TIDMPALM
Panther Metals PLC
27 November 2023
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PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
27 November 2023
Fulcrum Metals: Saskatchewan Uranium Update
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to note the Fulcrum Metals PLC
("Fulcrum", LON: FMET) announcement providing an update on its
uranium exploration assets, including a significant increase in
total area under licence/option from 184.5km(2) to 593.1km(2) , for
its Charlot-Neely Lake, Fontaine Lake, Snowbird and South Pendleton
projects in the province of Saskatchewan, Canada.
Panther currently holds a total of 9,971,839 ordinary shares in
Fulcrum representing a 19.99% interest in the entire issued share
capital of Fulcrum, plus 714,286 warrants exercisable at 17.5p with
a two-year life from 14 February 2023 and a further 476,190
warrants exercisable at 26.25p with a three-year life. Panther also
retains a 2% net smelter return ("NSR") royalty over the Big Bear
Project.
Fulcrum Announcement Highlights
-- Fulcrum has increased its Saskatchewan uranium footprint by a
potential 221% from 18,468 hectares (184.5km(2) ) to 59,310
hectares (593.1km(2) ) through a combination of direct claim
staking and an option agreement.
-- Fulcrum has entered into an option agreement (the
'Agreement') to acquire 11,480 hectares (114.81km(2) ) across three
uranium properties at Snowbird, South Pendleton and Charlot West
from independent local prospectors. The Agreement has a close date
of 30 June 2024, Fulcrum has paid C$5,000 in cash immediately, with
C$60,000 payable in either cash or equity upon exercise of the
Agreement. The optioned properties have total work requirements of
C$57,073 through to the end of 2024 and are subject to a retained
2% net smelter return royalty.
-- The total cost of claim staking was C$17,889, there are no
work requirements until October 2025.
-- The staked/optioned ground constitutes the following new / enlarged properties:
o Snowbird - 241.87km(2) staked and option over 86.49km(2) , for
a total project area of 328.35km(2) . The property includes several
uranium airborne anomalies and rare earth lake sediment anomalies
along major faulting on trend with historic uranium mines and major
uranium projects.
o South Pendleton - 24.72km(2) staked and option over 16.44km(2)
, for a total project area of 41.16 km(2) . The area is sparsely
mapped but within the property are several airborne uranium
anomalies in the highly prospective Needle Falls Shear Zone and
major faulting on trend with historic uranium mines such as Rabbit
Lake and further projects having recently obtained significant
partnerships.
o Charlot West (Charlot-Neely Uranium Project) - an additional
27.03km(2) staked covering the highly prospective Black Bay Fault
contiguous to the Charlot-Neely uranium project and 11.88km(2) area
optioned to the west of Charlot-Neely, bringing the total project
area to 163.72km(2) ( increase of 31%).
-- Fulcrum has a significant, highly prospective, uranium
exploration footprint in Saskatchewan, a recognised leading uranium
exploration jurisdiction. They are actively reviewing potential
options with interested parties, these options include, but are not
limited to, a potential spin out of the Saskatchewan assets as a
separate business listed on a recognised exchange and other
partnerships. Discussions remain at an early stage and further
details will be announced at the appropriate time.
Darren Hazelwood, Chief Executive Officer, commented:
"Fulcrum is looking to unlock the inherent value in their
Saskatchewan uranium assets, which are located in a region that is
the source of almost a quarter of the world's uranium supply for
electrical generation and which hosts the largest high-grade
uranium deposits in the world.
The staking and option agreements provide Fulcrum with a
significantly enlarged and highly prospective portfolio of uranium
assets located on trend with major structures, historical mines and
projects that are being developed by well-established uranium
companies.
As significant shareholders in Fulcrum, and with the spot price
of uranium at a 15-year high, Panther will be following these
exciting developments with interest."
Further details and maps are available in the Fulcrum
announcement which is available to view at
https://fulcrummetals.com/news/
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
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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