REG - Panther Metals PLC - Batch 2 Assay Results

Panther MetalsAnnouncement

17/03/2025 07:15

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RNS Number : 8667A  Panther Metals PLC  17 March 2025

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 FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

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

17 March 2025

Dotted Lake: Drilling Results

Batch 2 Drill Core Assay Results Confirm Ultramafic Intrusive Fertility

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in
Canada, is very pleased to announce the second batch ("Batch 2") of drill core
assay results from the Phase 1 Diamond Drilling Programme (the "Drill
Programme") at the Dotted Lake Project  ("Dotted Lake" or the "Project"), on
the north limb of the Schreiber-Hemlo Greenstone Belt in Ontario, Canada.

 

The Batch 2 assay results only include the bottom 53m of the 94m wide
ultramafic intrusive intersection sampled in drill hole DL24-004, the results
include sampled intervals  from 194.0m to 247.0m downhole depth, with the
assay results for the remaining 96.75m sampled awaited. Batch 2 also contains
assays for the entirety of sampled intervals in hole DL24-005 (9.2 to 322.2m).
See Table 1 and Figure 1 for drill hole locations.

 

The drill core assay results for DL24-001 (Batch 1) confirmed a 1.2km long
open-ended gold trend and the intersection of high-grade zinc/gold
volcanogenic massive sulphide ("VMS") style mineralisation as reported 30
December 2024.(1)

 

Darren Hazelwood, CEO, commented:

 

"Our two primary objectives of the Dotted Lake drilling campaign have been met
and exceeded with the partial assay results for drill hole DL24-004 alone.
We have verified the existence of an extensive ultramafic body and have shown
that the body is mineralised. DL24-005 also returned highly anomalous
promising results to the north of the intrusive contact boundary.

 

The hole 4 assay results comprise only 53m of the 94m ultramafic intrusive
intersection assayed, with the remaining assays for this hole awaited. Drill
holes two and three, some 2.5km to the west, also intersected the ultramafic
body, and those results are also awaited.

 

Without doubt these results have the potential to be the start of something
very special. Previous to this campaign the mineralised nature and morphology
of the ultramafic intrusive was a theory, again the Panther team have provided
further evidence of their remarkable capabilities."

 

 

Technical Highlights

 

·    Assays confirm the targeted intrusive is an extensive ultramafic body
which is mineralised with platinum group elements ("PGE"), platinum (Pt) and
palladium (Pd), as well as nickel (Ni), chromium (Cr) and silver (Ag), and
which displays distinct ultramafic layering. These factors point to Dotted
Lake being part of a Fertile Mineral System.(2)

 

·    Drill hole DL24-004 intersected 53.0m @ 0.14 % Ni, 0.01 g/t Pt, 0.03
g/t Pd, 0.89 % Cr* from 194.0m.

 

·    Drill hole DL24-005 intersected 55.1m of anomalous Ag, Pt, Pd plus
anomalous Cr without intersecting ultramafic, plus 0.4m @ 1.63 g/t Au from
123.5m.

 

·    Modelling and interpretation of results is ongoing, updated overlimit
results, tables and cross-sections will be published once the remaining two
batches of drill core assay results are received and interpreted.

 

Drill Hole PL24-004

 

·    PL24-004 is one of three drill holes to intersect the targeted
intrusive body and the first hole for which ultramafic assay results have been
received.

 

o  Assay results received for bottom 1/3 of hole (194 to 247m end of hole).

 

§ Assay for the remaining 96.75m sampled will include a further 41m
intersection which is logged at ultramafic.

 

§ End of drill hole remains in ultramafic (hole did not hit the intrusive
base or pass out the other side).

 

o  Drilling has confirmed the intrusive is an ultramafic with varying degrees
of serpentinisation.

 

o  Results show the intrusive is fertile in Ni/Cr/PGE and that detailed
mineralogical analysis is warranted.

 

o  Five samples returned intersections with overlimit chromium (>1% Cr),
these samples will be reanalysed using the ore grade 'OG62' overlimit assay
method for high grade chromium. The below stated Cr intersections are
currently underestimated due to the overlimit samples.

 

o  DL24-004 (partial results) include samples from 195m to 247m downhole
depths:

 

·    53.0m @ 0.14 % Ni, 0.01 g/t Pt, 0.03 g/t Pd, 0.89 % Cr(*), 0.01 % Co,
0.02 % Cu & 0.06 g/t Ag from 194.0m, including;

 

o  4.6m @ 0.17 % Ni, 0.03 g/t Pt, 0.09 g/t Pd, 0.89 % Cr(*), 0.02 % Co, 0.06
% Cu & 0.31 g/t Ag from 196.7m; and

 

o  7.0m @ 0.15 % Ni, 0.02 g/t Pt, 0.04 g/t Pd, 0.82 % Cr(*), 0.01 % Co, 0.02
% Cu & 0.06 g/t Ag from 233.0m

 

* subject to increase due to overlimit Cr assays.

 

Drill Hole PL24-005

 

·    PL24-005 was designed to test electromagnetic ("EM") geophysical
conductors modelled on the northern edge of the intrusive.

 

o  Intersected alternating volcanosedimentary, gabbro and porphyritic dykes.

 

o  Bottom 41m of hole displays anomalous Ag, Pt, Pd with the addition of
anomalous Cr for the last 12m.

 

o  Assays suggest the end of hole is proximal to the intrusive contact or is
influenced by mineralising fluids associated with the intrusion and the
shearing, although no ultramafic is seen in the geological logging.

 

o  Relationship between the EM geophysical conductors and the drill findings
is currently being studied. Findings will be fed back into the
three-dimensional ("3D") inversion model to understand what appears to be a
complicated zone influenced by both the ultramafic intrusive and the regional
shear structures.

