals. This was always our strategic aim and is now showing
increasing signs of being a very shrewd move.
Our initial steps around the graphite will be undertaken
shortly as the snowmelt accelerates in northwest Ontario. Should we
be able to replicate the observations from previous ground work
conducted over the last 60 years, it's my belief we will quickly
see the potential develop over the coming weeks and months. The
edge of the prospective area is only around 1km from a network of
trails and roads that lead directly to the main Armstrong to
Thunder Bay highway."
Table 1: Exploration Permit Application and Prospect
Details
Exploration Permit
Application Number (Administrative Area & Claim
numbers)
|
Prospect Name
(location)
|
Targeting &
Exploration Rational
|
Requested / Planned
Activities
|
PR-24-000076
(Puddy
Lake Area and Obonga Lake Area
Cells: 503963, 503964, 503965, 503966,
503967, 503968, 503969, 503970, 503971, 503972, 503973, 503974,
564422, 564425, 564429, 564432, 672121, , 845433, 845450, 845451,
845452)
|
Awkward
(West)
(Eastern
side of Obonga Project)
|
Targeting graphite
mineralisation to north of previous drilling
intersection.
Plate
modelling of airborne electromagnetic geophysics data shows
potential targets for graphite and/or platinum group element
sulphide mineralisation.
|
· Mechanised Drilling (up to 31 diamond core drill
holes)
· Down-hole Electromagnetic ("EM") Geophysics
· Airborne drone magnetic high resolution survey
· Ground EM, Magnetic and Induced Polarisation Geophysics
Surveys
· Exploration Camp for 15 persons
· Access Trails to link with existing logging trails from the
north of the Obonga Project area.
|
Reference Notes
1
Panther Metals PLC company announcement, 'Graphite Discovery Grows
Significantly at Obonga', dated 11 January 2024 (
https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv484pw)
2
Panther Metals PLC company announcement, 'Obonga Graphite: Awkward
East Exploration Permit Application', dated 2 April 2024
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/xze4m7x
)
For further information please
contact:
Panther Metals PLC:
Darren Hazelwood, Chief Executive
Officer:
+44
(0)1462 429 743
+44 (0)7971 957 685
Brokers:
Tavira Financial
Limited
Christopher James
Kipling
+44(0) 203
833 3743
SI Capital Limited
Nick
Emerson
+44(0) 1438 416 500
Axis Capital Markets
Limited
Ben Tadd
Lewis
Jones
+44 (0)20 3026 0449
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 five
prospective primary targets: Wishbone, Awkward, Survey, Ottertooth
and Silver Rim. 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
Fulcrum Metals Plc
Fulcrum Metals PLC (LON: FMET) is an
AIM listed exploration company which finances and manages
exploration projects focused on Canada, widely recognised as a top
mining jurisdiction.
FMET currently holds a beneficial
100% interest in highly prospective gold and base metals projects
in Ontario and Uranium projects in Saskatchewan.
Fulcrum's strategy is to focus on
discovery and commercialisation of its Projects through targeted
exploration programmes. The primary focus is to make an economic
discovery on the flagship Schreiber-Hemlo Properties and
establishing the prospectivity of its wider Ontario and
Saskatchewan portfolio with a view to securing potential joint
venture and/or acquisition interest.
Panther Metals Plc own 20% of the
issued share capital of Fulcrum Metals Plc and a 2% NSR on the Big
Bear project.
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.