RCS - Panther Metals PLC - Fulcrum Metals: Update on Gold Tailings Projects

Panther MetalsAnnouncement

08/10/2024 08:15

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RNS Number : 3438H  Panther Metals PLC  08 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)

8 October 2024

 

Fulcrum Metals: Update on Gold Tailings Projects

 

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in
Canada, is pleased to note an update by Fulcrum Metals Plc (LON: FMET) on
their Teck-Hughes and Sylvanite gold tailings projects located in the Kirkland
Lake area of Ontario, Canada.

 

Panther currently holds a total of 7,625,122 ordinary shares in Fulcrum
representing a 12.38% 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.

 

Fulcrum New Highlights

·    Teck-Hughes Gold Tailings Project

o  Additional auger hole sampling underway- targeting 16 site locations to
expand project database and understanding of gold grades across the tailings
body (Figure 1 below).

o  Following excellent initial leaching gold recovery rates of 59.4%, the
Phase 2 conceptual study with Extrakt Process Solutions ("Extrakt") is now
under discussion.

o  Additional tailings samples (announced by Fulcrum on 2 September 2024) are
now at Actlabs in Timmins for gold fire assay.

o  Fulcrum in discussion with geophysical survey providers with the aim of
defining the outline and depth of the tailings for use in volume estimations.

·    Sylvanite Gold Tailings Project

o  Phase 1 testing underway using Extract's proprietary technology on
tailings material samples from eight site locations - including metallurgical,
ICP assay (minimum 40 elements, including gold), XRD mineralogical analysis
and batch leach testing.

o  Duplicate Phase 1 and additional tailings samples (announced by Fulcrum on
2 September 2024) are now at Actlabs in Timmins for gold fire assay.

Ryan Mee, Chief Executive Office of Fulcrum, commented:

 

"There are strong workstreams now underway at our tailings projects which are
designed to build on the exciting initial leaching results already achieved at
Teck-Hughes with Extrakt's non-toxic technology and how the gold is extracted.
The leaching test work results of 59.4% gold recovery far exceeded past
cyanide-based leaching tests at Sylvanite of c.30% so we are excited to move
into test work at Sylvanite and on to the conceptual study at Teck Hughes.

 

"In addition to this, we are moving forward with work directed towards
resource definition including additional auger hole sampling and geophysical
surveys at Teck Hughes. These are all important objectives as part of
Fulcrum's ambition to become a leader in the sustainable reprocessing of
tailings through the adoption of disruptive technology and approaches."

 

"Our site visits and meetings in October are an important step as we look to
build momentum on the development of the tailing projects in Kirkland Lake and
I look forward to providing further updates as Fulcrum moves to accelerate the
development of its tailings projects and the wider tailings opportunity in
Ontario."

 

Teck-Hughes Tailings Project

At Teck-Hughes, Fulcrum has engaged a local contractor to complete auger hole
sampling across a proposed additional 16 sites (Figure 1 below) during the
next few weeks. It is anticipated that this will provide important data on
gold grades and depth to assist with resource definition. Samples obtained
from this programme will be sent to Actlabs in Timmins for gold, and possibly
silver and tellurium, assay.

Figure 1 - Historic auger holes with gold grades and depth from surface and
proposed new auger hole sites

Discussions are also underway with geophysical survey providers on the
application of certain geophysical surveys including LiDAR, ground-penetrating
radar and seismic line. The aim of these surveys is to define the outline and
depth of tailings across the Teck-Hughes deposit in order to enable volume
estimations.

Fulcrum has received a proposal from, and is in discussions with, Extrakt
regarding a Phase 2 conceptual plant design at Teck-Hughes. This is being
advanced alongside discussions with Extrakt on the exclusive licensing of its
non-toxic leaching technology across the Timmins and Kirkland Lake areas.
These areas have historically produced more than 110 million ounces of gold
and there are a number of legacy tailings sites which Fulcrum believe could
enable it to scale operations.

Sylvanite Tailings Project

Earlier this year Fulcrum collected a total of 30 samples from eight locations
at Sylvanite providing representative sampling across the tailings deposit.
The samples were split into two equal sample sets. One half of the samples
were sent to Extrakt for a full range of testing using its leach technology in
addition to metallurgical, ICP (minimum 40 elements, including gold), XRD
mineralogical analysis and batch leach testing. This work is now underway with
the results of the test work anticipated to be before the end of 2024.

The second half of the samples is now with Actlabs in Timmins for gold assay
which will provide additional grade verification from testing laboratories
more local to Fulcrum's projects. Results of these tests are anticipated at
the end of October 2024 and Fulcrum state they will inform the market of the
results once they have been analysed.

An additional four auger holes at each of Teck-Hughes and Sylvanite were
completed in August 2024 and samples from these have also been sent to Actlabs
in Timmins for similar assay, with results expected in a similar timeframe.

Fulcrum's management is scheduled to be on site at Teck-Hughes and Sylvanite
in October and will be undertaking a number of meetings with key stakeholders
including sub-contractors, potential in-country management and consultants,
potential collaborative partners and local communities. Fulcrum believes that
this engagement is incredibly important as it embarks on accelerating the
programme of development across its tailings projects.

 

Licensing discussions with Extrakt

 

Fulcrum announced mining option agreements to acquire the Teck-Hughes tailings
project on 30 November 2023 and the Sylvanite tailings project on 10 April
2024. Since the announcement on 30 November 2023, Fulcrum has been advancing
discussions with Extrakt, a sustainable technology company which uses
separation technology to extract metals from tailings without the use of
cyanide, about the licensing of its proprietary technology including term
sheet stage discussions in relation to a wider licencing framework in Ontario.

 

On 24 January 2024, Fulcrum entered into a phased development programme with
Extrakt for the Teck-Hughes tailings project, and on 12 June 2024 for the
Sylvanite Tailings Project.

 

Fulcrum's Phased Development Programme

 

Phase 1 - High-Level Gold Recovery Investigation

Initial high-level gold recovery investigations serve as the primary
evaluation of the enhanced gold recovery achievable through Extrakt
technology. The data collected in this phase will validate and refine the
technology and support Phase 2.

 

Phase 2 - Conceptual Study

The conceptual study will provide Fulcrum with a first insight into the
project's viability using the information developed during Phase 1. According
to the information available, the accuracy level of the study is approximately
± 50%.

 

Phase 3 - Laboratory Test Work

More detailed test work is required to optimise some of the leach parameters
as well as develop necessary scale-up parameters for all the major equipment
of the operation.

 

Phase 4 - Economic Assessment Study

The economic assessment study will provide a more accurate insight into the
project viability using the more detailed test work results for the whole of
the flowsheet. The accuracy of the study is aimed to be at a pre-feasibility
level of ± 30% accuracy level.

 

For the full Fulcrum news announcement including further background details of
the Teck-Hughes Gold Tailings Project and Sylvanite Gold Mine Tailings Project
please visit https://fulcrummetals.com (https://fulcrummetals.com)

 

 

 

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.

 

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.

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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