RCS - Panther Metals PLC - Fulcrum Metals - Uranium Projects Update

Panther MetalsAnnouncement

15/01/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240115:nRSO6522Za&default-theme=true

RNS Number : 6522Z  Panther Metals PLC  15 January 2024

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA,
THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

 FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

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

15 January 2024

Fulcrum Metals: Update on Saskatchewan Uranium Projects

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 updating the market on significant progress from its uranium
projects, Charlot-Neely and Fontaine Lake, in Saskatchewan, Canada.

Panther currently holds a total of 9,971,839 ordinary shares in Fulcrum
representing a 19.99% 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:

"Our exposure to uranium via our holding in Fulcrum Metals is largely lost by
the market but its significance is growing as we witness a bullish uranium
market combined with Fulcrum expanding its own footprint.

I'm looking forward to seeing how the team develop the portfolio via a
spin-out or partnership deal that has the potential to benefit Panther at a
time we are accelerating our own business model."

 

Fulcrum News Highlights

 

·    A total of 62 rock samples collected across Charlot-Neely and
Fontaine Lake properties:

 

·    Charlot-Neely Project

o  48 rock samples assaying up to 5,680 ppm Uranium (U).

o  Identified vein-hosted uranium mineralisation characteristic of the
Beaverlodge area, home to several historic uranium mines.

o  Potential for unconformity-style uranium mineralisation, deposits that are
known to be larger and high grade uranium.

 

·    The Fontaine Lake Property

o  14 rock samples assaying up to 7,130ppm U

o  Uranium mineralisation indicates potential for lower grade, higher tonnage
deposit, comparable to the geological setting of the Rossing deposit in
Namibia.

 

Ryan Mee, Chief Executive Office of Fulcrum Metals plc, commented:

"The first phase exploration of both the Charlot-Neely and Fontaine Lake
uranium properties has been very successful with extensive radioactivity and
mineralisation confirming the positive potential for discovery. Since the
completion of the fieldwork, we have over the last few months substantially
and cost effectively increased the Athabasca uranium portfolio from 13,612
hectares to 59,310 hectares, inclusive of the properties under option, and
doubled the size of the Charlot-Neely project from 7,625 hectares to 16,372
hectares and the addition of Snowbird and South Pendleton to our projects
portfolio.

"We are excited by our Athabasca uranium portfolio which targets major
structures, on trend with historic mines and on trend with projects attracting
significant investment. This strategic move has proved to be prudent, as the
price of uranium continues to rise and M&A activity in the sector
increases. Deals of note include the recently announced such as Fortune Bay
option agreement for the Murmac and Strike uranium projects totalling CAD$3.4m
in cash and shares and funding CAD$6m in exploration expenditures(1) just
south of our Charlot-Neely property along the Black Bay fault and significant
land staking along the major structures on which our projects sit.

"With an exciting and attractive uranium portfolio in what is considered one
of the leading uranium districts worldwide, Fulcrum is well positioned to
capitalise on any potential opportunities.  As previously announced, Fulcrum
continues to review spin-out and partnership opportunities with interested
parties."

 

The full Fulcrum announcement is available to view 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.

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAGPUUCGUPCPPC