RCS - Panther Metals PLC - Dotted Lake - Update; Inversion & Drill Targets

Panther MetalsAnnouncement

07/10/2024 10:00

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RNS Number : 0902H  Panther Metals PLC  07 October 2024

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PANTHER METALS PLC

("Panther" or the "Company")

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

7 October 2024

 

Dotted Lake: Technical Update, Inversion & Drill Targets

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in
Canada, is pleased to provide an exciting update with regards to geophysical
three-dimensional ("3D") inversion modelling and predictive Centre for
Exploration Targeting grid analysis in support of drill targeting at the
Dotted Lake Project ("Dotted Lake" or the "Project"), on the north limb of the
Schreiber-Hemlo Greenstone Belt in Ontario, Canada.

 

Highlights

 

·    Abitibi Geophysics have completed geophysical modelling and
interpretation of Panther's airborne geophysical survey datasets to assist in
drill targeting of nickel, cobalt, copper, gold and platinum group element
("PGE") bearing sulphide mineralisation associated with the mafic-ultramafic
intrusive complex in the north-east of the Dotted Lake Project area.

 

·    Centre for Exploration Targeting ("CET") grid analysis has identified
target zones of significant structural complexity that present preferential
sites for the development of mineral deposits.

 

·    Ultramafic intrusive complex modelled in 3D from magnetic
susceptibility inversion processing (Figure 1).

 

·    Electromagnetic ("EM") conductor 3D plate modelling has identified
two parallel conductors, situated on the northern flank of the ultramafic
intrusive complex.

 

o  Longer of the two EM conductors (A) has a 500m strike length, with its
eastern end interpreted to plunge to depth below the limit of the current
survey data (Figure 1 & 2).

 

·    Abitibi have identified a total of twenty-one prioritised drilling
targets based on the CET and EM conductor plate modelling. The Abitibi targets
are based on geophysical data processing alone.

 

·    Abitibi targets show a very strong correlation with Panther's soil
geochemical anomalies and highly anomalous 985ppm copper and REEs in lake
sediments (Figure 3).

 

·    Highest priority Abitibi CET and EM targets are located directly
below or in close lateral proximity to very anomalous Ni, Co, Cu and Au soil
results, reinforcing and prioritising the associated drilling targets.

 

·    Exploration strategies involving drill targeting of geophysical
modelled ultramafic intrusive feeder dykes coincident with soil anomalies have
led to multiple discoveries of high-grade nickel and copper and PGE, to the
east of Dotted Lake by GT Resources Inc. Preliminary interpretation suggests
that the Dotted Lake ultramafic intrusive complex is part of the same
mineralising system.

 

 

Nick O'Reilly, professional geologist and Panther Chairman, commented:

 

"The 3D inversion modelling and conductive plate modelling of Panther's
airborne geophysical survey data has reinforced and supplemented the base
metal, PGE and gold anomalies identified by the Company's soil geochemical
survey and prospecting work.

The delineation of a 500m plus long, plunging conductor located on the
northern flank of an ultramafic intrusive body located directly below highly
anomalous nickel, cobalt and copper in soil geochemical survey points presents
a very compelling target, as do the numerous CET targets which are also
coincident with strong soil anomalies and which are adjacent to one of the
region's highest copper-in-lake sediment copper results (985ppm Cu), in the
north of the Project area at Lampson Lake."

Darren Hazelwood, CEO commented:

 

"The Dotted Lake Project is located in a largely unexplored area on a wider
greenstone belt and region that's a prolific host of numerous mines and known
deposits.

With each additional work stream our confidence in the Project increases, both
as the geological framework of the area becomes better understood and as we
continue to monitor the exploration successes made by others nearby.

We've witnessed multiple levels of interest in the Project and seen Glencore
invest in a neighbouring project whose geology correlates encouragingly with
our own understanding of Dotted Lake. The independent inversion modelling
we've announced today has already had a very positive impact on the Project,
and the final pieces are coming into place to make a significant advancement.

It's without doubt that the Dotted Lake Project contains all the required
discovery ingredients, both geologically and corporately. We'll continue wider
discussions on the Project but in the meantime, we are focused on drill pad
locations and putting the required logistics in place.

Panther owns Dotted Lake 100% outright, unusual for Canada there are with no
underlying financial instruments attached, and we look forward to our strategy
of maintaining that structure and delivering for the Company and our
shareholders."

Figure 1: Three Dimensional Magnetic Susceptibility Model of Ultramafic
Complex and Conductive Plates with Abitibi Targets in NE of Dotted Lake
Project.  Inset: Enlarged representation of circa 500m long conductive target
'A' (red plates) on northern flank of ultramafic body.

