REG - Panther Metals PLC - Dotted Lake: Drilling and Soil Survey Extension

Panther MetalsAnnouncement

11/11/2024 07:00

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RNS Number : 6500L  Panther Metals PLC  11 November 2024

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PANTHER METALS PLC

("Panther" or the "Company")

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

11 November 2024

Dotted Lake: Drilling and Soil Survey Extension Update

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in
Canada, is pleased to provide an update on the ongoing Phase 1 Diamond
Drilling Programme(1) (the "Programme") at the Dotted Lake Project ("Dotted
Lake" or the "Project"), the 100% owned exploration property situated on the
north limb of the Schreiber-Hemlo Greenstone Belt in Ontario, Canada.

 

The Programme is focussed on  nickel (Ni), cobalt (Co), copper (Cu), gold
(Au) and platinum group element ("PGE") bearing sulphide mineralisation
associated with four initial target areas (Figure 1) in an undercover
mafic-ultramafic intrusive complex in the north-east of the Dotted Lake area.

 

Progress Summary

 

·    As of 7am shift change on 10 November a total of 847m of diamond core
drilling have been undertaken with drill holes DL24-001 (339m end of hole) at
Target D and DL24-002 (328m end of hole) completed and DL24-003 (at 180m) in
progress at Target C.

 

·    Initial drilling has confirmed the presence of the buried ultramafic
intrusive system as modelled from geophysical inversion data and as associated
with anomalous soil geochemical sampling results.

 

·    Early geological core logging confirms the presence of nickel, chrome
and copper bearing minerals and quartz veins prospective for gold.

 

·    Serpentinite alteration has been widely recorded in core.

 

·    Large intervals of the core are highly magnetic.

 

·    The presence of chromite layering has been detected.

 

·    The structurally orientated drill core is geotechnically and
geologically logged and scanned with both a magnetic susceptibility meter and
handheld Vanta C Series X-ray fluorescent ("XRF") analyser at site (2). The
drill core is then transported to Thunder Bay for further detailed geological
logging, core photography, core cutting and sampling for subsequent laboratory
assay.

 

 

·    Soil geochemical sampling grid extension and infill programme
successfully completed over entirety of the planned areas (Figure 1).(3)
Samples will be laboratory assayed and interpreted.

 

Darren Hazelwood, CEO commented:

 

"The north shore of Dotted Lake has always been viewed as geologically
interesting and our work over several years has gradually built up our
understanding of its potential. Until this drilling programme much of this
potential was still a theory, based on the existence of an ultramafic system
interpreted from geophysical signatures, inversion modelling and anomalous
soil samples. The drilling confirmation that the ultramafic system exists
means our theory has been proven correct representing a great success for the
Company and its shareholders.

 

Initial observations of drill core confirm a serpentinite ultramafic intrusive
mineralised system which does contain nickel, chrome and copper. Whilst we
have only drilled on the western edge of the system to date, this confirmation
at Area C represents a highly encouraging start to our drill programme ahead
of a planned move to the eastern, wider part, of the modelled intrusive body
at Target Area E and F.

 

Caution is always required during a drilling programme and its critical
investors understand at this stage we've proven our theory on this location
only, laboratory assays are required to determine elemental content and grade.
I will update the market once the assay results become available and are
interpreted."

 

Summary of Target Areas

 

The initial four drill target areas (Figure 1) comprise significant coincident
anomalies based on geochemical soil sampling assay data, prospecting, and the
results of recent geophysical inversion modelling and interpretation:

 

o  Target Area C: Western end (toe) of the Dotted Lake ultramafic intrusive
complex coincident with multielement anomalies including Ni, Cu, Co, Au and
PGE. Includes Centre for Exploration Targeting ("CET") grid analysis target
zones of significant structural complexity that present preferential sites for
the development of mineral deposits.

 

o  Target Area D: Anomalous soils for Ni, Cu, Co, Au and PGE, over zone of
structural complexity and CET zones on the south flank of an ultramafic
intrusive modelled below Lampson Lake.  Lampson Lake has one of the regions
highest lake sediment copper anomaly (985 ppm Cu) as well as highly anomalous
heavy rare earth elements.

 

o  Target Area E: Multi element soil anomalies located over ultramafic
intrusive body.

 

o  Target Area F: Coincident copper in soil anomalies and electromagnetic
500m long 3D plate modelling conductors, situated on the northern flank of the
ultramafic intrusive complex.

 

Exploration strategies involving drill targeting of geophysical modelled
ultramafic intrusive feeder dykes coincident with soil anomalies have led to
multiple discoveries of high-grade nickel and copper and PGE, to the east of
Dotted Lake by GT Resources Inc. Preliminary interpretation suggests that the
Dotted Lake ultramafic intrusive complex is part of a similar mineralising
system.

Figure 1: Dotted Lake Soil Survey Extension and Infill Areas with Phase 1
Drill Targets

 

Reference Notes

 

1:         Company announcement, 17 October 2024, Dotted Lake: Diamond
Drilling Mobilisation,

            (
https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv32yvr
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv32yvr)
)

 

2:         Due to the veiny and spotty (non-homogenous) nature of
geological sample from diamond drill core the use of an XRF is unsuitable for
making estimates of mineralogical grade. The XRF analyser is used to help with
the identification of individual minerals only.  Determination of
metallurgical grade will require laboratory assay of fully prepared samples.
The XRF is not able to detect elements lighter than magnesium, and does not
detect gold, platinum or palladium.

 

3:         Company announcement, 21 October 2024, Dotted Lake: Soil
Survey Extension Commenced,

            (
https://polaris.brighterir.com/public/panther_metals/news/rns/story/ryn86kw
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/ryn86kw)
)

 

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.

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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