RCS - Panther Metals PLC - Awkward East Permit Application

Panther MetalsAnnouncement

02/04/2024 07:15

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RNS Number : 9000I  Panther Metals PLC  02 April 2024

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PANTHER METALS PLC

("Panther" or the "Company")

(Incorporated in the Isle of Man with company number 009753V)

2 April 2024

Obonga Graphite: Awkward East 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 an
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.

 

The Exploration Permit application concerns planned work within 35 Single Cell
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 East application area on the eastern side of the Obonga
Project.  The Awkward East claims covering a total area of 7.25km(2) are
covered by a Purchase Agreement announced on 29 December 2023 (2).

 

Details of the permit application is outlined in Table 1 below.

 

Darren Hazelwood, Chief Executive Officer, commented:

"The government of Ontario's vision to create a circular provincial economy
places critical minerals right at the heart of that strategy. Gigafactories,
both in construction and in planning, are coming to the province endowed with
critical minerals. The political will to develop a low carbon economy is
unquestionable but to achieve this requires an efficient, locally sourced,
supply chain that stands up to the tightest scrutiny. Ontario contains no
standalone graphite mines, graphite is a tiny byproduct of mining at Impala's
Lac Du Illes mine 80km from Obonga, so any discovery is potentially very
significant not just for Panther but also within the halls of power in
Ontario.

Only two drill holes have ever tested the sediments in the Awkward area of
Obonga. The first hole in the 1960s reported graphite in the core but this
went untested as was the norm in that era as graphite wasn't seen as a
positive commodity. The second hole, drilled by Panther in the autumn of 2022
returned 27.2 meters grading 2.2% total graphitic carbon from only 8 meters
below surface. The outlook for graphite is now overwhelmingly more positive as
the world stives to cut emissions and graphite has become a major constituent
in the battery revolution.

Our in-depth review of historic geological reports combined with our own work
has led to us reporting a prospective graphite exploration area of around 21
km(2) at Awkward. Groundwork is now being planned to follow up on historical
reports stating "graphite abundant at surface", and multiple other reports of
graphite at surface, whilst further electromagnetic geophysics plate modelling
work will seek to extend anonymous signatures which could be linked to either
graphite or sulphides, both of which have the potential to provide major
upsides to Panther.

This drilling application is to allow us to build our understanding and
develop the graphite potential in the area and I look forward to updating the
market in due course."

 

 

Table 1: Exploration Permit Application and Prospect Details

 

 Exploration Permit Application Number (Administrative Area & Claim               Prospect Name (location)           Targeting  & Exploration Rational                                                Requested / Planned Activities
 numbers)
                                                                                                                     Targeting graphite mineralisation to east of previous drilling intersection.     ·   Mechanised Drilling (up to 31 diamond core drill holes)

 PR-24-000059                                                                     Awkward East

                                                                                                                                                                                                      ·   Down-hole Electromagnetic ("EM") Geophysics

 (Puddy Lake Area and Obonga Lake Area                                            (Eastern side of Obonga Project)   Plate modelling of airborne electromagnetic geophysics data shows potential

                                                                                                                   targets for graphite and/or sulphide mineralisation.

                                                                                ·   Airborne drone magnetic high resolution survey

 Cells: 638074, 638075, 638076, 638077, 638078, 638079, 638080, 638081, 638082,

 638083, 638084, 638085, 638086, 638087, 638088, 638089, 638090, 638091,                                             Historical reports note graphite at surface and within a historical drill hole

 638092, 638093, 638094, 638095, 638096, 638097, 638098, 638099, 638100,                                             in the area.                                                                     ·   Ground EM, Magnetic and Induced Polarisation Geophysics Surveys
 638101, 638102, 638103, 638104, 638105, 638106, 638107, 638108)

                                                                                                                                                                                                      ·   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
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv484pw)
)

 

2              Panther Metals PLC company announcement, 'Obonga
Project Awkward East Claim Purchase Agreement', dated 29 December 2023 (
https://polaris.brighterir.com/public/panther_metals/news/rns/story/xlj3d7r
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/xlj3d7r)
)

 

 

 

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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