Figure 2: Total Magnetic Field RTP Map showing Abitibi Targets, CET Targets
and EM Conductor Plate Target (boxed) over NE Dotted Lake Project

Figure 3: Compilation Map Showing, CET Targets and EM Conductor Plate Target
with Soil Geochemistry Anomalies over NE Dotted Lake Project

 

Geophysical Modelling

 

Panther retained Abitibi Geophysics Inc ("Abitibi") to conduct geophysical
modelling and interpretation of the ProspecTEM airborne geophysical survey
datasets previously obtained by Panther, to assist in drill targeting of
nickel, cobalt, copper, gold and platinum group element ("PGE") bearing
sulphide mineralisation targeted in association with the mafic-ultramafic
intrusive complex in the north-eastern sector of the Dotted Lake Project
area.

 

The Project was covered by Panther's 818 line-km airborne magnetic ("MAG") and
time-domain electromagnetic ("TDEM") geophysical survey in 2020 with the data
acquired on survey lines spaced 50 metres apart. The Abitibi follow-up
recommendations are focused on a 5.6 km by 2.0 km in the north-eastern part of
the Project area.

 

The MAG survey data identified large-scale magnetic formations as well as
numerous dykes and sills. The magnetic response is primarily proportional to
the iron content of the mafic rocks, the first vertical derivative of the
magnetic field identified the local variations facilitating the interpretation
of faults, shear zones, and dykes.

 

The southern portion of the Project area is mostly non-magnetic granites which
are intruded by magnetic sills and dykes. The northern and southwestern
portions of the Project area display a moderately magnetic east-west trending
package of mafic volcanic rocks, whilst in the east of the Project, just south
of the mafic volcanics, a strongly magnetic ultramafic intrusive complex is
clearly identified, with two additional ultramafic intrusions interpreted to
its west. These additional ultramafic bodies appear to be related to the
complex but disconnected by major structural features.

 

Inversion Modelling

 

A 3D inversion of the magnetic data was commissioned to characterise the
delineated magnetic features and therefore estimate their magnetic
susceptibility and 3D geometry.

 

An unconstrained 3D magnetic inversion was performed on the residual grid
using Seequent's Magnetisation Vector Inversion ("MVI") as well as a
conventional magnetic inversion. Since remanent magnetisation is suspected in
some magnetic anomalies, the MVI algorithm was utilised to calculate the
magnetic susceptibility model for the study grid rather than the conventional
inversion.

 

The final inversion result of the ultramafic intrusive complex is illustrated
in Figure 1, as a 3D voxel of the MVI magnetic susceptibility. To estimate the
depth extension and dip of the detected magnetic sources, as well as to locate
possible deep shears, 6 horizontal slices were extracted from the MVI magnetic
susceptibility model at different elevations.

 

Centre for Exploration Targeting Grid Analysis

 

A structural and predictive targeting analysis was conducted using the Centre
for Exploration Targeting ("CET") grid analysis method on the TMI-RTP (total
magnetic intensity - reduced to pole) grid.

 

Mineralisation often occurs in the regions of structural complexity adjacent
to shear zones which act as conduits for mineralising fluids.

 

The CET grid analysis method identifies the discontinuities that correspond to
both lithological boundaries and shear zones by using texture analysis and
symmetry feature detection techniques. It uses fractal analysis to find zones
of structural complexity.

 

The most prospective areas are those where inferred structural complexity
occurs adjacent to the regions of magnetic discontinuity. This method then
analyses structural associations to locate their intersections, as well as to
find variations in the orientation of neighbouring structures. Finally, it
generates an orientation entropy heat map that highlights the areas that are
prospective.

 

The Dotted Lake CET analysis has identified target zones of significant
structural complexity that are prospective for hosting base metal, PGE and
gold deposits in the Project. The CET results are presented on Figures 2 &
3.

 

Electromagnetic Interpretation

 

Electromagnetic geophysical methods are used to measure sub-surface electrical
conductivity. In mineral exploration these techniques can be applied to
identify finite conductive features that may be related to conductive massive
sulphide lenses and mineralised bodies.

 

The Dotted Lake survey displays weak subvertical TDEM conductors in the
ultramafic intrusive complex.  As the TDEM data appears to be buried in noise
apart from a small conductive area, a filter was applied to help identify
broader conductive trends. An upward continuation (to 100m) was used to show
large scale conductivity features. Some subtle broad conductive trends can be
identified which appears to be related to large scale shears/faults.

 

The primary conductive trend (A) is approximately 500 metres in width. The
trend displays a slight arcuate shape along strike as well as along its
depth-to-top. It is modelled using 5 plates to account for its geometry and
the trend appears to plunge to depth at its eastern end.

