Fulcrum Metals: Winston Lake Project Expansion

RNS Number : 3453W

Panther Metals PLC

17 April 2023

 

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

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

17 April 2023

Fulcrum Metals: Winston Lake Project Expansion

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada is pleased to note that Fulcrum Metals PLC ("Fulcrum") have announced the acquisition of an additional 42 Mining Claim cells, covering a total area of 8.9km², thereby extending their Winston Lake Project in Ontario, Canada.

Panther holds a total of 9,971,839 ordinary shares in Fulcrum representing a 20% 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's full announcement, together with illustrative figures and background information, is available to view at the following link:  https://fulcrummetals.com/news/

Darren Hazelwood, Chief Executive Officer, Panther Metals plc commented:

"This Fulcrum Metals project expansion within close proximity of the past producing Winston and Pick Lake zinc mines, and what is reportedly the current  highest grade zinc development project in North America, is a very shrewd move. The Fulcrum team are delivering, and I'm delighted that Panther Metals have the opportunity to benefit from this continued growth.

Like Panther Metals, Fulcrum, have the opportunity through exploration and discoveries in a secure mining jurisdiction, to help address the growing deficit in critical raw material supply as the world transitions to a lower carbon and hi-tech economy."

Summary

· The 42 Mining Claim cells cover an area of 8.9km² and form the eastward extension ("Carib Creek East") of Fulcrum's Carib Creek prospect area, which together with the Beavertrap prospect area, constitute Fulcrum's Winston Lake Project area.

· Fulcrum's Winston Lake Project area is adjacent to the Metallum Resources Inc development stage Superior Lake Zn-Cu Project, comprising the  historical Winston and Pick Lake volcanogenic massive sulphide ("VMS") mines, which has a stated current JORC Compliant Probable Ore Reserve of 1.96Mt @ 13.9% Zn, 0.6%Cu, 0.2g/t Au & 26.2g/t and Total combined (Indicated & Inferred) Mineral Resource of 2.23Mt @17.7% Zn, 0.9% Cu, 0.38g/t Au & 34 g/t Ag.

· Fulcrum report a sedimentary-volcanic contact zone has been traced across the length of the Carib Creek East property, exhibiting alteration reportedly similar to that at the high-grade zinc-copper deposits of the Superior Lake Zn-Cu Project.

· Historic soil sampling at Carib Creek East has previously returned anomalous copper values over an area of approximately 2km², with values ranging up to 1,100ppm Cu.  Copper mineralisation in quartz-carbonate veins, returned grab sample assays from 0.97% to 1.35% Cu, with separate veins containing semi-massive iron sulphide, however no drilling was undertaken.

· Using the Winston and Pick Lake VMS mines  analogy, Fulcrum intends to follow-up the known bedrock and soil targets for base metals and possible gold potential with a view to identifying early drill targets.  Structural zones of interest have been highlighted by airborne electromagnetic geophysics surveying. Fulcrum are currently finalising exploration plans.

· Figures depicting the location of the Carib Creek East and Winston Lake Project area, and historical sampling results are available to view in the Fulcrum announcement. Via the following web link : https://fulcrummetals.com/news/

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]

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.

Panther Metals Australia

Following the listing of Panther Metals' Australian assets on the Australian Securities Exchange ("ASX") in December 2021, the valuation of the Company's 36.6% holding in the business has risen by over 30% to a valuation of almost £3m. 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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