RCS - Panther Metals PLC - Manitou: Glass Reef Target Update

Panther MetalsAnnouncement

28/06/2024 16:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240628:nRSb4339Ua&default-theme=true

RNS Number : 4339U  Panther Metals PLC  28 June 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)

28 June 2024

Manitou: Glass Reef Target Update

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in
Canada, is pleased to provide an update for the Manitou Lakes Project where
the inaugural diamond drilling has confirmed gold mineralisation in four of
the five holes drilled at the Glass Reef Target (Figure 1), in Ontario,
Canada. The drilling was a follow‐up on the widespread anomalous gold in
soil and rock sampling values in Panther's geochemical survey (1) over the
historical Glass Reef Mine area. There are over 200 known gold occurrences in
the Manitou Lakes area and numerous historic gold producers in the Eagle -
Manitou Lakes Greenstone Belt which is prospective for Archean age orogenic
gold and associated base metal deposits.

 

Darren Hazelwood, Chief Executive Officer, commented:

 

"The Glass Reef drill programme has confirmed the presence of schist/shear
zone hosted gold, a breakthrough for the team and project. With 80% of the
shallow holes intersecting gold, we have a foundation as we now work towards
understanding the structural and lithological controls to the gold
mineralisation.

 

The area is witnessing an incredible amount of exploration in a previously
underexplored location and every result increases the wider understanding of
the geology. To be right at the heart of this gold rush with a project that
contains anomalous gold is exciting for any explorer and I look forward to
updating the market on future plans."

 

Summary

 

Panther's optionor partner for the Manitou Lakes Project, Shear Gold
Exploration Corporation ("Shear Gold"), has completed studies and authored a
technical report detailing the findings of the inaugural drill programme which
completed December 2023. Interpretations show the five shallow holes (Figure
1), totalling 495m of core recovered, intersected metavolcanic schist shear
zones where gold is associated with sulphides (up to 5% pyrite, pyrrhotite ±
chalcopyrite) in quartz veins/veinlets. The historical Glass Reef Mine
exploited a northeast trending shear zone, manifested by a narrow schist zone
with strong iron carbonate alteration that is traced for several hundred
metres along the strike.

 

Four of the five drill holes intersected low‐grade gold mineralisation over
narrow widths in multiple schist zones of mafic volcanic and gabbroic
protoliths. The low grade but anomalous gold (Table 1) occurs within strongly
carbonatised (abundant carbonate veinlets) porphyritic gabbro units, or in
highly altered and sulphide rich (pyrite, chalcopyrite, pyrrhotite) fractures
and quartz veins in mafic volcanic rocks (Figure 2).

 

Given the structural complexity and the apparent nuggety variation in gold
distribution through the system, Panther are considering follow-up work
options that might help delineate possible high grade ore shoots which were
not intersected by the drilling, but which are thought to exist within the
proximal historical mine workings. Considerations include three dimensional
induced polarisation ("IP") and magnetic inversion geophysical surveys as well
as supplementary litho‐structural mapping and sampling.

 

 

 

Figure 1: Location of the Glass Reef Target Drilling Programme, With Drill
Hole Surface Geological Traces

 

 

 

 

Figure 2: Drill Hole Plot Geological Cross Section across centre of the Glass
Reef Target (see Fig. 1 for Section Line)

 

Table 1: Drill Hole Locations and Anomalous Gold Intercept Details

 

 

Reference

 

1:             Company announcement, dated 21 September 2022,
'Manitou Lakes - High Grade Gold Discovered in Soils'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/rg987zx
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/rg987zx)
)

 

 

 

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 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.

 

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  NRAUWAVRSVUNUAR