TIDMPALM
Panther Metals PLC
27 July 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN,
THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
27 July 2022
Panther Australia: Follow-up Drilling at Burtville East
Panther Metals plc (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to note the Panther Metals Ltd
("Panther Australia") Australian Securities Exchange ("ASX")
announcement detailing the commencement of a follow-up drilling
programme on the Burtville East Gold Project ("Burtville"). The
programme will include both diamond core and reverse circulation
("RC") drilling designed to follow-up on the shallow high-grade
gold intercepts, including 15m @ 53.94g/t Au from 27m, announced on
14 July 2022. Panther Metals plc holds 36.6% of Panther Metals Ltd
(ASX:PNT).
Further details and maps are available in the ASX Announcement
available to view at the Panther Australia website:
https://www.panthermetals.com.au/asx-announcement
Darren Hazelwood, Chief Executive Officer, commented:
"The recent discovery of wide shallow high-grade gold intercepts
in RC drilling at Burtville East was a significant development for
Panther Australia, and the commencement of follow-up diamond
drilling within such a short timeframe is remarkable. Once again,
the team show their commitment to growing and developing the
business in a timely fashion.
This follow-up diamond core and RC drill programme will provide
important stratigraphic, structural and strike extent data helping
to delineate and build on the known lode gold mineralisation at
Burtville East. This programme is an exciting development for all
involved, and we look forward to updating the market with the
findings in due course."
Daniel Tuffin of Panther Australia, commented:
"The first round of drilling at the Burtville East Project
consisted of just six RC holes; results from this short programme
of drilling were simply stunning, particularly in the case of hole
BVE006, which intercepted a new shallow high-grade zone of 15m at
53.94g/t gold.
The interception of this new high-grade gold zone in hole BVE006
challenged the accepted theory of mineralisation trends at
Burtville East and we have since moved fast to review the results
from the first round of drilling to plan and implement a follow up
drill programme."
News Highlights:
-- Second round of drilling has begun at the Burtville East Gold
Project, with drilling planned over two phases:
o Phase 1: Stratigraphic diamond holes designed to target the
high grade gold recently intercepted in hole BVE006 and test for
the existence of parallel lodes to the mineralising system.
o Phase 2: Reverse Circulation ('RC') holes designed to test the
lateral strike extent of the gold mineralisation already
intersected.
-- This drilling follows up on the outstanding results, reported
14 July 2022, for the initial drill programme including:
o RC drillhole BVE006 shallow high grade gold zone composite of
15m @ 53.94g/t Au from 27m downhole, including individual
intersections of:
-- 1m @ 79.90g/t Au from 27m;
-- 1m @ 478.00g/t Au from 28m;
-- 1m @ 125.50g/t Au from 34m; and
-- 1m @ 43.80g/t Au from 35m.
o Visible gold panned from sample chips from drillhole
BVE006.
o RC Drillhole BVE002 returned an assay of 1m at 73.30g/t Au
from 93m downhole.
o Peak grab sample of 21.70g/t Au (BE01CP).
See the Panther Australian ASX announcement for further
information including the Burtville East planned drill collar
location table, illustrative maps and cross-sections. The full
announcement is available to view on the Panther Metals Ltd website
under the ASX announcements heading: www.panthermetals.com.au
The person who arranged for the release of this announcement on
behalf of the company was Darren Hazelwood, CEO of the company.
For further information please contact:
Panther Metals PLC:
Darren Hazelwood, Chief Executive Officer: +44(0) 1462 429
743
+44(0) 7971 957 685
Mitchell Smith, Chief Operating Officer: +1(604) 209 6678
Broker:
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 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 four prospective primary targets:
Wishbone, Awkward, Survey and Ottertooth. 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.
Big Bear Project
The acquisition of various prospects in 2018 and 2019
consolidated previously fragmented areas into the wider Big Bear
umbrella project, priming Panther Metals for extensive and
comprehensive exploration in the area. A total of 253 geophysical
anomalies have been identified, with 39 designated for priority
investigation. Gold in soil anomalies in have been identified in
five areas, ranging up to 0.71g/t, extending up to 250m wide and
open along strike. Gold bearing quartz veins have been outlined
within seven separate areas (two with rock and vein samples grading
1 to 5 g/t Au, four with quartz vein sample assays above 5g/t Au,
and two quartz samples collected at 50m separation on an E-W
trending vein open in both directions returning 105.5g/t Au and
112g/t Au respectively).
The Little Bear Lake and Schreiber prospects are of particular
interest to the company: historic work programmes in 2010 and 2011
targeted an intense magnetic response from both. Assays yielded
from the 1.6km long gold trend included 6m at 1.5g/t Au, up to
53.7g/t Au and 19.25 g/t Ag in rock chip and 18.2g/t Au and 1.03g/t
Ag in soil. Historical bulk sampling reported 150t averaging
17.6g/t Au, while historical drill intersections include 0.55m at
19.2% Zn and 4.6% Cu from 15.2m depth.
Panther Metals Australia
Following the listing of Panther Metals' Australian assets on
the Australian Securities Exchange ("ASX") in December 2021, the
valuation of the Company's 36.6% holding in the business has risen
by over 30% to a valuation of almost GBP3m. 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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