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PANTHER METALS
PLC
("Panther" or the "Company")
(Incorporated in the Isle of
Man with company number 009753V)
5 November 2024
Fulcrum Metals: Assays and
Project Development
Panther Metals PLC (LSE:PALM) the
company focused on mineral exploration in Canada, is pleased to
provide an update by Fulcrum Metals Plc (LON: FMET) on the
company's Teck-Hughes and Sylvanite gold tailings projects located
in the Kirkland Lake area of Ontario, Canada.
Panther currently holds a total of
7,625,122 ordinary shares in Fulcrum representing a 12.38% 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
Highlights
·
Teck-Hughes Gold
Tailings Project
o Four
new auger sites report average 0.65g/t gold, 1.3g/t silver and
13g/t tellurium.
o Silver and tellurium - Canada recognises tellurium as a
critical mineral - this had not been assayed previously. The Board
of Fulcrum believe this could offer by-credits and enhance the
project further.
o Ongoing auger hole sampling targeting 16 site
locations.
·
Sylvanite Gold
Tailings Project
o Six
new auger sites report average 0.58g/t gold, 1.1g/t silver and
13.9g/t tellurium.
o Average of 0.56g/t gold, 1.1g/t silver and 14.6g/t tellurium
from duplicates of seven resampled sites sent to Extrakt Process
Solutions LLC ("Extrakt") for phase 1 processing test work, broadly
in line with historically reported gold grades.
o Silver and tellurium had only been sampled as part of bulk
concentrating testing in 2012 with in situ grades of 1g/t and
7.5g/t respectively. Concentrating achieved 21.5g/t gold, 14.1g/t
silver and 152g/t tellurium. Concentrating and by-credits could
enhance the project further.
o Phase 1 testing continues using Extrakt's proprietary
technology on tailings material samples from eight site locations -
including metallurgical, ICP assay (minimum 40 elements, including
gold), XRD mineralogical analysis and batch leach
testing.
·
Mechanised auger hole exploration permits under
preparation to allow systematic drilling of the tailing orebodies
to augment work streams and resource modelling
·
Fulcrum management conducted successful site
visits to the Teck-Hughes and Sylvanite sites, and meetings with
key stakeholders who emphasised support in advancing both gold
tailings projects
Ryan Mee, Chief Executive Office of Fulcrum,
commented:
"To put it simply the detailed work in progress at the gold
tailings projects is delivering. Assay results from additional
areas of the tailing orebodies prove abundant gold at surface and
new silver and tellurium grades which provide potentially valuable
by-products. It is worth noting that the tellurium grades of
approximately 14g/t are nearly twice the grade of those reported in
the historic sampling for concentrate testing at Sylvanite in 2012
which ultimately achieved 152g/t. This, combined with the fact that
tellurium is recognised as a critical mineral in Canada, could also
offer further benefit to the projects.
"When evaluating the gold and other minerals present in these
tailings deposits, it's important to remember that these deposits
sit at surface and consist of millions of tonnes of 'fine' tailings
that have already been mined and milled. This presents a
significant advantage: there is no need for new discoveries,
sub-surface infrastructure, or mine construction. Instead, we are
confirming accessible, surface-level gold resources and
demonstrating our capability to efficiently extract gold from them.
Our workstreams are specifically designed to accomplish this in a
cost and time-effective manner.
"Fulcrum is an early mover in targeting reprocessing of
historic tailings and our work to date through auger drilling, the
excellent leach test work with Extrakt and the positive government
and community engagement is putting the company in a strong
position. We look forward to providing further updates in due
course."
For
further information please visit https://fulcrummetals.com/
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 12.38% 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.