Panther ASX - Burtville Assays

RNS Number : 4741S

Panther Metals PLC

14 July 2022

 

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PANTHER METALS PLC

("Panther" or the "Company")

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

14 July 2022

Panther Australia: Very High-Grade Gold Drill Results

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to provide an update for the Burtville East Gold Project ("Burtville") and Eight Foot Well prospect in Western Australia, following the Panther Metals Ltd ("Panther Australia") Australian Securities Exchange ("ASX") announcement detailing very high grade gold drill intercepts and visible gold in reverse circulation ("RC") drilling chips at Burtville East. Panther Metals plc holds 36.6% of Panther Metals Ltd (ASX:PNT).

Further details and maps are available in the ASX Announcement available to view at the Panther Australia website: https://www.panthermetals.com.au/asx-announcement

News Highlights:

· RC drillhole BVE006 returns new shallow high grade gold zone composite of 15m @ 53.94g/t Au from 27m downhole, including individual intersections of:

o  1m @ 79.90g/t Au from 27m;

o  1m @ 478.00g/t Au from 28m;

o  1m @ 125.50g/t Au from 34m; and

o  1m @ 43.80g/t Au from 35m.

· Visible gold panned from sample chips from drillhole BVE006.

· RC Drillhole BVE002 returned an assay of 1m at 73.30g/t Au from 93m downhole.

· Peak grab sample of 21.70g/t Au (BE01CP).

· Follow up drill planning to commence for the Burtville East Gold Project.

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

"The goldfields of Western Australia continue to produce surprises and I'm delighted for everyone involved with this stunning drilling success at the Burtville East Project. The 15m @ 53.94g/t Au is an outstanding drill intercept especially given the shallow depth. The peak intersection of 1m @ 478g/t Au from 28m and the visible gold panned from drill chips reinforce the case for further exploration at Burtville East.

The underlying value being built into our share of the Panther Australia business, through exploration success in such a short timeframe, bodes very well for the future and I'm looking forward to the next stages of exploration at both Burtville East and Coglia."

Daniel Tuffin, Managing Director, Panther Metals Limited commented:

"The first round of drilling at the Burtville East Project consisted of six RC drillholes for a total 675m drilled and was designed as an initial first pass programme to test accepted mineralisation trends and explore the potential for alternative trends.

The results from this short programme of drilling at Burtville East are simply stunning. Some of the holes drilled into the accepted trend model did not perform as expected, while others, particularly in the case of hole BVE006, intercepted a new shallow broad high-grade zone of 15m at 53.94g/t gold. BVE006 was planned to investigate a conceptual, and untested, alternative mineralisation trend theory.

The interception of a new shallow broad high-grade gold zone in hole BVE006, in conjunction with confirmation that unprocessed local stockpiles contain gold in previously unprocessed 'mineralised altered zones'* requires a rethink about the accepted mineralisation trends at Burtville East.

We will now progress with a full review of the results and follow up with a new drill plan to further test, and explore for new, mineralised trends in the area."

Burtville East RC Drilling Results

An initial first round of drilling, consisting of six RC holes for a total 675m drilled, was designed as a first pass programme to test the current interpretation of gold mineralisation, and explore for new mineralised positions and structures. Drill hole assay results above 0.5g/t gold are given in Table 1.  The interception of a new shallow broad high-grade gold zone in hole BVE006 poses a rethink about the accepted mineralisation trends at Burtville East. The prior interpretation of the mineralised trend was a north-south structure. It is now thought that the formation of mineralisation is more complex and likely the result of shear deformation, forming a series of northeast-southwest trending en-echelon dilations. Panther Australia will now progress with a full review of the results and follow up with a new drill plan to further test, and explore for new, mineralised trends in the area.

Table 1: Burtville East RC Drill Intersections

Drillhole ID	Drillhole intersections for assay results above 0.5g/t Au
BVE001	1m @ 1.14g/t Au from 79m and 1m @ 1.25g/t Au from 103m
BVE002	1m @ 73.30g/t Au from 93m and 1m @ 0.58g/t Au from 96m
BVE003	1m @ 0.74g/t Au from 72m
BVE004	4m @ 3.36g/t Au from 79m 1m @ 2.07g/t Au from 106m and 1m @ 3.41g/t Au from 119m
BVE005	1m @ 0.95g/t Au from 106m
BVE006	15m @ 53.94g/t Au from 27m, including 1m intercepts >10g/t Au of 1m @ 79.90g/t Au from 27m 1m @ 478.00g/t from 28m 1m @ 24.30g/t Au from 29m 1m @ 125.50g/t Au from 33 1m @ 43.80g/t from 34m 1m @ 14.60g/t from 35m and 1m @ 11.40g/t from 40m

Burtville East is one of four gold prospects located in Panther Australia's Merolia Gold Project which consists of a land holding over some of the region's most prospective and under-explored ground and which covers a total area of 90km².

The Burtville East prospect area contains historical underground workings, along with mineralised stockpiles of historically rejected material ready for treatment. Historical grab samples from this altered mineralised zone have returned grades of up to 38.45g/t Au.

See the Panther Australian ASX announcement for further information including the Burtville East drill collar location table, grab sample results, drill sections and figures outlining the drilling results; and the assay results from the Eight Foot Well prospect RC drilling campaign.

The full announcement is available to view on the Panther Metals Ltd website under the ASX announcements heading:  www.panthermetals.com.au

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 four prospective primary targets: Wishbone, Awkward, Survey and Ottertooth. 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.

Big Bear Project

The acquisition of various prospects in 2018 and 2019 consolidated previously fragmented areas into the wider Big Bear umbrella project, priming Panther Metals for extensive and comprehensive exploration in the area. A total of 253 geophysical anomalies have been identified, with 39 designated for priority investigation. Gold in soil anomalies in have been identified in five areas, ranging up to 0.71g/t, extending up to 250m wide and open along strike. Gold bearing quartz veins have been outlined within seven separate areas (two with rock and vein samples grading 1 to 5 g/t Au, four with quartz vein sample assays above 5g/t Au, and two quartz samples collected at 50m separation on an E-W trending vein open in both directions returning 105.5g/t Au and 112g/t Au respectively).

The Little Bear Lake and Schreiber prospects are of particular interest to the company: historic work programmes in 2010 and 2011 targeted an intense magnetic response from both. Assays yielded from the 1.6km long gold trend included 6m at 1.5g/t Au, up to 53.7g/t Au and 19.25 g/t Ag in rock chip and 18.2g/t Au and 1.03g/t Ag in soil. Historical bulk sampling reported 150t averaging 17.6g/t Au, while historical drill intersections include 0.55m at 19.2% Zn and 4.6% Cu from 15.2m depth.

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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