 

o  DL24-005 assays for samples from 9.2 m to 322.2 m downhole depths,
intersections include:

 

·    0.4m @ 1.63 g/t Au, 0.55 g/t Ag & 629 ppm Cu from 123.5m

 

o  Highly anomalous zones, not hosted by ultramafic, include:

 

·    40.1m @ 0.14 g/t Ag, 0.01 g/t Pt & 0.01 g/t Pd from 10.2m

 

·    1.8m @ 0.13 g/t Ag, 0.03 g/t Pt & 0.03 g/t Pd from 66.0m

 

·    4.2m @ 0.59 g/t Ag, 0.01 g/t Pt, 0.01 g/t Pd & 1,803 ppm Cu from
269.3m

 

·    9.0m @ 0.03 g/t Ag, 0.01 g/t Pt, 0.01 g/t Pd & 2,060 ppm Cr from
304.0m, including 2m @ 0.39 % Cr from 304m.

 

 

Phase 1 Drill Hole Programme Objectives Achieved

 

Phase 1 Drill Hole Programme has already met the two main technical objectives
to test as set out below:

 

1.   Verify the existence of an extensive ultramafic intrusive body emplaced
along a regional scale shear zone around the northern margin of the granitic
Dotted Lake Batholith.

 

Evidence to Test:

 

·    Historical mapping showed isolated ultramafic outcrops forming small
islands in the lake, and in places along the shore waterline.

·    Regional scale mapping shows gabbros along the margin.

·    Panther's high resolution airborne magnetic and electromagnetic
survey data was reinterpreted by Abitibi Geophysics. Three-dimensional
inversion modelling of the magnetic susceptibility data pointed to an
extensive buried intrusive body.

·    Panther's 2021 stratigraphic drill hole (PM21-DL-01), trench sampling
and soil sampling showed strong gold anomalism with trench samples up to
18.9g/t Au and the stratigraphic hole intersecting gold and tellurium (over 13
separate intersections from surface to 391m downhole up to 2.57 g/t Au) hosted
in shear zone (predominantly granodiorites).

 

Objective Met:

 

·    Drill holes DL24-002, DL24-003 and DL24-004 intersected ultramafic
intrusive bodies at or in close proximity to the 3D inversion modelled
contact.

 

·    DL24-005 points to mineralising fluids circulating in the periphery
of the contact shear zone.

 

2.   Verify the existence of a Fertile Mineral System associated with the
shear hosted ultramafic intrusive.

 

Evidence to Test:

 

·    Panther's 2021 soil sampling data and historical soil data combined
from work in 1983, showed strong correlation between the inversion modelled
intrusive body and geochemical anomalies for Ni/Co/Au/PGE and Cu as well as
other geochemical vectors.

 

Objective Met:

 

·    Assay results for DL24-004 confirm the ultramafic intrusive that it
is mineralised with anomalous levels of PGE, Pt and Pd as well as Ni, Cr and
Ag displaying distinct ultramafic layering. These factors point to Dotted Lake
being part of a Fertile Mineral System and warrant further detailed study.

 

·    Recently announced results of the 2024 Soil Geochemical Sampling
Programme shows strong nickel, copper, gold and multielement anomalism along
the interpreted strike of the shear zone and the modelled intrusive body.
Highly anomalous soil assays range up to 1,665 ppm copper, 480 ppm nickel, 62
ppm cobalt, 190 ppm zinc, 0.99 ppm silver and 377 ppb gold.(3)

 

 

Table 1: Drill Hole Collar Details for Reported Results

 

 Hole ID   Northing  Easting  Elevation  Hole Azimuth  Hole Dip    Downhole Depth

                              (m)        (degrees)     (degrees)   (m)
 DL24-004  5416935   592760   391        160           45          247
 DL24-005  5417310   592350   408        180           45          325

 

Table notes: Drill hole core diameter NQ2 (50.6mm).  Coordinates stated in
UTM Zone 16N (NAD83 projection).  Hole locations by handheld GPS and may be
subject to change depending on differential GPS survey.

 Figure 1: Location of Dotted Lake Phase 1 Diamond Drill Programme Drill Holes

 Note: Holes with results in this release circled in red.

 

Competent Person Statement

Technical information in this announcement has been reviewed by Nicholas
O'Reilly BSc (Hons) MSc DIC MAusIMM MIMMM FGS, a non-executive director of
the Company. Mr O'Reilly is principal geologist and a director of Mining
Analyst Consulting Ltd. He has over 16 years' experience in mining,
exploration and development across all major commodities. As a qualified
geologist, he can act as Competent Person for JORC Code and listing rules
purposes.

The person who arranged for the release of this information is Darren
Hazelwood, the Company's Chief Executive Officer.

 

References

 

1:         Company announcement, Dotted Lake: Uncovering Discovery of
Gold & VMS Near Hemlo, dated 30 December 2024.

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xe33gor
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/xe33gor)
)

 

2:         Definition: Fertile Mineral System is a geological term
which refers to a geological setting or process that is conducive to the
formation and preservation of economically viable mineral deposits,
characterised by a source of ore-forming elements, suitable pathways for
ore-forming fluids, and favourable geological traps.

 

3:         Company announcement, Dotted Lake: Soil Survey
Significantly Enhances Targets, Soil Assay Results Delineate Strong
Multielement Trends on Dotted Lake North Shore, dated 13 March 2025.

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xj2k8gr
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/xj2k8gr)
)

 

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

 

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.

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.

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.

 

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 12.38% of the issued share capital of Fulcrum Metals
Plc and a 2% NSR on the Big Bear project.

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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