Big Bear Gold Project Exploration Update

RNS Number : 7878Z

Panther Metals PLC

23 September 2020

 

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

(Incorporated in the Isle of Man with company number 009753V)

23 September 2020

Big Bear Gold Project Exploration Update

Panther Metals PLC (LSE:PALM) ("Panther" or the "Company"), the company focused on mineral exploration in Canada and Australia, is pleased to provide an update on exploration progress at the  Big Bear Gold Project, on the Hemlo-Schreiber Greenstone Belt, in Ontario Canada.

Darren Hazelwood, Chief Executive Officer, commented:

"We are pleased to provide an update on our exploration progress at the Big Bear Gold Project.  The combination of systematic grid soil sampling, outcrop sampling and flying airborne geophysics has identified two new, hitherto unknown, prospects in the central and western parts of the project area. The Cook Lake East and Big Duck Creek prospects are the highest priority of five new areas of interest identified during the 2020 summer fieldwork. 

With ground truthing and sampling follow-up progressing for the 39 geophysical targets identified for priority investigation, as reported on 11 August, we are confident there will be a pipeline of potential new discoveries as we now focus attention on our priority prospects."

Highlights:

· Systematic grid soil sampling and outcrop sampling has defined a further five areas of interest within the Big Bear Project, including two high priority targets which are currently under focus for further investigation:  

Ø Cook Lake East : a broad linear target identified by anomalous gold in a combination of outcrop sampling and soil sampling (0.15g/t Au in soil), with a current north-west to south-east strike length of 600m and a width up to 250m.  An additional outcrop sampled 400m to the south-east shows there may be potential to extend the total strike length of the target area to 1km subject to further sampling. Cook Lake East correlates well with magnetic anomalies identified from the airborne geophysics programme.  

Ø Big Duck Creek : located approximately 1.2km east of Cook Lake East and to the west of the historical Schreiber Pyramid Gold Mine, is a new target area outlined by anomalous gold in soil over an area of 580m east-west by 350m north-south.  Geophysical data indicates that there is potential to extend the footprint by at least 500m to the north-west.

· Further prospective targets, defined by a combination of geophysical anomalies and gold in soil include: 

Ø Big Duck West: anomalous gold in soil coinciding with a distinct magnetic high.  Elongated area 400m east-west by 100m north-south Located between Cook Lake East and Big Duck Creek targets. 

Ø Lizard Lake South: discrete target 300m by 300m delineated by elevated gold in soil associated with a magnetic feature.  

Ø Lizard Lake North: gold in soil anomalies which correlate well with 700m of east-west striking magnetic feature. Geophysics show there is the potential to link the Lizard Lake North area to the previous soil sampling anomaly at Big Bear lake (an along strike distance of 1.7km). 

· Delineation of target areas is supported by the pathfinder element arsenic, for both soil and rock samples, with arsenic showing a strong correlation with perceived structures related to the processed geophysics imagery (announced 11 August / 16 September 2020).

Rock sampling, geological mapping and structural interpretations were taken over the soil sample grid areas and over additional targeted areas where rock exposure allowed in the heavily forested and overburden covered terrain. 

Both soil sampling and outcrop sampling work was refined as the results of the 2020 airborne geophysics survey became available, with further ground truthing and follow-up ongoing. 

The summer 2020 soil sampling programme was conducted over seven planned grids based on existing knowledge of regional geology and regional scale geophysics.  Sampling was conducted on 100m spaced fences with a 25m sample interval, for a total 416 assays returned. 

The soil samples were analysed for gold and a suite of 52 other elements by the certified laboratory ALS Canada, using their ME-MS41L method (Super Trace 53 Elements by Aqua Regia and ICP-MS/ICP-AES).  

A total of 218 rock samples have been analysed thus far in 2020, all rock samples are analysed using ALS Canada's targeted exploration ME-MS41 method (Aqua Regia with ICP-MS finish). Individual overlimit (high-grade) rock samples are reanalysed using the appropriate method (Au-GRA21 / Cu-OG46 / Ag-OG46). Individual rock samples have ranged up to 25g/t Au, 202 g/t Ag or 5.94% Cu.  

Supporting imagery will be published on the Panther Metals website and in our corporate presentation shortly.

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer: [phone] and [phone]

Mitchell Smith, Chief Operating Officer:   [phone]

Brokers:

SI Capital Limited

Nick Emerson  [phone]

Peterhouse Capital Limited

Guy Miller and Duncan Vasey  [phone]

 

END

 

 

UPDPPUQABUPUGQP