TIDMPALM
Panther Metals PLC
23 October 2023
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PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
23 October 2023
Fulcrum Metals: Tully Gold Project
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 detailing the winter drilling
programme preparatory work streams and further high grade
historical drill hole intercepts at their Tully Gold Project
("Tully" or the "Project") in Ontario, 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
-- A review of the available historical paperwork by Fulcrum has
identified original assay certificates detailing significant
mineralised intercepts from drill hole 97-01 which was part of
Black Pearl Minerals Inc.'s drilling programme in 1997. This data
pre-dates the data set previously analysed by Fulcrum which focused
on the most recent SGX drill programmes during 2011-2013 which was
detailed in the announcement of the Tully acquisition on 7th August
2023 and stated that assays run as high as 560g/t gold.
The verification of the assay certificates to the expanded
dataset confirms exceptionally high-grade intercepts, above that
previously announced by Fulcrum as follows:
o Drill hole 97-01: 5.7 metres grading 322.02g/t Au from 215.7
metres downhole including: -
-- 0.6m @ 131.45g/t Au from 217.7 m;
-- 0.5m @ 2,555.5g/t Au from 218.3 m; and
-- 0.5m @ 1,020.38g/t Au from 218.8 m.
-- A total 138 pallets of drill core were located from which an
inventory has been compiled to assist with the pre-drilling
activities assessment set out further down.
-- Project area access roads found to be in good condition, with
only minor trail clearing for the drill programme anticipated.
-- Winter drilling programme preparatory work streams: The 3-4
week planned programme of preparatory work includes:
o Comprehensively review all digital data.
o Establish controls on mineralisation and typical grade
distribution, in particular target areas such as drill holes at
depth down plunge to the northeast beyond the current resource
which include drill holes:
-- 13-22: 6.5m @ 8.00g/t Au from 600m downhole depth;
-- 13-15: 14.1m @ 20.1g/t Au from 247.35m, which indicates
potential for resource extension at depth and to the east.
o Review and identify any holes that were not included in the
2013 mineral resource estimate such as drill holes:
-- 69-04: 0.6m @ 203.3g/t Au ,
-- 69-069A: 3.5m @ 36.4g/t Au , and
-- 69-12: 5m @ 11.2g/t Au .
o Locate sample pulp-reject material from historical holes of
interest.
o Sampling of selected drill core intervals and/or reject
material for analysis via a combination of Metallic Screen Assay
and Photon Assay analysis (provided by MSA labs in Timmins,
Ontario). These methods are commonly used in areas where nuggety
gold is believed to cause inconsistent fire-assay results.
o Identify drill holes that may be suitable for hyperspectral
core scanning analysis.
o Local logistics as needed to prepare for the upcoming
programme.
o Deliver the final winter drill programme.
Darren Hazelwood, Chief Executive Officer, commented:
"We are very pleased to note the progress being made by Fulcrum
at Tully, including the discovery of further high grade gold
drilling results from the 1997 drilling programme.
The catalogue of strong historical results bodes very well for
Fulcrums own winter drilling programme, which is expected to
commence in the next few weeks."
Further details and photographs 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
Broker:
Tavira Financial Limited
Christopher James Kipling +44(0) 203 833 3743
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 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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