RCS - Panther Metals PLC - Permit issued - Correction

Panther MetalsAnnouncement

22/07/2024 10:45

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RNS Number : 2871X  Panther Metals PLC  22 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)

22 July 2024

Dotted Lake: Award of Exploration Permit-Correction

Panther Metals plc (LSE:PALM) the company focused on mineral exploration in
Canada, is pleased to announce the receipt of Exploration Permit PR-23-000215
(the "Permit") located upon the North Limb of the Schreiber-Hemlo Greenstone
Belt, Ontario. Approximately 16km north of the 23Moz Au Barrick owned Hemlo
mine and south of the historic Geco copper/zinc mine.

 

The Permit is valid through to 17 July 2027 and allows for a comprehensive
programme of critical mineral discovery focussed works on the highly
prospective intrusive linked nickel-copper-cobalt and Platinum Group Metal
targe in the north-east of the Dotted Lake project area. Details of the
exciting target are outlined below.

 

 

Darren Hazelwood, Chief Executive Officer, commented:

 

"Dotted Lake has generated a huge amount of interest since the Canadian listed
exploration junior 'GT Resources Inc' began unravelling the new district scale
potential along their Tyko One Belt - a target that ultimately led to Glencore
taking a stake in that business.

 

The parallels drawn between those discoveries and what is known about the
north shore of Dotted Lake has not been missed by the industry. To date I've
fended off any interest; for a junior explorer to have this strength of
target, in proximity and comparable to GT's greenfield success, is a rare
situation, and Panther's potential for growth is highly favourable given the
technical similarities. Owning 100% of this project with no underlying
financial instruments has strengthened our hand, the Exploration Permit was
the only requirement, and excitedly this is now in place.

 

With the Permit now in place our options expand. All options will naturally be
considered, but in the true spirit of exploration, risk capital deserves the
opportunity for the greatest return.

 

Currently almost no opportunity exists outside of GT Resources for anyone else
to enter this new district. Panther has already constructed a trail on the
property and so combined with historic logging roads, the required
infrastructure is largely in place.

 

With our 3D geophysical modelling on the north shore underway and discussions
at an advanced stage in Canada on how we will finance and conduct a
comprehensive programme at Dotted Lake, I look forward to updating the market
in the very near future."

 

 

Table 1: Exploration Permit and Prospect Details

 

 Exploration Permit Application Number (Administrative Area & Claim              Prospect Name (location)                        Targeting  & Exploration Rational                                              Requested Activities
 numbers)
                                                                                                                                                                                                                ·   Mechanised Drilling (15 diamond core drill pads)

 PR-23-000215                                                                    Intrusive related Critical Mineral Target

                                                                                                                                 Distinct 2.8km long linear trend of soil anomalies coincident with the         ·   Electromagnetic ("EM") and Induced Polarisation ("IP") Geophysics with

                                               geophysical signature of an interpreted ultramafic body.                       associated line cutting
 (Black River and  Olga Lake areas                                               (Ni, Cu, Co, Zn & PGE)

                                               Additional coincident electromagnetic and magnetic target associated with Cu   ·   Up to 36 planned pits / trenches
 Cells: 541544 ,541545 ,541546 ,541547 ,541548 ,541549 ,541550 ,541551 ,548348   (north and northeast of Dotted Lake property)   soil anomalies along strike from a known Zn occurrence.

 ,548349 ,548350 ,548351 ,548352 ,548353 ,548354 ,548355 ,548356 ,548357

 ,548358 ,548359 ,548362 ,548363 ,548364 ,548365 ,548366 ,550121 ,550122

 ,550124 ,550125 ,550126 ,550127 ,550128 ,550129 ,550130 ,600373 ,600379
                                                                              ·   Stripping (unto 10 localities)
 ,600380 ,600384 ,600386 ,600387 ,600388 ,600390 ,600391 ,600392 ,600394                                                         Historical soil anomalies peaking at 614ppm Ni ,

 ,600395 ,600396 ,600397 ,600399 ,600404 ,600409 ,600410 ,600413 ,600415

 ,600418 ,600419 ,600421)                                                                                                        861 ppm Cu and 214 ppm Co located  east along strike from multi element

                                                                                                                               anomalies identified by Panther's soil survey grid.                            ·   Exploration camps

                                                                                                                                                                                                                ·   Access trails

 

 

Figure 1: Dotted Lake Exploration Permit PR-23-000215 Permitted, Claim Cells,
Drill Pads, Camp and Access

 

 

 

 

Dotted Lake Project Background: Critical Mineral Potential

 

·    Total Area: 36.9 km(2)

·    Prospective for: Base Metals (Nickel, Cobalt, Copper, Zinc) and
Precious Metals (Gold, Silver, and Platinum Group Metals)

·    Significant Neighbours: Barrick Gold (Hemlo Mine) to south, GT
Resources (TSXV: GT) (Glencore 16.7% stake) to east.

