TIDMPALM
Panther Metals PLC
01 December 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN,
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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)
1 December 2022
Manitou Lakes: Soil Results Extend Barker Prospect
Panther Metals plc (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to announce the findings of the
follow-up geochemical soil sampling programme (1) in the Barker
area of the Manitou Lakes Project ("Manitou Lakes" or the
"Project") in Ontario, Canada.
Manitou Lakes covers a total area of approximately 98km(2) and
is located within the gold endowed Kenora Mining District on the
Eagle - Manitou Lakes Greenstone Belt, approximately 300km east of
the city of Thunder Bay.
This follow-up soil programme has successfully delineated a
further 300m strike extent of linear anomalous and high grade gold
in soils at the Barker prospect area. These results, in addition to
the results announced 21 September 2022 (2) , extend the
north-northwest trending gold in soil anomaly at Barker to 700m
with the mineralised ground remaining open along strike in both
directions, with the historical workings of the Barker Bros. Mine
situated a further 200m south of the enlarged gold target.
The gold anomaly is coincident with a mapped shear structure and
is parallel to electromagnetic and magnetic geophysics anomalies
identified by regional and historical geophysical datasets.
The soil survey results have effectively extended the area of
interest for the planned induced polarisation ("IP") geophysics
survey work and future drill target planning which are the subject
of current exploration permit applications.
Darren Hazelwood, Chief Executive Officer, commented:
"These results from the latest round of soil geochemical
sampling at Manitou Lakes have almost doubled the strike extent of
anomalous gold to 700m at the exciting Barker Area Prospect in the
east of the Project area.
The gold mineralisation at Barker remains open ended with the
strong results giving Panther the justification to commit to a next
stage of work. The team is currently preparing exploration permit
applications to facilitate follow-on works which will include
ground geophysics and drilling permissions.
With the historic gold workings located 200m to the south along
strike of the Barker Prospect, these latest round of soil results
and associated geological investigations point to the presence of a
very prospective gold bearing shear structure approaching 1km long.
I look forward to providing further updates as our plans come to
fruition."
Soil Survey Details
The Manitou Lakes, Barker Prospect area enlarged soil programme
consisted of a further 137 soil samples collected over a 100m-150m
wide by 300m long survey grid, directly to the NNW of the previous
Barker Area soil sampling grid undertaken this summer (2) . The
soil samples were collected on 25m spaced survey lines at an
average 10m sample spacing, with the survey grid positioned to
investigate the strike extent of the linear gold anomaly identified
from the previous assay results received in September 2022.
Sample analysis for gold was conducted by AGAT Laboratories of
Mississauga, Ontario using their (202-552) Fire Assay - Trace Au,
ICP-OES finish (50g charge) package.
Figures showing the extent of the Barker Prospect Area gold in
soil anomaly, parallel to structural and geophysical limitations
and the wider Manitou Lakes Project area are available for viewing
on the Panther Metals website at the following links:
https://www.panthermetals.co.uk/images/2022/11/30/picture-device-independent-bitmap-1.jpg
Figure 1: Manitou Lakes: Barker Prospect Area gold in soil
anomaly parallel to structural and geophysical limitations (Nov.
2022)
https://www.panthermetals.co.uk/images/2022/11/30/picture-device-independent-bitmap-2.jpg
Figure 2: Manitou Lakes Project area showing location of Panther
Metals 2022 soil sampling grids, with Barker Prospect Area anomaly
shown as locality 2 (Nov. 2022)
The person who arranged for the release of this announcement on
behalf of the company was Darren Hazelwood, CEO of the company.
Reference notes
1: Company announcement, Second Soil Programme Commences at Manitou Lakes, 18 October 2022:
(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/wkojd2x
)
2: Company announcement, Manitou Lakes - High Grade Gold
Discovered in Soils, 21 September 2022:
(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/rg987zx
)
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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