REG - Panther Metals PLC - Dotted Lake Drilling Report

Panther MetalsAnnouncement

30/12/2024 12:01

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RNS Number : 6225R  Panther Metals PLC  30 December 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)

30 December 2024

Dotted Lake: Uncovering Discovery of Gold & VMS Near Hemlo

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in
Canada, is pleased to announce that drill core assay results confirm a 1.2km
long open-ended gold trend and the intersection of high grade zinc/gold VMS
style(1) mineralisation 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 first batch of assay results from the Phase 1 Diamond Drilling Programme
comprise downhole intersections from drillhole DL24-001 which has returned
highly anomalous gold, silver, zinc and base metal assays at Target D on the
southern shore of Lampson Lake (Figure 1, Table 1). Drill core assay results
are by ALS Laboratories methods ME-MS61r (4 acid multielement package) and
PGM-ICP23 (Pt, Pd and Au by fire assay and ICP-AES finish)(2).
Interpretation is currently ongoing with the findings outlined below.

 

Darren Hazelwood, CEO, commented:

 

"Below the overburden of Dotted Lake, a large mineralised system has, until
now, remained largely undisturbed, only providing small glimpses of its
potential at surface. The assay results from the first of five drill holes,
have confirmed our greatest hopes and theories: gold over a widening area, and
a VMS system containing high grade zinc and gold optimally located between the
Geco VMS mine to the north and Barrick's Hemlo gold mine to the south.

 

We are systematically building our understanding of the Project and at every
turn our confidence grows. Our visuals of the core were encouraging, resulting
in the drill rig being left on site, and this first batch of assay results has
already confirmed that our confidence wasn't misplaced. Discussions are
underway with our Project partners and we look forward to providing further
updates regarding plans to utilise the frozen ground of winter and the drill
rig on site as we accelerate this Project."

 

 

Results and Analysis - Uncovering a Discovery of Major Gold Trend and VMS
System

 

·    Multielement analysis of drill hole assay results show strong
correlation between gold, silver, copper, lead, zinc and barium indicating the
mineralisation is linked to a volcanic-associated submarine hydrothermal
system as associated with a metamorphosed volcanogenic massive sulphide
("VMS") style of mineralisation (see Figure 2 and Figure 3).

 

·    Significant downhole gold intersections:

 

o  0.5m @ 1.15 g/t Au from 11.8m;

 

o  4.5m @ 0.64g/t Au from 156.3m, including

§ 0.9m @ 1.55g/t Au, 1.4g/t Ag & 2.08% Zn from 156.3m (Figure 2); and

 

o  1.0m @ 0.53 g/t Au & 1.24 g/t Ag from 105.0m.

 

·    Significant downhole zinc intersections:

 

o  5.5m @ 1.21 % Zn from 155.3m including

§ 2.7m @ 2.42% Zn from 155.3m and

§ 1.0m @ 3.8% Zn from 155.3m (Figure 2)

 

·    Zinc intersections in DL24-001 are located 1.2km south-west of the
Fairservice Zinc Showing (Figure 1) where high-grade zinc (12% Zn with 2.2 g/t
Au) is considered to represent remobilised and metamorphosed VMS
mineralisation. Zinc and gold are closely associated together in DL24-001 and
also correlate well with conventional magnetic inversion domain boundaries in
the magnetic susceptibility model (Figure 4).

 

·    The large metamorphosed VMS-style Geco deposit, located 30km north of
Dotted Lake near Manitouwadge, was mined by Noranda from 1954 to 1995 and
produced 49.4 Mt of ore grading 1.86% Cu, 3.78% Zn, 50.04 g/t Ag.

 

·    Gold trend now extends for 1.2km and is open in both directions.
Intersections in DL24-001 correlate with an open-ended 750m long gold in-soil
anomaly, offset from the western end of the 1.2km gold in soil anomaly which
extends westwards from the Panther 2021 drill hole which intersected over 9
separate gold intervals grading up to 2.57g/t Au(3), and from trench Tr-10-4
which returned gold samples up to 18.9g/t Au.

 

·    DL24-001 intersected predominantly seafloor volcano-sedimentary
derived metavolcanic packages. Ultramafic intrusions were not intersected,
with these bodies interpreted from the magnetisation vector inversion ("MVI")
Magnetic Susceptibility Model to be possibly located at a greater depth below
Lampson Lake (see Figure 5).

 

·    The current programme is subject to a pause as further assay results
are awaited. The drill rig is remaining on site to allow for a speedy
mobilisation to site in early 2025 on the back of positive results, in keeping
with Panther Metals stated intention to accelerate our fieldwork.

