RCS - Panther Metals PLC - Obonga: Graphite Exploration Update

Panther MetalsAnnouncement

30/05/2024 08:45

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RNS Number : 4414Q  Panther Metals PLC  30 May 2024

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PANTHER METALS PLC

30 May 2024
("Panther" or the "Company")

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

Obonga: Graphite Exploration Update

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in
Canada, is pleased to announce the appointment of Bayside Geoscience Inc
("Bayside") of Thunder Bay, Ontario, to commence graphite focussed ground
exploration work on the Awkward and Awkward East prospect areas on the eastern
side of the Obonga Project.

 

The Bayside work programme which is scheduled to commence on 3 June 2024
follows on from a comprehensive data review, initially targeting numerous
surface occurrences of graphite noted in historical reports, and with the
objective of mapping the strike extensions of the wide graphite mineralisation
intersected by Panther drill hole BBR22_AW-P1-1 which intersected over 27m of
Total Graphitic Carbon.

 

The Company's Obonga Project covers 90% (291 km(2)) of the district scale
Obonga Greenstone Belt in northwest Ontario, Canada. The Awkward area is also
prospective for nickel-copper-platinum group element bearing magmatic conduits
as well as graphite.

 

Highlights

 

·    Bayside Geoscience is a highly experienced independent geological
consulting company based in Thunder Bay, Ontario.

 

·    Historical reports note numerous occurrences of surface graphite, as
well as historical graphite in drill core observations, on the eastern side of
the Obonga Project, coincident with the Awkward and Awkward East prospect
areas.

 

·    Initial geological interpretation suggests a preliminary graphite
target area in the region of 21 km(2) across the Awkward and Awkward East
prospect areas.

 

·    Panther intersected a 27m wide zone of graphite mineralisation
grading up to 5.12% Total Graphitic Carbon ('TGC') in diamond drillhole
BBR22_AW-P1-1. Core samples were analysed by ALS Laboratories for TGC analysis
(by method C- IR18) in order to confirm the presence of crystalline 'flake'
graphite.

 

·    Bayside programme will seek to determine the surface extent of
graphite along strike from drillhole BBR22_AW-P1-1, which was drilled to test
a geophysical modelled conductive target at the western end of a 730m long
conductive lineament 'Trend 3'. Ground prospecting and additional plate
modelling has the potential of extending the conductive Trend 3 a further 4.1
km eastwards.

 

Darren Hazelwood, Chief Executive Officer, commented:

 

"Graphite has become a mainstay of the global drive towards net-zero
emissions. Largely ignored for decades, with supply centred in China, North
America has placed the supply of the graphite at the heart of the critical
minerals supply chain.

 

Panther's discovery of graphite at Awkward, combined with a comprehensive data
review, adds confidence to our belief graphite has the potential to transform
the Company.

 

The Bayside programme will seek to confirm both the lateral strike extent of
Panther's drilled graphite discovery - which has the potential to be on a
kilometre based scale - and additional graphite occurrences noted in the
historical accounts of the wider area.

 

This work has the potential to quickly accelerate our understanding of
Obonga's graphite endowment and will significantly advance the graphite side
of the business."

 

Background

 

In October-November 2022 Panther undertook a 9 hole 1,500m diamond drilling
programme over the Wishbone, Survey and Awkward Prospect areas.  The Awkward
drilling comprised three holes (totalling 243m) designed to test the first 3
of 20 conductive plate targets identified by Maxwell Plate Modelling of
electromagnetic ('EM') geophysical data.  The 20 conductive plates outline
four distinct conductive lineations or 'Trends' which are interpreted to
relate to sulphide bearing magmatic conduits and graphite.

 

The most southerly of the conductive lineations, Trend 3, was intersected by
Panther diamond drill hole BBR22_AW-P1-1.  The 91m long hole intersected
35.1m of graphitic metasediment from 8.4m downhole near the western end of
Trend 3.

 

As a precursor to complete hole sampling an initial 2.65m assayed interval
from the 35.1m wide graphitic zone, was submitted to ALS Laboratories for
Total Graphitic Carbon ('TGC')  analysis (by method C- IR18) in order to
confirm the presence of crystalline 'flake' graphite as observed during core
logging. This assayed interval totalled 2.65 m @ 4.02% TGC from 21m, including
1m @ 5.12% TGC from 21m (1). As the graphite mineralisation was open above and
below the sampled interval, follow-up sampling was conducted extending the
total downhole intersection of graphitic carbon to 27.2m @  2.25 % TGC
between 12m to 43.3m downhole (2).

 

The Bayside work programme will seek to determine whether the graphite
outcrops to surface and if it extends to the full length of Trend 3. Based on
the plate modelling Trend 3 is currently circa 730m long but remains open to
the east. Current interpretation based on conductance levels supports the
continuation of the graphite body.

 

Based on preliminary interpretation of the EM data there is the prospect that
additional plate modelling eastwards of Trend 3 could extend the conductive
lineation a further 4.1km to the east, which would significantly enlarge the
potential size of a graphite target.

 

Further Graphite Targets

 

On 29 December 2023 Panther announced the Obonga Project Awkward East Claim
Purchase Agreement (3), which has enlarged the Awkward Prospect area by an
additional 7.25 km(2) to the east.

 

A review of historical reports for the Awkward East area has shown that a
single 55m long diamond hole (Number 66-1) drilled by Cantri Mines Limited in
June 1966 intersected three graphitic 'flow' zones interbedded with rhyolite
on the western end of the Awkward East claim block.  Whilst this drill hole
was a single isolated hole it is located on the eastern end of a 6.5km long
conductive lineament (the 'Cantri Trend') based on the Garden-Obonga Airborne
Geophysical Survey flown by the Ontario Government in late 1999.  It is
noteworthy that the Cantri Trend runs to 2km to the north and parallel to
Panther's Trend 3 and that both can in part be attributed to graphite.

 

Initial geological interpretation has established a preliminary graphite
target area in the region of 21 km(2) across the Awkward and Awkward East
prospect areas.

 

In addition to the graphite potential Awkward remains 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).

 

 

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

 

3:             Company announcement, dated 29 December 2023,
'Obonga Project Awkward East Claim Purchase Agreement'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xlj3d7r
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/xlj3d7r)
)

 

 

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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