RCS - Panther Metals PLC - Dotted Lake Project Update

Panther MetalsAnnouncement

09/12/2024 07:00

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RNS Number : 3031P  Panther Metals PLC  09 December 2024

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 FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

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

9 December 2024

Dotted Lake Project Update

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in
Canada, is pleased to provide an update on the Phase 1 Diamond Drilling
Programme at the Dotted Lake Project ("Dotted Lake" or the "Project"), the
100% owned exploration property situated on the north limb of the
Schreiber-Hemlo Greenstone Belt in Ontario, Canada.

 

The programme is focussed on nickel (Ni), cobalt (Co), copper (Cu), gold (Au)
and platinum group element ("PGE") bearing sulphide mineralisation associated
with four initial target areas (Figure 1) in an undercover mafic-ultramafic
intrusive complex in the north-east of the Dotted Lake area.

 

Progress Update

 

·    Phase 1 Diamond Drilling Programme has successfully completed the
drill testing of the initial Target Areas C, D, E & F, with a total of
1,558m, an increase of 30% on the proposed 1,200m, drilled across five holes
(Table 1 and Figure 1).

 

·    Geotechnical and magnetic susceptibility logging of the structurally
orientated drill core has been completed. Detailed geological logging, core
cutting and sampling is ongoing.

 

·    First batch of drill core samples from hole DL24-001 have been
submitted to ALS Laboratories for assay using ALS methods ME-MS61r (4 acid
multielement package) and PGM-ICP23 (Pt, Pd and Au by fire assay and ICP-AES
finish)(1). Results will be reported once they are received and interpreted.

 

·    Drilling has intersected a variety of lithologies, including the
ultramafic intrusive complex, with geological core logging noting serpentinite
alteration, chromite layering, the presence of nickel, chrome and copper
bearing minerals and quartz veins prospective for gold.

 

·    Additional soil geochemical survey data currently pending for the
east half of the work area (covering Target E & Target F) and to west and
surrounds of Lampson Lake.

 

·    New trail network installed on the eastern side of the north shore of
Dotted Lake, provides the required access for further rapid development of the
Project.

 

·    The current programme is subject to a pause whilst assay results are
awaited. The drill rig is remaining on site to allow for a speedy mobilisation
to site in early 2025 on the back of positive results, in keeping with Panther
Metals stated intention to accelerate fieldwork.

 

 

Table 1: Phase 1 Diamond Drilling Programme Hole Summary

 

 Drillhole  Easting  Northing  Elevation (m)  Azimuth (degrees)  Dip (degrees)  Depth

 ID                                                                             (m)
 DL24-001   589455   5416139   397            330                45             329
 DL24-002   590435   5416233   387            154                55             328
 DL24-003   590102   5416175   383            160                54             329
 DL24-004   592745   5416939   391            160                45             247
 DL24-005   592347   5417309   408            180                45             325
                                                                 Total:         1,558

Notes: Coordinates projection: UTM Zone 16N NAD83 Datum.

 

 

 

Figure 1: Dotted Lake Phase 1 Diamond Drill Programme Hole Locations

 

 

Correlations with Previous Gold Results

 

Diamond drill holes DL24-001, DL24-002 and DL24-003 together with previous
Panther drill hole PAN21_DL_001 (drilled in 2021), provide coverage of a 1.4km
strike length of a structurally complex zone of shearing and faulting which
runs parallel to the trend of the ultramafic intrusive bodies. Preliminary
interpretation is that the ultramafic magmas exploited and intruded this
structural scale zone of weakness which can be traced for several kilometres
across the Dotted Lake Project area.

 

Gold in soil anomalies from the Company's 2021 soil sampling programme also
correlate well with the trend of the interpreted intrusive bodies and the zone
of structural weakness and with quartz vein hosted gold and sulphide
mineralisation observed in PAN21_DL_001 and in historic trench Tr-10-4 (which
returned up to 18.9g/t Au).

 

Diamond drill hole PAN21_DL_001, which was drilled directly below Tr-10-4,
returned over five intersections grading up to 2.57g/t Au, with 11
intersections greater than 0.5g/t Au (announced 22 January 2022) and with 19
intersections greater than 0.2g/t Au between 14m and 341m downhole depth.

 

·      PAN21_DL_001 Drill Intersections (first announced 22 January
2022):

 

o  Five intersections > 1g/t Au:

0.9m @ 1.73 g/t Au from 47.3m

1.0m @ 1.05 g/t Au from 122.2m

1.0m @ 1.59 g/t Au from 136.2m

1.0m @ 1.04t Au from 158.2m

1.1m @ 1.4 g/t Au from 228.3m (inc. 0.5m @ 2.57 g/t Au from 228.3m)

 

o  Eleven Intersections >0.5g/t Au, including two 2m wide composites:

2m @ 0.87 g/t Au from 122.2m ( inc. 1m @ 1.05 g/t Au from 122.2m)

2m @ 0.96 g/t Au from 158.2m ( inc. 1m @ 1.04 g/t Au from 158.2m)

 

 

Reference Notes

 

1:        Four-acid digestion paired with Inductively Coupled Plasma
Mass Spectrometry (ICP-MS) and Inductively Coupled Plasma Atomic Emission
Spectrometry (ICP-AES) with rare earth element (REE) analytes included.
Four-acid multi-element analysis is an effective tool in mineral exploration
because of its ability to provide a full pathfinder element suite as well as a
cost-effective proxy for mineralogy. A four-acid digestion utilises a
combination of nitric, perchloric, and hydrofluoric acids with a final
dissolution stage using hydrochloric acid. This digestion breaks down most
silicate and oxide minerals allowing for the "near-total" recovery of most
minerals and analytes.

 

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.

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.

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.

 

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 12.38% of the issued share capital of Fulcrum Metals
Plc and a 2% NSR on the Big Bear project.

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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