RCS - Panther Metals PLC - Obonga: High Resolution Magnetic Geophysics Survey

Panther MetalsAnnouncement

24/05/2024 07:45

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RNS Number : 8162P  Panther Metals PLC  24 May 2024

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FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

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

24 May 2024

Obonga: High Resolution Magnetic Geophysics Survey

Panther Metals PLC (LSE:PALM) the company focused on developing Canada's next
base metal volcanogenic massive sulphide ("VMS") camp and graphite deposit, is
pleased to announce the commissioning of a high resolution airborne magnetic
geophysics survey ("Magnetics Survey") at the Company's Obonga Project in
Ontario, Canada.

The Magnetics Survey will be carried out by Pioneer Exploration Consultants
Ltd. ("Pioneer") over an estimated 430 line/km utilising an unmanned aerial
vehicle ("UAV" or "Drone") over three VMS prospect areas including the
Wishbone Prospect, the Survey Prospect and the Ottertooth Prospect. The
Wishbone and Survey prospects are both known to host VMS mineral systems,
based on Panther's 2021 and 2022 drilling programmes(1,2) whilst the
Ottertooth Prospect has been identified as being highly prospective for
hosting VMS style mineralisation based on regional scale geophysical modelling
and lake sediment geochemical data.

The high-resolution Magnetics Survey data will provide amongst a variety of
data products, a three dimensional ("3D") inversion model that will help
refine planned drill hole orientations to target high grade base metal zones
at depth, as well as providing inputs for the mineral system modelling.

Details of the planned geophysics surveys which are expected to commence in
early June are outlined in Table 1 below.

Darren Hazelwood, Chief Executive Officer, commented:

"It's a stunning achievement by our team to discover two previously unknown
VMS systems on Obonga, from a total of only six holes drilled. We must now
start to move into the ore discovery phase of work.

The 2024 VMS exploration work programme kicks off with the commissioning of
three high-resolution magnetic geophysics surveys and 3D inversion modelling
as we target stepping out our drilling of the exciting copper, zinc, silver
targets at Wishbone and Survey, with Ottertooth being a new VMS exploration
zone identified by our team on our flagship Obonga Project.

 

Pioneer Exploration Consultants are due on site to commence the three drone
based geophysics surveys at the start of June with results expected in short
order. Obonga holds the potential to become the next VMS camp in Canada.

The important data products and 3D models will help us to refine the drill
hole orientations with a view to intersecting the high-grade zones within the
targeted VMS systems.

We look forward to providing further updates as the work bears fruit".

Table 1: Exploration Permit Application and Prospect Details

 UAV Magnetics           Survey                               Prospect          Planned      Planned                  Planned Magnetic Survey Data

Survey Rational
Equipment
Name
Survey

Products

Size        Flight
                                                              (survey target)   (line-

kilometre)  Line Azimuth (degrees)
 Targeting VMS           Unmanned                             Wishbone          190          090° -                   ·                Final Total Magnetic

style base metal
Airborne
VMS

Intensity

mineralisation at
magnetometer
                              270°                     · · · ·

depth.
survey system                       (VMS system
                First Vertical derivative Second Vertical Derivative Horizontal Derivative

incorporating:
confirmed by                                           ·                Analytic Signal
 3D Inversion

drilling)

modelling will         Base station                                                                                                  3D Inversion Models

facilitate drill hole
magnetometer

orientation
GSM-19W

planning to target
Overhauser

the expected high

base metal grade       Airborne

parts of the
magnetometer

targeted VMS
Gem Systems

systems.
GSMP-35U

potassium vapor

magnetometer &

ancillary

electronics.
                         Survey VMS                                             200          000° -

                         (VMS target confirmed by drilling)                                  180°
                         Ottertooth                                             40           000° -

VMS

Prospect                                                           180°

                         (prospective

for VMS style

base metal

mineralisation)

 

Reference Notes

1              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
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/x4gy0kx)
)

2:             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)
(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 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.

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