RCS - Panther Metals PLC - Fulcrum Metals: Teck-Hughes Tailings Update

Panther MetalsAnnouncement

07/05/2024 07:16

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RNS Number : 3882N  Panther Metals PLC  07 May 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)

7 May 2024

Fulcrum Metals: Teck-Hughes Tailings Update

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in
Canada, is pleased to note the Fulcrum Metals PLC ("Fulcrum", LON: FMET)
announcement detailing initial results of the Phase 1 Sampling and Testing
Programme at Fulcrum's Teck-Hughes Gold Tailings Project in Ontario, Canada.

Panther currently holds a total of 7,625,122 ordinary shares in Fulcrum
representing a 15.26% interest in the entire issued share capital of Fulcrum,
plus 714,286 warrants exercisable at 17.5p with a two-year life from 14
February 2023 and a further 476,190 warrants exercisable at 26.25p with a
three-year life. Panther also retains a 2% net smelter return ("NSR") royalty
over the Big Bear Project.

CEO, Darren Hazelwood, commented:

"Processing recoveries and optimisation drive the bottom line in extracting
value from historical mine tailings, and these initial results are starting to
show the potential that Fulcrum may derive from its relationship with Extrakt
Process Solutions.

Further leach test assays are currently underway, and we look forward to those
results from a technology that is very encouraging for all involved."

 

Fulcrum Announcement Highlights

 

·    Representative sampling completed by local contractors, for a total
of 32 samples (totalling 39 kg) from six locations within the Teck-Hughes Gold
Tailings Project.

 

·    Average weighted grade derived from six site composite tailings
samples is 0.717g/t Au, which is 16.9% higher than the historic weighted
average of the composites for the same six sampling sites (Table 1).

 

·    Gold recovery testing on a composite tailings sample across all six
sites, grading 0.723g/t Au, has been submitted for batch leach testing using
Extrakt technology for gold recovery rates.

 

o  First batch leach testing of 12 samples has been run and sent to an
accredited assay laboratory for gold recovery rates analysis.

 

o  Second batch leach test run with further refinement and optimisation is
underway, this will then also be submitted to American Assay Laboratories for
similar analysis.

 

·    Final results from this Phase 1 Sampling and Testing Programme will
feed into Phase 2 Conceptual Study.

 

Table 1 - Comparison of Fulcrum's 2023 sampling and gold grade analysis to
reported historic grades for each site.

                2023                            Historical ((2))
 Site Location  Metres sampled  Average g/t Au  Metres sampled  Average g/t Au  Diff to 2023 Grade g/t Au  Diff to 2023 Grade %
 225-12         5.0             0.592           5.0             0.52            0.069                      13.2%
 225-2          5.0             0.975           5.0             0.75            0.225                      30.0%
 425-14         7.0             0.635           7.0             0.59            0.047                      8.0%
 425-4          5.0             0.837           5.0             0.81            0.025                      3.1%
 525-10         6.0             0.641           6.0             0.49            0.149                      30.3%
 625-4          4.0             0.662           4.0             0.54            0.123                      22.8%
 Total          32.0            0.717           32.0            0.61            0.104                      16.9%

 

Notes:-

((1)) Subject to verification by Fulcrum

((2)) Includes direct comparison of historic samples from 2019 and 2022

 

Fulcrum announced on 30 November 2023 that, inter alia, it had entered into a
mining option agreement to acquire the Teck-Hughes Gold Tailings Project.
Since this announcement Fulcrum has been advancing its discussions with
Extrakt Process Solutions, a sustainable technology company using separation
technology to extract metals from tailings without the use of cyanide, about
the licensing of its proprietary technology. In addition, further to the
Fulcrum announcement on 24 January 2024, they entered into a phased study and
testing programme for the Teck-Hughes project and are continuing further
discussions in relation to a wider licencing framework, including the
Sylvanite Gold Tailings Project.

The programme is designed to evaluate the efficiency of the Extrakt processing
technology in recovering gold and other by-products from the tailings at
Teck-Hughes.

Ryan Mee, Chief Executive Officer of Fulcrum, commented:

"I am delighted that the results of the sampling and testing of the gold
grades at Teck-Hughes have come in above expectations and at 16.9% higher than
the historical reported average.

The first batch of leaching samples using Extrakt's technology is at the
laboratory for assay whilst a second batch of leach testing is underway as we
refine testing parameters and optimise recovery rates from the tailings. The
leaching samples are essentially to find out the gold recoverable rates from
the tailings material.

I look forward to updating the market on the results of the leaching test work
at Teck-Hughes, progress on a programme at Sylvanite and indeed progress on
the tailings business as a whole as we map out an exciting future for the
company and its shareholders."

 

Further information is available in the full Fulcrum RNS announcement which is
available at: https://fulcrummetals.com/news/
(https://fulcrummetals.com/news/)

 

 

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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