Acquisition of Claims - Big Bear
22 May 2019
Panther Metals PLC
(“Panther†or the “Companyâ€)
Big Bear Project - Acquisition of Claims
Panther Metals Plc (NEX:PALM) the NEX listed, London based, exploration and development company is delighted to announce the acquisition of additional ground surrounding the former Little Bear Mine, immediately to the north of the Company’s Big Bear Project in Ontario, Canada.
Darren Hazelwood, Chief Executive Officer, commented:
“We are thrilled to secure the prospective ground surrounding the historical Little Bear Mine. We believe this purchase has strategic significance as it provides strike coverage of a known gold bearing system that abuts directly to the northern boundary of our Big Bear Project where two vein samples of over 100g/t Au were taken during the reconnaissance work, announced in February of this year.â€
Nick O’Reilly, Non-Executive Director, commented:
“The acquisition of these additional claims provides a very important extension over potentially significant structural corridors within the Archean greenstones on the eastern edge of the Ellis Lake granitic intrusive body. The juxtaposition of fluid conduits and heat source are thought to be important for the development of the bonanza gold grades historically reported within the Little Bear Mine.â€
Highlights:
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Little Bear North (“LBNâ€) acquisition by the Company consists 14 individual mining claims covering a total area of approximately 2.97km2. The separate Little Bear Mine patented lease area (0.13 km2) is totally contained, but excluded from, the LBN area, and not owned by the Company.
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LBN claim package surrounds the historical Little Bear Mine patented mining lease.
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Based on geological interpretation and available mapping there are at least four structural faults or shears, a diorite intrusive body and potential metavolcanic source rocks within the LBN area on the western fringe of the Ellis Lake Batholith.
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The high-grade gold bearing Little Bear Mine quartz vein coincides with the confluence of two faults at the contact with the batholith, supporting the source rock – fluid conduit – heat driver exploration model.
Description of Package
The Little Bear North claims package ("the Package") comprises 14 contiguous Single Cell Mining Claims covering an area of approximately 2.97km2, located immediately north and adjacent to Panther’s Big Bear Project, some 7.5km north-northeast of the town of Schreiber, in the Priske Township, Thunder Bay Mining Division of Ontario, Canada.
The Package provides extended coverage of prospective Archean age geology for metavolcanic hosted – dilation zone type quartz-carbonate gold mineralisation. Known gold in the area is associated with silver, copper, zinc, lead and molybdenum.
The LBN area has potential for high grade gold mineralisation at the intersection of shears and faults, as demonstrated at the Little Bear Mine where one ton mined from a 5ft wide vein located at the intersection of two faults, was reported to average 1,419g/t Au, equivalent, in 1936.
The presence of known gold bearing ironstone formations within the wider area also supports an additional chemical sediment stratabound type gold and base metal exploration model. Here bed-controlled concentrations of layered sulphide minerals and gold were probably formed by syngenetic, sea-floor hot-spring processes during deposition of the iron-formations. These ironstones could have also played an important part in the later development of dilation zone hosted mineralisation as circulating hot fluids driven by later intrusives remobilised and concentrated the gold from these source rocks.
Transaction
Panther acquired the fourteen Single Cell Mining Claims numbered 525820 to 525824, 540587 to 540591 and 542419 to 542422, from Woolhead Contract Exploration Services for a total consideration comprising Canadian $35,000 cash and Canadian $ 10,000 equivalent in Panther shares at the market price at time of signing (0.5 pence Stirling).
There is no royalty or net smelter return attached to the transfer.
No work has yet been applied on the claims, and there are no work credits to carry over. The Work Requirement for the claim group totals Canadian $5,600 ($2,000 due by 31st July 2020, $2,000 by 1st Feb 2021 and $1,600 due by 19th Feb 2021). In order to extend the validity of a mining claim, past its ‘Anniversary Date’ (the renewal deadline), it is necessary to undertake an annual amount of work to the value of the Work Requirement, or where allowed make a payment in lieu of work to the Work Requirement.
Following completion of the transaction of the issue of the new ordinary shares in Panther Metal Plc the total issued share capital will consist of 626,932,720 ordinary shares with voting rights attached (one vote per share). There are no shares held in treasury.
This total voting rights may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in, Panther Metals Plc under the Financial Conduct Authority’s Disclosure and Transparency Rules (DTR’s).
The Directors accept responsibility for the contents of this announcement.
| The Company PANTHER METALS PLC Darren Hazelwood, Chief Executive Officer Mitchell Smith, Chief Operating Officer |
www.panthermetals.co.uk + 44 (0)7971 957 685 + 1 (604) 209 6678 info@panthermetals.co.uk |
| NEX Exchange Corporate Adviser PETERHOUSE CAPITAL LIMITED Mark Anwyl Guy Miller Company broker SI CAPITAL LIMITED Nick Emerson |
+44 (0) 20 7469 0930 +44 (0) 1438 416 500 |
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