RCS - Panther Metals PLC - Obonga: Award of Awkward West Exploration Permit

Panther MetalsAnnouncement

19/07/2024 13:00

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RNS Number : 0972X  Panther Metals PLC  19 July 2024

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PANTHER METALS PLC

("Panther" or the "Company")

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

19 July 2024

Obonga: Award of Awkward West Exploration Permit

Panther Metals plc (LSE:PALM) the company focused on mineral exploration in
Canada, is pleased to announce the receipt of Exploration Permit PR-24-000076
(the "Permit") covering the Awkward West Prospect ("Awkward") at the Company's
Obonga Project ("Obonga") located on the Obonga Greenstone Belt in northern
Ontario.

 

The Permit is valid through to 17 July 2027 and allows for a comprehensive
programme of works over the Awkward West area which includes both the 730m
long 'Trend 3' graphite target where Panther drilling intersected 27.2 m @
2.25 % Total Graphitic Carbon ('TGC') from 12m downhole, including two
intersections of over 5% TGC (1, 2),  and the Awkward magmatic feeder conduit
target focused on a nickel-copper-platinum-palladium discovery.

 

Awarded in association with Broken Rock Resources Ltd and Karen Siltamaki, the
Permit covers a planned series of up to 31 diamond core drill hole pads and
associated down-hole geophysics surveys, and up to 12 pits or trenches spread
across the Awkward West target area (see Table 1 and Figure 1). The permitted
work follows on from drilling conducted by Panther in 2022.

 

The Awkward West Permit supplements Exploration Permit PR-22-000116 which
covers work through to 14 July 2025 at Obonga's Survey Volcanogenic Massive
Sulphide ("VMS") discovery, and the Ottertooth and Silver Rim prospect areas;
and Exploration Permit PR-24-000022 which covers the Wishbone VMS target area
through to 20 June 2027.

 

 

Darren Hazelwood, Chief Executive Officer, commented:

 

"We are delighted to announce the award of the Awkward West drilling permit.
The recent graphite discovery by Panther and the magmatic feeder conduit
theory on Awkward West have independently sparked significant interest. With
this comprehensive exploration permit now in place, we are positioned to
significantly advance this area of Obonga.

 

I look forward to the positive impact this could have on our Company,
stakeholders, and the broader community as we embark on this exciting new
phase of exploration.

 

Our strategy for Obonga could only be executed with all the relevant
permissions in place and with these now largely complete with this award, I'm
looking forward to accelerating the business."

 

 

Table 1: Exploration Permit and Prospect Details

 

 Exploration Permit Application Number (Administrative Area & Claim               Prospect Name (location)           Targeting  & Exploration Rational                                              Requested / Planned Activities
 numbers)
 PR-24-000076                                                                                                        Targeting graphite mineralisation to north of previous drilling intersection.  ·   Mechanised Drilling (up to 31 diamond core drill holes)

                                                                                  Awkward (West)

 (Puddy Lake Area and Obonga Lake Area                                                                                                                                                              ·   Down-hole Electromagnetic ("EM") Geophysics

                                                                                  (Eastern side of Obonga Project)   Plate modelling of airborne electromagnetic geophysics data shows potential

                                                                                                                   targets for graphite and/or platinum group element sulphide mineralisation.

 Cells: 503963, 503964, 503965, 503966, 503967, 503968, 503969, 503970, 503971,                                                                                                                     ·   Airborne drone magnetic high resolution survey
 503972, 503973, 503974, 564422, 564425, 564429, 564432, 672121, , 845433,

 845450, 845451, 845452)

                                                                                                                                                                                                    ·   Ground EM, Magnetic and Induced Polarisation Geophysics Surveys

                                                                                                                                                                                                    ·   Pitting/Trenching at 12 locations

                                                                                                                                                                                                    ·   Exploration Camp for 15 persons

                                                                                                                                                                                                    ·   Access Trails to link with existing logging trails from the north of
                                                                                                                                                                                                    the Obonga Project area.

 

 

 

Figure 1: Awkward West Exploration Permit PR-24-000076 Permitted, Claim Cells,
Drill Pads, Camp and Access

 

 

Obonga Project Background

 

·    Total Area: 291 km(2)

·    Prospective for: Base Metals (Copper, Zinc, Lead, Nickel) and
Precious Metals (Gold, Silver and Platinum Group Metals) with Energy Mineral
(Lithium, Graphite) potential.

·    Significant Neighbours: Mattabi Mine (Glencore) and Sturgeon Lake VMS
Camp to west, Lac des Iles Mine (Impala Canada) to south.

·    Potential: Canada's Next Mining District

 

The Obonga Project is Panther's flagship project, which has advanced from a
greenfield regional data based target area, through proof of concept to
drilling success and base metal VMS and graphite discoveries (1, 2, 3).

 

Panther has achieved significant milestones through successful drilling
campaigns at Obonga's Wishbone prospect, revealing a substantial Volcanogenic
Massive Sulphide system. The Wishbone discovery, a first of its kind on the
Obonga Greenstone Belt, is characterised by impressive drill hole intercepts,
including 27.3m of massive sulphide and 51m of sulphide-dominated
mineralisation (1).

 

Further drilling in late 2022 reaffirmed the potential (2), with intersections
such as 3.6m @ 3.9% Zn, including 2m @ 6.8% Zn & 4.3 g/t Ag, indicating
proximity to metal-fertile fluid flow. The discovery of the Wishbone VMS
system is pivotal, boding well for the existence of additional VMS bodies in
the vicinity, given their tendency to occur in clusters.

 

The Survey and Awkward targets also witnessed preliminary drilling, confirming
VMS style mineralisation at Survey with a 29m wide intercept of cyclical
semi-massive and disseminated sulphide, with graphite discovered at Awkward
(1, 2). This, coupled with the Wishbone discovery, solidifies the Obonga
Greenstone Belt's status as a new emerging VMS Camp.

 

The Obonga Greenstone Belt, with its emerging VMS Camp status, is
strategically positioned close to national railroad transport links and the
industrial port city of Thunder Bay. Moreover, it is approximately 75km east
of the former Mattabi/Sturgeon Lake Mining Camp on the Wabigoon Greenstone
Belt, underlining its advantageous geological and logistical position.

 

The presence of significant gold occurrences, base metals, and promising
exploration results in the Obonga Greenstone Belt contribute to its appeal as
a potential mining district. This strategic positioning makes it an attractive
prospect for future resource development and exploration.

 

References

 

1:             Company announcement, dated 2 February 2023,
'Obonga: Flake Graphite Discovery'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xzjzl3w
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/xzjzl3w)
)

 

2:             Company announcement, dated 11 January 2024,
'Graphite Discovery Grows Significantly at Obonga'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv484pw
)

 

 

3:             Company announcement, dated 2 February 2023,
'Obonga: New VMS Camp Discovered & High Grades Intersected'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x4gy0kx
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/x4gy0kx)
)

 

4:             Company announcement, dated 18 January 2022, 'VMS
Mineral System Discovered on Obonga Project'

(
 https://polaris.brighterir.com/public/panther_metals/news/rns/story/x8kld5x
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/x8kld5x)
)

 

 

 

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.

 

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