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PANTHER METALS
PLC
("Panther" or the "Company")
(Incorporated in the Isle of
Man with company number 009753V)
9 October 2024
Dotted Lake: Drill
Targets
Panther Metals PLC (LSE:PALM) the
company focused on mineral exploration in Canada, is pleased to
provide an update with regards to Phase 1 Drill Targeting at the
Dotted Lake Project ("Dotted Lake" or the "Project"), on the north
limb of the Schreiber-Hemlo Greenstone Belt in Ontario,
Canada.
Highlights
·
Four Target Areas delineated for Phase 1 diamond
drilling, focussed on nickel (Ni), cobalt (Co), copper (Cu),
gold (Au) and platinum group element ("PGE") bearing sulphide
mineralisation associated with the mafic-ultramafic intrusive
complex in the north-east of the Dotted Lake Project
area.
·
Drill target areas (Figure 1) comprise significant
coincident anomalies based on geochemical soil sampling assay data,
prospecting, and the results of recent geophysical modelling and
interpretation:
o Target Area C: Western end (toe) of
the Dotted Lake ultramafic intrusive complex coincident with
multielement anomalies including Ni, Cu, Co, Au and PGE. Includes
Centre for Exploration Targeting ("CET") grid analysis target zones
of significant structural complexity that present preferential
sites for the development of mineral deposits.
o Target Area D: Anomalous soils for Ni,
Cu, Co, Au and PGE, over zone of structural complexity and CET
zones on the south flank of an ultramafic intrusive modelled below
Lampson Lake. Lampson Lake has one of the regions highest
lake sediment copper anomaly (985 ppm Cu) as well as highly
anomalous heavy rare earth elements.
o Target Area E: Multi element soil
anomalies located over ultramafic intrusive body.
o Target Area F: Coincident copper in
soil anomalies and electromagnetic 500m long 3D plate modelling
conductors, situated on the northern flank of the ultramafic
intrusive complex.
·
Exploration strategies involving drill targeting
of geophysical modelled ultramafic intrusive feeder dykes
coincident with soil anomalies have led to multiple discoveries of
high-grade nickel and copper and PGE, to the east of Dotted Lake by
GT Resources Inc. Preliminary interpretation suggests that the
Dotted Lake ultramafic intrusive complex is part of the same
mineralising system.
·
Further technical information concerning these
targets is available in the Panther announcement dated 7 October
2024.
Figure 1: Dotted Lake Phase 1 Drill
Target Areas
Darren
Hazelwood, CEO commented:
"Dotted Lake has become part of a
bigger story in the wider Hemlo region and our strategy has been to
garner as much data as possible allowing us to critique the
investment case of the Project.
Based on our own data, external
information and historic reports our confidence and focus on this
exciting area has only increased. We are part of an industry built
on risk/reward. Having managed and developed Dotted Lake every
signal provided indicates this project area deserves to be drilled.
The locations of the drill sites in this release jumped off the
data sheets, when this happens you have to execute.
Our previous work at Dotted Lake
means the majority of the required infrastructure is already in
place and we will shortly be able to answer the questions the
industry is asking. Tyko 1 to our east has been one of the success
stories in Ontario over the last few years, and the Dotted Lake
ultramafic intrusive complex has, in our opinion, every chance of
delivering as well.
Greenfield exploration offers
rewards from success like no other industry and once you factor in
Dotted Lake's location, surrounding infrastructure and the majors
close-by, should we prove successful with this programme, it has
the potential to become a game changer for the
business."
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.
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 15% 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.
