REG - Panther Metals PLC - Dotted Lake: Drilling Results

Panther MetalsAnnouncement

21/03/2025 07:30

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RNS Number : 6509B  Panther Metals PLC  21 March 2025

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ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE
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 FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

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

21 March 2025

Dotted Lake: Drilling Results

Assay Results Confirm Magnesium Rich Serpentinite, Wide Drill Intercepts
Continue to Reinforce Ultramafic Intrusive Fertility

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in
Canada, is very pleased to announce the third batch ("Batch 3") of drill core
assay results including diamond drill holes DL24-004 and DL24-003, for 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 latest geochemical assay results confirm 94m and 129m wide intercepts of
ultramafic intrusive are in a magnesium (Mg) rich serpentinite.  The
serpentinite, which forms through the alteration of ultrabasic rock, grades up
to 20.6% Mg, as well as being mineralised with the platinum group elements
("PGE"), platinum (Pt) and palladium (Pd), nickel (Ni), chromium (Cr) and
silver (Ag).

 

 

Darren Hazelwood, CEO, commented:

 

"These latest results have grown the lateral extent of the large ultramafic
rock intrusion to over 2.8km between diamond drill holes 3 and 4.

 

Very excitingly, the latest results not only continue to show the intrusive
contains metals typically associated with ultramafic rocks, such as nickel,
copper, cobalt, chromium, and PGMs, but it has also undergone metamorphism and
alteration to become magnesium rich serpentinite with 94m to 129m wide
intercepts grading up to 20.6% Mg, equivalent to 34.2% MgO.

 

The separation of magnesium from serpentinite has never been applied on an
industrial scale, despite success under laboratory and small pilot plant
conditions. However, given the potential in-situ value contained within this
ultramafic system Panther will be conducting further research on the subject.

 

Assuming 100% metal recoverability and 100% payability, the addition of the
magnesium intersections would equate to a nickel metal equivalent of 94m @
2.64 % Ni equivalent and 129m @ 2.12 % Ni equivalent in drill holes 4 and 3
respectively.

 

We also eagerly await the additional chromium over limit assay results and the
remainder of the assays for holes 3 and 2."

 

 

Highlights

 

Cautionary note: The nickel metal equivalent ("Ni(Eq)") calculations included
below do not consider any metallurgical factors and assume 100% recovery and
100% payability of all metals (Ni, Pt, Pd, Au, Cr, Ag, Cu, Co & Mg), as a
result the stated equivalents are provided for illustrative purposes only.

 

·    Assays classify the extensive ultramafic body as a magnesium (Mg)
rich serpentinite which is mineralised with platinum group elements, Pt and
Pd, as well as Ni, Cr and Ag, and which displays distinct ultramafic layering.
These factors define Dotted Lake as being part of a Fertile Mineral System.(1)

 

·    Additional results widen diamond drill hole DL24-004 downhole
intersection to:

 

o  94.4m @ 0.12 % Ni, 0.01 g/t Pt, 0.02 g/t Pd, 0.45 % Cr* & 17.7 % Mg
from 152.6m.  Previously reported as 53.0m @ 0.14 % Ni, 0.01 g/t Pt, 0.03 g/t
Pd & 0.89 % Cr* from 194.0m

 

o  94.4m @ 2.64 % Ni(Eq) from 152.6m

 

o  Total of 5 samples returned intersections with overlimit chromium (>1%
Cr)

 

·    Diamond drill hole DL24-003 downhole intersection:

 

o  129.0m @ 0.09 % Ni, 0.01 g/t Pt, 0.02 g/t Pd, 0.33 % Cr* & 14.4 % Mg
from 172.0m

 

o  129.0m @ 2.12 % Ni(Eq) from 172.0m

 

o  Total of 8 samples returned intersections with overlimit chromium (>1%
Cr)

 

·    The 13 intersections with overlimit chromium (>1% Cr) are
currently being reanalysed using the ore grade 'OG62' overlimit assay method
for high grade chromium. The above stated Cr* intersections are currently
underestimated due to the overlimit samples and will be restated once the
assays become available.

 

* subject to increase due to overlimit Cr assays.

 

The Batch 3 assay results include the upper 96.75m sampled in drill hole
DL24-004, confirming a 94m wide ultramafic serpentinite intrusive
intersection. The assay batch also contains results for hole DL24-003 samples
between 120m to 329m downhole depth, including an additional 129m wide
magnesium rich serpentinite also mineralised with PGE, Pt, Pd, Ni, Cr and Ag.

The magnesium rich serpentinite intersections in DL24-003 and DL24-004 are
located approximately 2.8km apart but are interpreted from geophysics as being
part of the same intrusive system.

 

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.(2)  The Batch 2 results, reported 17 March 2025, verified an
extensive mineralised ultramafic body and to Dotted Lake being part of a
Fertile Mineral System.(3)

 

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

 

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
 DL24-003  5416175   590102   383        160           54          329

 

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 MIMMM QMR MAusIMM FGS, a director of the
Company. Mr O'Reilly is principal geologist and a director of Mining
Analyst Consulting Ltd. He has over 20 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:         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.

 

2:         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)
)

 

3:         Company announcement, Dotted Lake: Drilling Results. Batch
2 Drill Core Assay Results Confirm Ultramafic Intrusive Fertility, dated 17
March 2025.

            (
https://polaris.brighterir.com/public/panther_metals/news/rns/story/w3y6jdx
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/w3y6jdx)
)

 

 

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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