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PANTHER METALS
PLC
("Panther" or the "Company")
(Incorporated in the Isle of
Man with company number 009753V)
24 May 2024
Obonga: High Resolution
Magnetic Geophysics Survey
Panther Metals PLC (LSE:PALM) the
company focused on developing Canada's next base metal volcanogenic
massive sulphide ("VMS") camp and graphite deposit, is pleased to
announce the commissioning of a high resolution airborne magnetic
geophysics survey ("Magnetics Survey") at the Company's Obonga
Project in Ontario, Canada.
The Magnetics Survey will be carried
out by Pioneer Exploration Consultants Ltd. ("Pioneer") over an
estimated 430 line/km utilising an unmanned aerial vehicle ("UAV"
or "Drone") over three VMS prospect areas including the Wishbone
Prospect, the Survey Prospect and the Ottertooth Prospect. The
Wishbone and Survey prospects are both known to host VMS mineral
systems, based on Panther's 2021 and 2022 drilling
programmes1,2 whilst the Ottertooth Prospect has been
identified as being highly prospective for hosting VMS style
mineralisation based on regional scale geophysical modelling and
lake sediment geochemical data.
The high-resolution Magnetics Survey
data will provide amongst a variety of data products, a three
dimensional ("3D") inversion model that will help refine planned
drill hole orientations to target high grade base metal zones at
depth, as well as providing inputs for the mineral system
modelling.
Details of the planned geophysics
surveys which are expected to commence in early June are outlined
in Table 1 below.
Darren Hazelwood, Chief Executive Officer,
commented:
"It's a stunning achievement by our team to discover two
previously unknown VMS systems on Obonga, from a total of only six
holes drilled. We must now start to move into the ore discovery
phase of work.
The 2024 VMS exploration work programme kicks off with the
commissioning of three high-resolution magnetic geophysics surveys
and 3D inversion modelling as we target stepping out our drilling
of the exciting copper, zinc, silver targets at Wishbone and
Survey, with Ottertooth being a new VMS exploration zone identified
by our team on our flagship Obonga Project.
Pioneer Exploration Consultants are due on site to commence
the three drone based geophysics surveys at the start of June with
results expected in short order. Obonga holds the potential to
become the next VMS camp in Canada.
The important data products and 3D models will help us to
refine the drill hole orientations with a view to intersecting the
high-grade zones within the targeted VMS systems.
We
look forward to providing further updates as the work bears
fruit".
Table 1: Exploration Permit Application and Prospect
Details
UAV Magnetics
Survey Rational
|
Survey
Equipment
|
Prospect
Name
(survey
target)
|
Planned
Survey
Size (line-
kilometre)
|
Planned
Flight
Line Azimuth (degrees)
|
Planned Magnetic Survey
Data
Products
|
Targeting VMS
style base metal
mineralisation at
depth.
3D Inversion
modelling will
facilitate drill hole
orientation
planning to target
the expected high
base metal grade
parts of the
targeted VMS
systems.
|
Unmanned
Airborne
magnetometer
survey system
incorporating:
Base
station
magnetometer
GSM-19W
Overhauser
Airborne
magnetometer
Gem Systems
GSMP-35U
potassium vapor
magnetometer &
ancillary
electronics.
|
Wishbone
VMS
(VMS
system
confirmed by
drilling)
|
190
|
090° -
270°
|
·
· ·
· ·
·
|
Final Total Magnetic
Intensity
First Vertical derivative Second Vertical Derivative
Horizontal Derivative Analytic Signal
3D
Inversion Models
|
Survey VMS
(VMS target confirmed by
drilling)
|
200
|
000° -
180°
|
Ottertooth
VMS
Prospect
(prospective
for VMS style
base metal
mineralisation)
|
40
|
000° -
180°
|
Reference Notes
1
Company
announcement, dated 2 February 2023, 'Obonga: New VMS Camp Discovered & High Grades
Intersected'
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x4gy0kx
)
2:
Company announcement, dated 18 January 2022, 'VMS Mineral System Discovered on Obonga
Project' (
https://polaris.brighterir.com/public/panther_metals/news/rns/story/x8kld5x
)
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.