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Share Name Share Symbol Market Type Share ISIN Share Description
Panther Metals Plc LSE:PALM London Ordinary Share IM00BKDM2T52 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 5.05 4.90 5.20 5.05 5.05 5.05 0.00 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -0.1 -0.2 - 5

Panther Metals PLC Obonga Permit Granted

21/07/2022 9:58am

RNS Non-Regulatory


TIDMPALM

Panther Metals PLC

21 July 2022

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE 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)

21 July 2022

Obonga Exploration Permit Granted

Panther Metals plc (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to announce the successful grant of Exploration Permit application PR-22-000116 for three drill prospects at the Company's Obonga Project ("Obonga") located on the Obonga Greenstone Belt in northern Ontario. The application was submitted in collaboration with Broken Rock Resources Ltd ("Broken Rock"), and concerns planned work within 45 Single Cell Mining Claims ("Claims") in the Puddy Lake administrative area.

The application covers diamond core drilling of up to 10 holes and associated down-hole electromagnetic geophysics surveys spread across three named prospects: Silver Rim; Ottertooth; and Survey, which are respectively located in the north, centre-east and centre-west of the Obonga area. The three prospects are targeting volcanogenic massive sulphide ("VMS") base metal mineralisation and intrusion related nickel in association with compelling, coincident, geophysical anomalies and historical work results. Details of the planned work is outlined in Table 1 below.

Darren Hazelwood, Chief Executive Officer, commented:

"I'd like to thank everyone involved in granting this licence application. We now have in place all the required exploration permits to execute one of the most audacious, cost effective, drilling programmes on the highly prospective Obonga greenstone belt ever witnessed.

Our aim is to drill five separate anomalies on Obonga by the end of 2022, including six holes at Wishbone as we target the discovery of a commercial ore body following the successful discovery of VMS mineralisation from our limited drilling campaign in the autumn of 2021.

We are actively engaged with drilling contractors and all other associated groups required to deliver such an expansive programme and I'm looking forward to updating the market as these plans come to fruition."

Table 1: Exploration Permit Application and Prospect Details

 
 Exploration Permit       Prospect          Targeting &                         Requested Activities 
 Application Number    Name (location)       Exploration 
  (Administrative                             Rational 
    Area & Claim 
      numbers) 
 
                            Silver        Intrusion hosted      *    Mechanised Drilling (up to 4 diamond core drill 
                         Rim Prospect     nickel & copper.           holes), 
 
                          (northern          Historical 
                            Obonga             shallow          *    Down-hole Electromagnetic ("EM") Geophysics 
                           Project          trenching and 
                                          channel sampling 
                                           noted intrusion 
                                            hosted copper 
                                             and nickel 
                                           mineralisation 
                                              in 1985. 
                     -----------------  -------------------  --------------------------------------------------------- 
 
                          Ottertooth       VMS base metal       *    Mechanised Drilling (up to 3 diamond core drill 
                           Prospect        mineralisation.           holes), 
 
                        (East-central        Coincident 
                            Obonga            magnetic          *    Down-hole EM Geophysics 
                           Project)              and 
                                           electromagnetic 
                                             anomalies. 
 
                                             Adjacent to 
                                           contact between 
                                           intrusive mafic 
                                              rocks and 
                                              extrusive 
                                            mafic rocks. 
 
                                            No drillholes 
                                            in this area 
                                            - completely 
                                              untested. 
                     -----------------  -------------------  --------------------------------------------------------- 
    PR-22-000116           Survey 
                          Prospect         VMS base metal         *    Mechanised Drilling (up to 3 diamond core drill 
 (North-west, Puddy                        mineralisation.             holes), 
     Lake Area          (West-Central 
                           Obonga            Coincident 
    S ingle Cell          Project)            magnetic           Down-hole EM 
       Mining                                    and             Geophysics 
   Claim numbers:                          electromagnetic 
      566033,                                geophysical 
  566034, 566036,                            anomalies. 
  607967, 607968, 
  607969, 614978,                             Historic 
  614979, 614980,                            drillhole, 
  669276, 669287,                         by International 
  669288, 669289,                           Nickel Co of 
  669290, 669291,                            Canada Ltd. 
  669292, 669325,                            ("INCO") in 
  669330, 669331,                         1968, intersected 
  669332, 669333,                          several metres 
  669334, 669335,                            of massive 
  669336, 669339,                             sulphide 
  669340, 669341,                          mineralisation 
  669342, 669522,                              hosted 
  669528, 669549,                         by metavolcanics 
  669581, 669588, 
  669595, 669607, 
  669723, 669729, 
  669732, 669738, 
  669742, 669746, 
  669748, 669755, 
  669779, 669785) 
                     -----------------  -------------------  --------------------------------------------------------- 
 

The person who arranged for the release of this announcement on behalf of the company was Darren Hazelwood, CEO of the company.

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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END

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July 21, 2022 04:58 ET (08:58 GMT)

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