TIDMPALM
RNS Number : 9037T
Panther Metals PLC
20 November 2023
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FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
20 November 2023
Appointment of Joint Broker and Manitou Lakes Drilling Programme
Funded
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to announce the appointment of
Axis Capital Markets ("Axis") as its Joint Broker.
In association with the Axis appointment Panther has raised in
aggregate GBP300,000 (before expenses) by the issue of 15%
unsecured loan notes ("Loan Notes") with a 12 month maturity and
warrants attached on a one-for-one basis with an exercise price of
3.3 pence each ("Warrants") (together, the "Subscription"). The
proceeds from the Subscription will be used to fund the inaugural
diamond drilling programme at the Manitou Lakes Project, targeting
gold on the Eagle-Manitou-Wabigoon Greenstone Belt, in northwestern
Ontario, Canada.
Darren Hazelwood, Chief Executive Officer, commented:
"The appointment of Axis continues the work the Board has
commenced in our corporate strategy. Access to innovative,
non-discounted funding, introduced by Axis, will allow the Company
to execute our on the ground drilling programmes and prove up the
highly prospective asset base we have built up.
With an international client base, the Board is excited to be
working alongside Axis to introduce new investors to the Panther
Metals story as well as long only institutions who will help
strengthen our shareholder register.
The capital raise will fund an inaugural gold focussed diamond
drilling programme at our Manitou Lakes Project, and we look
forward to providing further information on this in the coming
days."
Funding Highlights
-- The Warrants are attached to the Loan Notes on a one-for-one
basis at an exercise price of 3.3 pence each. As and when the
warrants are converted the value of those warrants will be
subtracted from the outstanding loan balance owed by the
Company.
-- The Loan Notes will be unlisted and no offer or invitation is
being made to shareholders more generally to purchase, acquire or
subscribe for any of the Loan Notes or Warrants.
-- The proceeds of the Subscription will be used to fund a
drilling programme on the Manitou Lakes gold project, details of
this programme will be provided in the near term.
For further information please contact:
Panther Metals PLC:
Darren Hazelwood, Chief Executive Officer: +44 (0)1462 429 743
+44 (0)7971 957 685
Joint Brokers:
Axis Capital Markets Limited +44 (0)20 3026 0449
Ben Tadd
Lewis Jones
Tavira Financial Limited +44 (0)20 3833 3743
Christopher James Kipling
SI Capital Limited +44 (0)1438 416 500
Nick Emerson
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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