 

Table 1: Diamond Drillhole DL24-001 Details

 

 Drillhole  Easting  Northing  Elevation (m)  Azimuth (degrees)  Dip (degrees)  Depth

 ID                                                                             (m)
 DL24-001   589455   5416139   397            330                45             329

Notes: Coordinates projection: UTM Zone 16N NAD83 Datum.

 

 

 

 

 

 

Figure 1: DL24-001 Drill Hole Location with Surface Gold and Zinc Anomalies /
Trends and Lineaments

 

 

Figure 2: Photography of DL24-001 Drill Core over the interval from 155.3m to
160.8m downhole depth which returned 4.5m @ 0.64g/t Au from 156.3m and 5.5m @
1.21 % Zn from 155.3m. Photograph markup shows additional high grade intervals
such as 1.0m @ 3.80 % Zn & 1.06 g/t Ag from 155.3m, 0.9m @ 1.55 g/t Au.
1.40 g/t Ag & 2.08 % Zn from 156.3m, 0.8m @ 1.07 % Zn from 157.2m and 1.5m
@ 0.66 g/t Au from 159.3m.

 

 

 

 A:

 
 B:

 
 Figure 3: Diamond Drill Hole DL24-001 Multielement Correlations (A & B)
 Supports VMS Style Mineralisation Source. Note: For illustration purposes zinc
 concentration is capped at 10,000 ppm in figure 2 B; actual zinc
 concentrations exceed 38,000 ppm Zn.

 

 A:
 B:
 Figure 4: DL24-001 Drill Hole Lithology(4) over Conventional Magnetic
 Inversion Magnetic Susceptibility Model, with: (A) Gold Intersections; (B)
 Zinc Assay Traces.  Gold and zinc mineralisation display good correlation
 with conventional magnetic inversion domain boundaries.

 

 

 

 A:
 B:
 Figure 5: DL24-001 Drill Hole Lithology(4) over Magnetisation Vector Inversion
 (MVI) Magnetic Susceptibility Model, with: (A) Gold Intersections; (B) Zinc
 Assay Traces. Gold and zinc mineralisation does not display strong correlation
 with MVI domain boundaries.  The lightest pink in the MVI model may be
 correlates with underlying ultramafic intrusive.

 

 

 

Reference Notes

 

1:         'VMS style' relates to metamorphosed volcanogenic massive
sulphide ("VMS") style of mineralisation associated with a volcanic-associated
submarine hydrothermal system.

 

2:        Four-acid digestion paired with Inductively Coupled Plasma
Mass Spectrometry (ICP-MS) and Inductively Coupled Plasma Atomic Emission
Spectrometry (ICP-AES) with rare earth element (REE) analytes included.
Four-acid multi-element analysis is an effective tool in mineral exploration
because of its ability to provide a full pathfinder element suite as well as a
cost-effective proxy for mineralogy. A four-acid digestion utilises a
combination of nitric, perchloric, and hydrofluoric acids with a final
dissolution stage using hydrochloric acid. This digestion breaks down most
silicate and oxide minerals allowing for the "near-total" recovery of most
minerals and analytes.

 

3:         Diamond drill hole PAN21_DL_001, which was drilled directly
below Tr-10-4, returned over five intersections grading up to 2.57g/t Au, with
11 intersections greater than 0.5g/t Au (announced 22 January 2022) and with
19 intersections greater than 0.2g/t Au between 14m and 341m downhole depth.
PAN21_DL_001 downhole gold intersections:

 

o  Five intersections > 1g/t Au:

0.9m @ 1.73 g/t Au from 47.3m

1.0m @ 1.05 g/t Au from 122.2m

1.0m @ 1.59 g/t Au from 136.2m

1.0m @ 1.04t Au from 158.2m

1.1m @ 1.4 g/t Au from 228.3m (inc. 0.5m @ 2.57 g/t Au from 228.3m)

 

o  Eleven Intersections >0.5g/t Au, including two 2m wide composites:

2m @ 0.87 g/t Au from 122.2m ( inc. 1m @ 1.05 g/t Au from 122.2m)

2m @ 0.96 g/t Au from 158.2m ( inc. 1m @ 1.04 g/t Au from 158.2m)

 

 

4:         Lithology codes shown in figures 2 & 3:

             APLT             Aplite
 BRXF                         Breccia Fault
 DIOR                         Diorite
 FLTZ                         Fault Zone
 FQHP                         F-spar Quartz Hornblende Porphyry
 FQPO                         F-spar Quartz Porphyry
 FSPO                         Feldspar Porphyry
 GABR                         Gabbro
 IVOL                         Intermediate Metavolcanic
 LMPR                         Lamprophyre
 MDST                         Mudstone
 MSED                         Metasediment
 MVOL                         Mafic Metavolcanic
 NCOR                         No Core
 OVB                          Overburden
 QV                           Quartz-Vein
 ULMF                         Ultramafic
 UNKN                         Unknown (TBC)

 

 

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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