TIDMPALM
Panther Metals PLC
15 January 2024
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PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
15 January 2024
Fulcrum Metals: Update on Saskatchewan Uranium Projects
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 updating the market on
significant progress from its uranium projects, Charlot-Neely and
Fontaine Lake, in 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.
CEO, Darren Hazelwood, commented :
"Our exposure to uranium via our holding in Fulcrum Metals is
largely lost by the market but its significance is growing as we
witness a bullish uranium market combined with Fulcrum expanding
its own footprint.
I'm looking forward to seeing how the team develop the portfolio
via a spin-out or partnership deal that has the potential to
benefit Panther at a time we are accelerating our own business
model."
Fulcrum News Highlights
-- A total of 62 rock samples collected across Charlot-Neely and Fontaine Lake properties:
-- Charlot-Neely Project
o 48 rock samples assaying up to 5,680 ppm Uranium (U).
o Identified vein-hosted uranium mineralisation characteristic
of the Beaverlodge area, home to several historic uranium
mines.
o Potential for unconformity-style uranium mineralisation,
deposits that are known to be larger and high grade uranium.
-- The Fontaine Lake Property
o 14 rock samples assaying up to 7,130ppm U
o Uranium mineralisation indicates potential for lower grade,
higher tonnage deposit, comparable to the geological setting of the
Rossing deposit in Namibia.
Ryan Mee, Chief Executive Office of Fulcrum Metals plc,
commented:
"The first phase exploration of both the Charlot-Neely and
Fontaine Lake uranium properties has been very successful with
extensive radioactivity and mineralisation confirming the positive
potential for discovery. Since the completion of the fieldwork, we
have over the last few months substantially and cost effectively
increased the Athabasca uranium portfolio from 13,612 hectares to
59,310 hectares, inclusive of the properties under option, and
doubled the size of the Charlot-Neely project from 7,625 hectares
to 16,372 hectares and the addition of Snowbird and South Pendleton
to our projects portfolio.
"We are excited by our Athabasca uranium portfolio which targets
major structures, on trend with historic mines and on trend with
projects attracting significant investment. This strategic move has
proved to be prudent, as the price of uranium continues to rise and
M&A activity in the sector increases. Deals of note include the
recently announced such as Fortune Bay option agreement for the
Murmac and Strike uranium projects totalling CAD$3.4m in cash and
shares and funding CAD$6m in exploration expenditures(1) just south
of our Charlot-Neely property along the Black Bay fault and
significant land staking along the major structures on which our
projects sit.
"With an exciting and attractive uranium portfolio in what is
considered one of the leading uranium districts worldwide, Fulcrum
is well positioned to capitalise on any potential opportunities. As
previously announced, Fulcrum continues to review spin-out and
partnership opportunities with interested parties."
The full Fulcrum announcement 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
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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