RCS - Panther Metals PLC - Dotted Lake Soil Survey

Panther MetalsAnnouncement

21/10/2024 07:00

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RNS Number : 8864I  Panther Metals PLC  21 October 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)

21 October 2024

Dotted Lake: Soil Survey Extension Commenced

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in
Canada, is pleased to announce that Bayside Geoscience Inc. ("Bayside") have
commenced an additional soil geochemistry sampling programme (the "Soil
Survey") at the Dotted Lake Project  ("Dotted Lake" or the "Project"), on the
north limb of the Schreiber-Hemlo Greenstone Belt in Ontario, Canada.

 

The Soil Survey is running concurrently with the current Phase 1 drilling
programme which comprises six planned holes for approximately 1,200m diamond
core drilling and will test an initial four target areas (see announcement of
17 October 2024 (1)). External support will provide around 50% of the capital
cost of this Soil Survey at zero dilution to the Project or the Company.

 

The circa 1,000 sample Soil Survey comprises an extension and infill sampling
to Panther's soil survey grid completed in 2021 which yielded significant
nickel (Ni), cobalt (Co), copper (Cu), gold (Au) and platinum group element
("PGE") anomalies.  The Bayside work Soil will extend soil geochemistry data
coverage on both the northwestern and northeastern shores of Dotted Lake
(Figure 1) and is designed to provide additional targets to follow-on from the
current drilling programme. Sample spacing will be on either 100m or 50m
spaced grid lines with a 25m sample spacing dependant on survey area.

 

In the northwest the Soil Survey will extend the coverage of soil geochemical
information to the north and west of Lampson Lake which contains highly
anomalous 985 ppm copper together with anomalous Cd, Co, Sn ,W, Y and heavy
rare earth elements ("REEs") in lake sediment, and which is located directly
above an ultramafic body modelled from Panther's geophysical survey data.
The Soil Survey will also extend coverage to an additional modelled ultramafic
body located approximately 800m west of Lampson Lake.

 

On the northeastern shore of Dotted Lake, the Soil Survey will provide infill
and extensional survey grids to historical soil sampling survey data which
also returned highly anomalous Ni, Co, Cu, and Zn anomalies in association
with the Dotted Lake mafic-ultramafic intrusive complex and areas of
structural complexity.

 

Darren Hazelwood, CEO commented:

 

"Our understanding of the wider systems that surround Dotted Lake, combined
with the refined MAG and EM geophysical data, allow us to accelerate our
programmes on the Project.

 

A systematic extension of the soil survey over detailed structures before
snowfall potentially offers the opportunity for further drilling over the
coming months should the soil survey results supplement our targets.

 

Now active on the ground and with the potential for wider support, our aim is
to alleviate the stop/start nature of our exploration on the Project by
bringing forward this programme.

 

With external support providing around 50% of the capital costs of this soil
programme at zero dilution to the Project, company or shareholders it makes
economic sense to strike now and build out our model in more detail. I look
forward to updating the market on results as they become known."

Figure 1: Dotted Lake Soil Survey Extension and Infill Areas with Phase 1
Drill Targets

 

References

 

1:         Company announcement, 17 October 2024, Dotted Lake: Diamond
Drilling Mobilisation,

            (
https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv32yvr
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv32yvr)
)

 

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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