RCS - Panther Metals PLC - Obonga Awkward West Exploration Permit Application

Panther MetalsAnnouncement

22/04/2024 08:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240422:nRSV4899La&default-theme=true

RNS Number : 4899L  Panther Metals PLC  22 April 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)

22 April 2024

Obonga: Awkward West Exploration Permit Application

Panther Metals PLC (LSE:PALM) the company focused on developing Canada's next
VMS camp and graphite deposit, is pleased to announce it has submitted a
further Exploration Permit application for additional drilling following the
intersection of significant widths of graphite mineralisation comprising 27.2m
@ 2.25 % Total Graphitic Carbon (1), on the Awkward Prospect at the Company's
Obonga Project ("Obonga") located on the Obonga Greenstone Belt in northern
Ontario. This Awkward West application is in addition to the Awkward East
permit application (2) which was announced 2 April 2024 and covers ground
prospective for graphite deposits as well as intrusive hosted platinum group
elements, to the west and south of the Awkward East application area.

 

The Exploration Permit application concerns planned work within 21 Mining
Claims ("Claims") in the Puddy Lake Area and Obonga Lake Area administrative
regions.

 

The submitted application covers a planned series of up to 31 diamond core
drill pads and associated down-hole and surface geophysics surveys spread
across the Awkward West application area on the eastern side of the Obonga
Project.

 

Details of the permit application is outlined in Table 1 below.

 

Darren Hazelwood, Chief Executive Officer, commented:

"We are delighted to announce the completion of our third, and final, drilling
licence application, a pivotal step in our short-term strategy for Obonga.
With a focused approach on Graphite and VMS, this step solidifies our
commitment to discovery following very encouraging results from our previous
work.

Obonga can deliver huge value to our stakeholders. We hold such a dominate
position on this greenstone belt, that with further discoveries, interested
parties will have to engage with Panther Metals. This was always our strategic
aim and is now showing increasing signs of being a very shrewd move.

Our initial steps around the graphite will be undertaken shortly as the
snowmelt accelerates in northwest Ontario. Should we be able to replicate the
observations from previous ground work conducted over the last 60 years, it's
my belief we will quickly see the potential develop over the coming weeks and
months. The edge of the prospective area is only around 1km from a network of
trails and roads that lead directly to the main Armstrong to Thunder Bay
highway."

 

 

Table 1: Exploration Permit Application 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

                                                                                                                                                                                                    ·   Exploration Camp for 15 persons

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

 

Reference Notes

 

1              Panther Metals PLC company announcement, 'Graphite
Discovery Grows Significantly at Obonga', dated 11 January 2024 (
https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv484pw
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv484pw)
)

 

2              Panther Metals PLC company announcement, 'Obonga
Graphite: Awkward East Exploration Permit Application', dated 2 April 2024
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/xze4m7x
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/xze4m7x)
)

 

 

 

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  NRAPPUMPCUPCUMP