Panther Metals PLC New Gold Target Defined at Merolia (9418Z)
May 27 2021 - 2:00AM
UK Regulatory
TIDMPALM
RNS Number : 9418Z
Panther Metals PLC
27 May 2021
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
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU (WHICH FORMS PART OF
DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS
INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN.
FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
27 May 2021
New Gold Target Defined at Merolia
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada and Australia, is pleased to announce the
results of its auger drilling programme over part of its majority
owned Merolia Gold Project in Western Australia.
Darren Hazelwood, Chief Executive Officer, commented:
"We are very pleased with the results of this first auger
drilling programme over the Merolia Gold Project. The programme has
discovered a significant gold anomaly which extends over 5km x 2.5
km in the central part of licence E38/3384. There are also several
other more subtle gold anomalies which trend approximately NW-SE,
extending from the Comet Well gold trend in the north. These gold
anomalies are also coincident with anomalism in several other
elements, which support the likelihood of primary gold
mineralisation in the vicinity.
The Company is now evaluating the opportunities to progress this
project towards an reverse circualtion drilling programme to test
these anomalies and several other gold prospects in the area."
Overview of Auger Sampling Programme
Panther has completed an extensive auger drill geochemistry
programme within tenement E38/3384 which is in the central part of
the Merolia Gold Project. This programme, which was undertaken by
contractors Gyro Drilling Pty Ltd, covered a large part of the
south-eastern extension of the Comet Well Gold trend from which
significant gold anomalism in soil was previously identified over
at least 2.5km of strike. The Comet Well Trend has also yielded
over 40 ounces of gold nuggets by prospectors in recent times, yet
remains undrilled.
Sampling comprised of 827 auger soils holes, with samples
analysed by ALS Ionic Leach for gold and 60 other elements. One
anomalous gold target in the central area (40 Mile Camp) and one
open gold target defined in the north (near Comet Well) were
defined. Elements associated with alteration support the gold
anomaly with other elements showing negative response, representing
a zone of iron depletion.
The auger assay results for gold are considered anomalous and
follow up auger infill drilling is required on the 40 Mile Camp
anomaly to refine these gold anomalies and to help establish
reverse circulation drill targets. The target on the northern
boundary requires infill bedrock testing by auger drilling.
The Merolia Gold Project is located 250km north-northeast of
Kalgoorlie and comprises a tenement package of 145km(2) with
coverage of a 14km long by 8km wide Archean greenstone belt. The
project lies in a prolific mining region with the well established
3Moz Granny Smith and 7Moz Sunrise Dam within a close vicinity.
From a geological perspective the Merolia Gold Project is
located in the Burtville Domain on the eastern margin of the
Norseman-Wiluna Belt, part of the Kalgoorlie Terrane, located
within the Eastern Goldfields Super Terrain. The lower
stratigraphic units are characterised by mafic and ultramafic
dominated units at greenschist metamorphic grades. The succession
is intruded by a number of mafic and ultramafic dykes and sills,
and late-stage granitoids have disrupted the greenstones.
https://www.panthermetals.co.uk/images/2021/05/26/soil-auger-results-for-gold-merolia-project1.jpg
Figure 1: Soil auger results for gold over part of the Merolia
Gold Project. The 40 Mile Camp anomaly is clearly defined and
displays an elongated NW-SE in accordance with the trend of the
underlying greenstones.
For the purposes of UK MAR, the person responsible for arranging
for the release of this announcement on behalf of Panther is Darren
Hazelwood, Chief Executive Officer.
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
Brokers:
SI Capital Limited
Nick Emerson +44(0) 1438 416 500
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