REG - Panther Metals PLC - Obonga Awkward East Claim Purchase Agreement

Panther MetalsAnnouncement

29/12/2023 10:01

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RNS Number : 2112Y  Panther Metals PLC  29 December 2023

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSE OF ARTICLE 7 OF
REGULATION 2014/596/EU WHICH IS PART OF UNITED KINGDOM ("UK") DOMESTIC LAW
PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310)
("UK MAR"). MARKET SOUNDINGS WERE TAKEN FROM CERTAIN PERSONS IN RELATION TO
THE PLACING AND THE SUBSCRIPTION. THIS INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION
OF INSIDE INFORMATION.

 FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

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

29 December 2023

Obonga Project Awkward East Claim Purchase Agreement

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in
Canada, is pleased  to announce the signing of a purchase option agreement
over 35  single cell mining claims (the "Claims") covering a total area of
7.25km(2) to enlarge the Awkward Prospect area eastwards. The additional
claims increase the Obonga Project area to 292.25km(2) of prospective
greenstone belt coverage,160km north of Thunder Bay in the Province of
Ontario, Canada.

 

Darren Hazelwood, Panther Chief Executive Officer, commented:

 

"The Awkward location on Obonga has already generated industry interest and
strengthening our position makes strategic sense as we look to accelerate our
growth in 2024. This claim purchase agreement extends the coverage of ground
prospective for critical minerals eastwards from the Obonga Project's Awkward
Prospect."

 

 

Transaction Details

 

The purchase option agreement ("Purchase Option") for the 35 Claims (as shown
in Figure 1 and Table 1) allows Panther the option to purchase the Claims from
the vendors for a total cash consideration of CAN$100,000 and the award of a
2.0% net smelter return ("NSR") royalty (which has provision for Panther to
reduce the royalty to 1.0% NSR royalty through a CAD$1,000,000 buy-back).

 

In addition, in order to complete the purchase Panther will need to have
conducted exploratory drilling activities in the area covered by the Claims
with a minimum aggregate expenditure of CAD$300,000 over the three year option
period, such that spending on such activities is not less than (i) CAD$50,000
prior to the first anniversary of the grant of the Purchase Option; (ii) not
less than CAD$100,000 between the first and second anniversaries of the grant
of the Purchase Option; and (iii) not less than CAD$150,000 between the second
and third anniversaries of the grant of the Purchase Option provided that any
expenditure in years 1 and 2 in excess of CAD$150,000 may be carried over and
offset against the minimum spend commitment in year 3.

 

The Purchase Option price, payable on the signing of the agreement is
CAD$15,000 with a further payment of CAD$15,000 due on first anniversary of
the date of signing.

 

Figure 1: Location of the Purchase Option Claims with the Obonga Project
Outline

 

Projection: UTM 16N NAD83

 

 

Table 1:  Claims subject to the Purchase Option

 

 CLAIM TENURE NUMBER
 638074
 638075
 638076
 638077
 638078
 638079
 638080
 638081
 638082
 638083
 638084
 638085
 638086
 638087
 638088
 638089
 638090
 638091
 638092
 638093
 638094
 638095
 638096
 638097
 638098
 638099
 638100
 638101
 638102
 638103
 638104
 638105
 638106
 638107
 638108

 

 

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 20% 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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