 

The Dotted Lake Project encompasses a substantial 36.9 km² within the North
Limb of the Schreiber-Helmo Greenstone Belt, situated 16 km north of Barrick
Gold's Hemlo Gold Mine which has produced over 22 Moz of gold over 30 years to
date and 9 km  from GT Resources recent discovery at West Pickle Lake on
their Tyko One Belt. The area is considered very prospective for ultramafic
intrusive related nickel and base metal mineralisation as well as gold.

The Dotted Lake area has undergone Panther's airborne electromagnetic and
magnetics geophysics survey, extensive soil sampling and stratigraphic
drilling, laying the groundwork for potential discoveries.  Three dimensional
inversion modelling of Panther's geophysical data is currently underway.

Figure 2: Location of the Dotted Lake Project, East of Thunder Bay, Ontario,
Canada

 

Panther Metals acquired 100% of the Dotted Lake Project in July 2020. An
extensive soil programme conducted in 2021 identified numerous gold and base
metal targets, all within the same geological footprint as Hemlo. Following
the reopening of a historical trail providing direct access to the target
location, an initial drilling programme in the autumn of 2021 confirmed the
presence of gold mineralisation within this system with anomalous gold
continuing along strike and present within the surrounding area. Dotted Lake
sits upon 2.7 billion year old, Archaean age, rocks that form the
north-eastern 'Dotted Lake Arm' of the Schreiber-Hemlo Greenstone
Belt. Geology consists sequences of foliated, fine grained, dark green,
amphibole rich metavolcanic rocks situated within an east-northeast trending
isoclinal syncline. The metavolcanics have been intruded by granitoid rocks of
the Dotted Lake Batholith in the southeast of the property whilst In the
northeast an ultramafic intrusive complex flanks the two.

On 22 February 2021, Panther Metals announced the receipt of the processed
high-resolution Airborne TDEM and Mag geophysics survey data and associated
maps and report over the Dotted Lake Property on the north limb of the
Schreiber-Hemlo greenstone belt in Ontario, Canada. Prospectair Geosurveys had
conducted the helicopter 818 line-km survey over a series of seven flights
between 9-11 December 2020. A total of 138 geophysical anomalies were
identified by the survey, with high priority anomalies prioritised for
follow-up ground investigation.

In June 2021, Panther Metals contracted the experienced Thunder Bay based
Fladgate Exploration Consulting Corporation to undertake a soil geochemistry
sampling programme over a 1.60km by 0.85km target area. The soil geochemistry
survey was designed to build out and in-fill the westerly strike extensions of
high grade gold mineralisation intersected by historical trenching undertaken
by a previous licence holder in 2010 (Tr-10-4) and as confirmed during Panther
Metals' reconnaissance sampling (gold up to 18.9g/t Au) announced 5 November
2020. The soil survey provided important geochemical coverage of target
structures outlined by Panther's airborne geophysical survey (see Figures 3
& 4) and delineated a 1.3km long shear-related gold anomaly striking
westward from the site of Panther's Dotted Lake drill hole. A total of 18
multi-element anomalies were also identified including areas of very strong
nickel in soil.

Figure 3: Dotted Lake Geochemical Soil Sampling Anomalies

Nickel and Cobalt Targets

Panther also digitised historical exploration data in conjunction with the
airborne and soil survey data. This work defined a new area, in the northeast
of the Dotted Lake property, which is also considered very prospective zone
for nickel mineralisation and which is underlain by an ultramafic intrusive
complex. The historical geochemical soil survey data based on work undertaken
by Clear Mines Ltd in August 1983, shows a 2.8km long linear broadly east-west
striking zone of elevated nickel in soil coinciding with a mapped ultramafic /
gabbro intrusive unit and a distinct geophysical anomaly (Figure 5).

 

The Clear Mines Survey consisted of 577 soil samples analysed for 27 elements,
collected on a series of north-south lines directly to the east of the Panther
2021 soil survey area. Nickel is elevated across the prospect area defined by
highs ranging 137 - 235 ppm Ni and peaking at 614ppm Ni in the eastern end.
Other soil anomalies across the Ni Target include cobalt (Co) up to 214 ppm Co
and copper (Cu) up to 861 ppm Cu.

 

The western end of the ultramafic intrusive is shown on government mapping to
lie beneath the lake, however the geophysics survey and the Panther soil
survey data indicates that the intrusive rocks extend further to the west and
may underlie the soil survey Anomaly A and Anomaly C (Figure 4) as reported 9
November 2021.

 

Panther's Ni Target is located 9km west of a new zone of massive nickel-copper
sulphide mineralisation drilled by GT Resources (TSXV: GT) at their Tyko
Project.

 

 

Figure 4: Panther Soil Nickel Results and Clear Mines Survey Historical Soil
Assay Results

 

 

Figure 5: Map Showing Highly Anomalous Soil Geochemical Results over Airbourne
Total Magnetic Intensity Magnetics and Electromagnetic Imagery

 

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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