RCS - Panther Metals PLC - Obonga Project: Wishbone Drone Magnetics Survey

Panther MetalsAnnouncement

21/05/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250521:nRSU4943Ja&default-theme=true

RNS Number : 4943J  Panther Metals PLC  21 May 2025

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 1JURISDICTION

PANTHER METALS PLC

("Panther" or the "Company")

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

21 May 2025

Obonga Project: Wishbone Drone Magnetics Survey

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in
Canada, announces Pioneer Exploration Consultants Ltd ("Pioneer") are
mobilising to conduct a high resolution drone based airborne magnetic
geophysics survey ("Magnetics Survey") over the Wishbone Prospect, an emerging
and highly prospective base metal volcanogenic massive sulphide ("VMS")
system, on the Obonga Project in Ontario, Canada.

 

The Magnetics Survey which is due to be flown within the next seven days, the
processed data and three dimensional ("3D") inversion model will provide
important supplementary data as Panther targets a significant drill programme
on this highly prospective VMS system.

Panther has already made significant strides in advancing the flagship Obonga
Project situated on the Obonga Greenstone Belt of northwestern Ontario. To
date, the Company's exploration efforts have led to the discovery of two VMS
systems, the Wishbone Prospect and the Survey Prospect, which together show
potential for the establishment of a new VMS camp in this underexplored
region.

CEO, Darren Hazelwood.

 

"Wishbone has emerged as a highly significant target within our exploration
portfolio, with all indicators pointing to strong upside potential. The
upcoming drone survey is the final component needed to complete our drill
planning data set and will play a key role in refining our drill hole
orientations. This is a pivotal moment-once the survey and data processing is
complete, we will be in a strong position to move rapidly toward the next
phase of value creation. Investors can expect a clear, data-driven pathway
forward at one of our most promising prospects."

Wishbone VMS Discovery

Initial drilling campaigns in 2021 and 2022 at the Wishbone Prospect revealed
substantial VMS mineralisation. Notable intercepts include 27.3 metres of
massive sulphide and 51 m of sulphide-dominated mineralisation, indicating a
robust mineral system. Further drilling in late 2022 reinforced the potential,
with intersections such as 3.6 m @ 3.9% zinc, including 2 m @ 6.8% zinc and
4.3 g/t silver, suggesting proximity to metal-rich fluid pathways.

The geological characteristics of the Wishbone VMS system suggest a
sub-seafloor origin, which is often associated with higher tonnage and grade
potential. This discovery is pivotal, as VMS deposits typically occur in
clusters, implying the possibility of additional mineralised bodies in the
vicinity.

Drone Magnetics Survey and Exploration Permit

To further delineate the extent of the Wishbone VMS system, Panther secured
Exploration Permit PR-24-000022, valid through 20 June 2027. This permit
authorises a comprehensive exploration programme, including up to 39 diamond
core drill holes, down-hole electromagnetic geophysics, and the current
high-resolution airborne drone magnetic survey.

The Magnetics Survey aims to identify coincident magnetic anomalies, which are
critical in targeting additional sulphide lenses and their morphology. These
geophysical methods are instrumental in mapping subsurface structures and
enhancing the understanding of the mineral system's architecture.

The survey consists of approximately 190 line-km of airborne data to be
collected at 25m spaced flight lines and 250m spaced tie lines (Figure 1). The
survey will be flown at an east-west orientation perpendicular to the
mineralisation and is expected to complete within two days flight time.
Processing and 3D inversion modelling of the data is expected to take a
further three weeks to undertake.

 Figure 1: Wishbone Planned Magnetics Survey Area showing 25m spaced E-W flight
 lines and 250m spaced N-S tie lines.

Emerging VMS Camp

The Obonga Greenstone Belt is rapidly gaining recognition as an emerging VMS
camp. In addition to the Wishbone discovery, preliminary drilling at the
Survey prospect confirmed VMS-style mineralisation, with a 29-metre-wide
intercept of cyclical semi-massive and disseminated sulphide. These findings,
coupled with the strategic location approximately 75 km east of the historic
Mattabi/Sturgeon Lake Mining Camp, underscore the region's potential.

The Obonga Project's proximity to national railroad transport links and the
industrial port city of Thunder Bay enhances its logistical advantages,
facilitating future development and potential production.

Strategic Outlook

Panther's systematic exploration approach, combining drilling and advanced
geophysical surveys, positions the Company to capitalise on the Obonga
Greenstone Belt's untapped potential. The ongoing drone survey and planned
drilling programmes are expected to further define the scale of the Wishbone
VMS system and identify additional targets within this promising geological
setting.

Panther is committed to proving-up commercial discoveries on Obonga and has a
strong trajectory toward establishing a new mining district in northwestern
Ontario.

 

 

For further information please contact:

 

 

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:            +44(0) 1462
429 743

 
                             +44(0) 7971 957 685

Broker:

SI Capital Limited

Nick Emerson
                +44(0) 1438 416 500

 

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 two highly
prospective properties in Ontario, Canada.

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.

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  NRABBLLLEELLBBF