 

The shape of the conductor generally agrees with the shape of the magnetic
ultramafic intrusion associated with it. A second localised anomaly (B)
located about 240 metres south has a similar EM response and is likely related
to the same source/composition as the A trend.

Based on the survey data alone, no clear conclusion can be made regarding the
depth extent of the conductive lenses.

 

Abitibi have recommended drilling of the A trend, commencing where the
conductivity is highest, where it is probably nearer to the surface, with
further drilling centred on either side targeting the deeper modelled
depth-to-top. Drill testing of the B trend would follow-on dependant on the
information gleaned from the preceding holes.

 

Findings

 

Based on the geophysical data processing alone, not Panther's highly
prospective soil sampling dataset, Abitibi have identified a total of
twenty-one prioritised drilling targets based on the CET and EM conductor
plate modelling, in the focused interest area in the north and northeast of
the Dotted Lake project.

 

A subsequent analysis of Abitibi targeting shows a very strong correlation
with Panther's targets identified from soil geochemical sampling.  The
highest priority Abitibi CET and EM targets are located directly below or in
close lateral proximity to very anomalous base metal, PGE and Au in soil
results, reinforcing and prioritising the associated drilling targets (Figure
3).

 

Five of the CET targets coincide with an ultramafic intrusive body modelled
directly below Lampson Lake. Significantly, government regional lake sediment
sampling work was shown that Lampson Lake contains highly anomalous 985 ppm
copper together with anomalous Cd, Co, Sn ,W, Y and heavy rare earth elements
("REEs"). The presence of anomalous REEs in the lake sediment is favourable
and may be indicative of hydrothermal alteration. Anomalous levels of REEs in
lake sediment are spatially associated with the hydrothermally altered rocks
near the Winston Lake Cu--Zn deposit in the Schreiber greenstone belt.

 

The airborne electromagnetic and magnetic data alone leaves a level of
uncertainty as to the position of possible sulphide lenses. The presence of
anomalous nickel, cobalt and base metals in the soils may also be related to
disseminated sulphides that do not produce a significant EM response in which
case drill testing results will provide support to follow-up survey work such
as deep-targeted induced polarisation ground geophysics to detect massive or
disseminated sulphides at depth.

 

Due east of the Dotted Lake project, on a neighbouring property, GT Resources
Inc. have  drill targeted ultramafic feeder dykes coincident with soil
anomalies, leading to multiple discoveries of high-grade nickel and copper and
PGE. Preliminary interpretation suggests that the Dotted Lake ultramafic
intrusive complex is part of the same mineralising system.

 

Geological Setting

 

The Dotted Lake project is located upon the north-eastern end, constituting
the northern limb, of the Schreiber-Hemlo Greenstone Belt (the "Belt"), in the
Abitibi-Wawa sub-province of the Superior province of the Canadian Shield. All
rocks are of Archaean age (2.7 billion years old), except for the Proterozoic
diorite dykes.

 

The primary rock type of the Belt is mafic volcanics, felsic and intermediate
volcanic rocks and clastics overlie these mafic volcanics and the belt is
intruded by numerous felsic granitoids. The south-eastern sector of the
Project area is bounded to the south by a biotite leucogranodiorite intrusive
body constituting the Dotted Lake batholith. These intrusive rocks are pink in
colour, foliated and medium grained, and appear to intrude both the
metavolcanics and mafic/ultramafic rocks.

 

Several stages of regional folding have occurred in the Belt, the latest stage
is the most pervasive and occurred contemporaneous to, or predated, the
intrusion of the Dotted Lake batholith.

 

The predominant rock type in the centre and south-western quadrant of the
Project area is foliated, fine grained, dark green, amphibole rich
metavolcanic rock. Medium and coarse grained amphibolites are less common and
occasional remnant pillow textures have been observed indicating a submarine
depositional environment. Small sills and dykes of granitoid rocks are common
in the volcanic rocks.

 

The Project area displays NW-SE oriented faults and Matachewan mafic dykes,
N-S oriented Marathon / Kapuskasing dykes, and NE-SW oriented faults/shear
zones.

 

The north-eastern portion of the Project area contains a mafic and ultramafic
intrusive complex of gabbro, peridotite and serpentinised peridotite intruded
along the southern flank of the mafic volcanics. This ultramafic intrusive
complex presents a significant target area for nickel, cobalt, copper and PGE
sulphide deposits, which constitute an important source of critical minerals.

 

The Project is also prospective for lode-gold mineralisation particularly in
zones of structural complexity (where faults, shears, deformation, and feeder
dykes may be present) and in the deformed zones peripheral to the Dotted Lake
batholith.

 

 

 

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.

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 15% 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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