RCS - Panther Metals PLC - Australia: Coglia Nickel-Cobalt Update

Panther MetalsAnnouncement

05/03/2024 07:15

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RNS Number : 5525F  Panther Metals PLC  05 March 2024

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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)

5 March 2024

Australia: Coglia Nickel-Cobalt Mineral Resource Exceeds 100Mt

Panther Metals PLC (LSE:PALM) the company focused on developing Canada's next
VMS camp and graphite deposit, is pleased to note the Panther Metals Ltd
("Panther Australia", ASX:PNT) Australian Securities Exchange announcement of
an updated JORC (2012) compliant 102.8Mt Mineral Resource estimate ("MRE") for
their Coglia Nickel-Cobalt project ("Coglia") in Western Australia.

 

Darren Hazelwood, Chief Executive Officer, commented:

"A Mineral Resource estimate exceeding 100 million tonnes in such a short
timeframe is testament to the technical ability of the Panther Australia team
and we note with interest the comment from Dan Tuffin, Panther Metals Ltd CEO,
regarding Coglia 'consistently offering up new exploration targets to drill'.

Undoubtedly Panther Australia is looking forward to the proposed Scoping Study
as this should highlight to the market the value the company has created in
the ground over the last two years at Coglia."

 

 

Announcement Highlights

 

•     Coglia MRE now stands at 102.8Mt @ 0.60% nickel and 370 ppm
cobalt, containing 614kt of nickel and 37.7kt of cobalt (Indicated and
Inferred), see Table 1.

 

•     This MRE update represents a 30% increase in total nickel tonnes
in comparison to the maiden 2022 MRE.

 

•     Confidence in the resource has greatly increased; over 23Mt of the
Resource is now classified as Indicated, representing 22% of the total
Resource.

 

•     Significantly, deeper extensional drilling has defined two
distinct lithologies within the resource; a lateritic upper horizon with a
deeper weathered ultramafic lower horizon, the majority of which remains open
at depth.

 

•     Three new extensional exploration targets remain open for
drill-testing at South Coglia; 'East', 'South' and 'West' targets totalling
4.18km(2).

 

•     Existing 'East' exploration drill target remains largely untested;
first exploration hole into the area encountered evidence of in-situ
nickel-sulphide style mineralisation (see Panther Australia ASX announcement
15 November 2023).

 

 

Table 1: Coglia Nickel-Cobalt Indicated and Inferred Mineral Resource Estimate

 

 Host Rock   Resource Category  Tonnage      Ni Grade  Co  Grade   Nickel     Cobalt (tonnes)

                                             (%)       (ppm)       (tonnes)
             Indicated          23,316,600   0.61      360         142,800    8,500

 Laterite
             Inferred           8,787,500    0.52      340         45,900     3,000
 Ultramafic  Inferred           70,782,200   0.60      370         425,500    26,200
             TOTAL              102,886,300  0.60      370         614,200    37,700

JORC (2012) compliant. Stated at a 0.40% and 0.45% nickel grade cut-off, for
the laterite and ultramafic hosted mineralisation, respectively. Some errors
may occur due to rounding.

 

 

Panther Metals Plc hold 23.54% of the outstanding shares in Panther Metals
Ltd.

 

Announcement highlights are set out below with further details, illustrative
figures and maps available to view in the ASX Announcement via the Panther
Australia website: https://www.panthermetals.com.au
(https://www.panthermetals.com.au/)

 

 

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.

 

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