TIDMPALM
RNS Number : 2112Y
Panther Metals PLC
29 December 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN,
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JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
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 (AMMENT) (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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