Canada - Assets Update

RNS Number : 3284X

Panther Metals PLC

04 May 2021

 

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FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

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

4 May 2021

Canada - Dotted Lake Drilling Permit Issued and Big Bear Update

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada and Australia, is pleased to provide exploration permitting updates for the Dotted Lake property and Big Bear Project in the Province of Ontario Canada.

Darren Hazelwood, Chief Executive Officer, commented:

"We are very pleased to announce the receipt of a renewed Dotted Lake Exploration Permit which extends our exploration permissions by 3 years to April 2024 and increases our potential scope for additional work  without the requirement for additional applications. This new permit allows us to progress our new and updated plans for up to 8 diamond drill holes,   ground IP geophysics and revised trenching plans over the high-grade gold target confirmed by our fieldwork last autumn. This receipt now facilitates us to move our revised plans forward and we are currently engaging with potential contractors with a view to drill at the earliest opportunity.

At Big Bear the results of last year's airborne geophysics, ground reconnaissance and mapping has warranted two further Exploration Permit Applications for induced-polarisation geophysics and reconnaissance drilling over compelling targets in the vicinity of the historical Jedder gold mine in the southeast of the Big Bear Project and in the north of the project over compelling electromagnetic and structural targets.

Strategically as a business we are now able to focus on our highly prospective Canadian assets and having this new permit in place for Dotted Lake, additional applications submitted on the Big Bear project, we now look forward to an extremely busy few months ahead as we focus on our exploration activities. I look forward to providing further details in due course."

Further to the announcement of 14 December 2020, Panther has received a new Exploration Permit (number PR-20-000376) to proceed with the revised plans for reconnaissance diamond drilling, ground induced polarisation ("IP") geophysics and trenching focussed on testing intrusive contact shear-zone hosted gold mineralisation in the vicinity of the north shore of Dotted Lake. Panther's reconnaissance sampling in historical trenches at this locality confirmed high-grade gold at surface (announced 5 November 2020) in an area that has never been drill-tested.  Panther is now actively engaging with geophysical and drilling contractors with a view to embarking on the work following the snow thaw.  Panther's new Dotted Lake Exploration Permit replaces an Exploration Permit (PR-18-000152) dated November 2018 in light of the airborne geophysics survey results, fieldwork, and interpretation. The new permit  will allow Panther to drill up to 8 diamond drill holes this season where initial results warrant. The new permit extends these exploration permissions for three years to 26 April 2024.

At the Big Bear Project Panther has submitted a further two Exploration Permit Applications which will facilitate reconnaissance drill testing and ground IP geophysics across key prospective targets which have emerged from the results of the airborne electromagnetic ("AEM") and magnetics ("Mag") survey completed in August 2020 and the autumn 2020 fieldwork programme.  The Big Duck Creek Permit Application will allow testing of high priority AEM and Mag targets in the 'Big Duck Creek' area to the north and west of Little Bear Lake, in the north of the project area.

The Hays Lake East Permit Application area overlies the interpreted northern intrusive contact of the Terrace Bay Batholith, targeting the Joa-Walton gold occurrence and potential eastern extensions to the historical Jedder gold mine. This application focusses on claims Panther acquired last year (announced 13 July 2020) which includes the Jedder mine and mill, which was intermittently worked between 1934-1986, with gold bearing quartz veins by open cuts up to 15m deep site. Historical gold production was not reported but channel sampling of an 87m long section of the Mill Vein in 1984 reportedly yielded values up to 39.50g/t Au & 73.17 g/t Ag over 0.5m. 

The Joa-Walton occurrence includes at least three quartz veins which were assayed up to 210g/t Au & 258g/t Ag by government Resident Geologist sampling visits in 1988 and 1989. This work also noted that as well as gold in the en echelon lenticular quartz veins, associated quartz feldspar porphyry dikes and stocks were also gold mineralised with assays returning up to 6.36g/t Au. Panther's sampling at Joa-Walton returned assays up to 25g/t Au for a 17cm wide quartz vein, with further structural mapping work and ground geophysics recommended to determine the structural relationships between the intrusives and high-grade veins. Disseminated gold mineralisation in intrusives, in combination with the high-grade quartz veins opens the potential for a larger scale deposit, which Panther intends to test through three-dimensional geophysical modelling and drilling.

Further details on the work elements approved under the Dotted Lake Exploration Permit and the two Big Bear permit applications are outlined below.

Permitting Details

Dotted Lake Exploration Permit PR-20-000376

Allows permitted activities to be undertaken over a three-year period between 27/4/2021 and 26/04/2024 on Dotted Lake claim numbers 548354, 548355, 548356, 548357 and 548358. Replaces previous (2018) Dotted Lake Exploration Permit (PR-18-000152) in light of current claim focus and revised drilling plans.

Permitted activities:

• Mechanised drilling. Provision for an initial 8 planned diamond drill collars to step-out along strike of any positive drill intersections.

• Mechanised stripping. Allowance for a total 2,500m² of ground cover stripping to facilitate bedrock mapping and structural interpretation.

• Pitting and trenching. Covers 7 planned trenches to provide strike cross-sections across the target shear zone.

• Ground geophysics incorporating the use of a generator.  Planned work includes an initial 2.5-line km of IP survey across the sheared contact.

• Construction of access roads and survey line cutting.

• Permitted fuel storage for drill rig, vehicles, and generators.

Big Duck Creek Permit Application

Lodged for Multicell Mining Claims 546085 and 566379.

Requested activities:

• Mechanised drilling. Provision for up to 10 planned priority 1 diamond drill collars with a further proposed 9 drill pad locations preplanned to follow-up on encouraging results.

• Ground geophysics incorporating the use of a generator. Planned work includes an initial 5-line km of IP survey arranged over 9 planned survey lines.

• Construction of access roads and survey line cutting.

• Permitted fuel storage for drill rig, vehicles and generators and construction of a temporary personnel camp.

Hays Lake East Permit Application

Lodged for Multicell Mining Claims 566392 and 537571 and Single Cell Mining Claim 569210.

Requested activities:

• Mechanised drilling. Provision for up to 5 planned priority 1 diamond drill collars with a further proposed 4 drill pad locations preplanned to follow-up on encouraging results.

• Ground geophysics incorporating the use of a generator. Planned work includes an initial 2.5-line km of IP survey arranged over 5 planned survey lines.

• Construction of access roads and survey line cutting.

• Permitted fuel storage for drill rig, vehicles and generators and construction of a temporary personnel camp.

For further information please contact:

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:   [phone]

                                                                                  [phone]

Mitchell Smith, Chief Operating Officer:                    [phone]

Broker:

SI Capital Limited

Nick Emerson                                                           [phone]

 

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