RCS - Panther Metals PLC - Obonga: Progress Update

Panther MetalsAnnouncement

01/07/2024 07:15

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RNS Number : 4844U  Panther Metals PLC  01 July 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)

1 July 2024

Obonga: Progress Update

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 provide an update for both the VMS and graphite focussed work
streams at the Obonga Project in Ontario, Canada.

 

Darren Hazelwood, Chief Executive Officer, commented:

 

"The high resolution, low altitude 25m line spacing, magnetic geophysical
drone survey over the Survey, Ottertooth and Silver Rim prospect areas will
greatly enhance our drill targeting on these three highly prospective systems.
The digital data is currently being processed and we eagerly await the 3D
inversion models and mapping products.

 

Panther's metallurgical work has already confirmed that the single hole
drilled into the 3km long Survey anomaly, intersected another VMS system and
this new magnetic geophysics data will help refine the potential size of this
deposit over which we have a current drill permit. We also have drill permits
for the Ottertooth and Silver Rim prospects, both of which represent areas of
high interest that will be targeted in the same aggressive manner we conducted
at Survey.

 

I'm delighted with the feedback from the geological team who have been working
on the ground in the Awkward area of Obonga; the fact we are sending a host of
samples to the laboratory for total graphitic carbon assays speaks volumes for
the potential of the area post our graphite discovery announced earlier this
year. I look forward to sharing the results once known."

 

 

VMS Targeting: High Resolution Magnetic Geophysics Survey

 

Geophysical survey experts Pioneer Exploration Consultants Ltd. ("Pioneer")
have completed the unmanned aerial vehicle ("UAV" or "Drone") high resolution
airborne magnetic geophysical surveys over three high prospectivity areas at
Obonga.  The Survey, Ottertooth and Silver Rim prospect areas flown are
covered by Exploration Permit PR-22-000116.  Whilst the Survey Prospect
comprises a VMS discovery, as determined by the 2022/23 drilling results (1),
the Ottertooth and Silver Rim prospects remain exciting regional geophysical
anomalies which have yet to be drill tested.

 

Pioneer are currently processing the data sets to prepare a suite of magnetic
mapping products as well as 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. Given the apparent success of this work to date  Panther are
extending the magnetic survey work over additional target areas including the
Wishbone VMS, following the recent award of the new Wishbone Exploration
Permit (PR-24-000022), and will incorporate the Awkward graphite and conduit
target areas into a survey in the near future.

 

Graphite Workstream

 

Concurrent to the completion of the geophysical survey work, further to the
Company announcement of 30 May 2024 (2), the Bayside Geoscience Inc
("Bayside") field team has made good progress on the graphite focussed ground
exploration work on the Awkward prospect areas during the month of June.

 

Over the course of two separate visits, interspersed by a week-long period of
bad weather which prevented helicopter access, the Bayside team successfully
traversed and mapped five separate regions along strike and parallel to
Panther's graphite drill discovery(3,4), and the conductive plate modelling
targets based on the regional electromagnetic geophysical data.

 

The Bayside work has mapped out metavolcanic and metasedimentary rock packages
constrained by gabbroic intrusives that are orientated strike parallel to the
conductive plates. Encouragingly more competent rock units at a number of
localities displayed distinct tourmaline veining, a metamorphic hydrothermal
mineral that often forms in association with graphite and with gold.

 

A representative collection of 19 samples from a total 66 outcrop areas have
now been submitted to ALS laboratories for graphite, precious metal and 61
element assay methods. The results of this work will help refine the graphite
targets.  Further information will be provided once the results are
available.

 

 

References

 

1:             Company announcement, dated 22 February 2023,
'Obonga: New VMS Camp Discovered & High Grades Intersected'

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

 

2:             Company announcement, dated 30 May 2024, 'Obonga:
Graphite Exploration Update'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/rmdyv8r
)

 

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

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

 

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

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

 

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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