Bear Lake Project Preliminary Exploration Results
4th February 2019
Panther Metals PLC
(“Panther†or the “Companyâ€)
Panther Metals Announces Bear Lake Project Preliminary Exploration Results
Panther Metals PLC (NEX:PALM) is pleased to provide an exploration update for the Bear Lake Project, in the Province of Ontario, Canada. The Bear Lake Project is an early stage exploration property held by Panther Metals (Canada) Ltd., a 100% owned subsidiary of Panther Metals PLC.
Highlights
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Results of Q4 2018 exploration orientation work at Bear Lake Project now available.
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Orientation has successfully delineated a number of high priority targets for follow-up work.
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Stand-out results include:
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Gold in soil anomalies outlined in four of the five areas tested with anomalies ranging up to 0.71g/t Au in soil.Soil anomalies extend up to 250m wide and are open along strike. The maximum soil assay forthe previous 2011 Little Bear soil sampling programme was an exceptionally anomalous 18.2g/t Au in soil.
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Rock assay results very encouraging, with gold bearing quartz veins outlined within seven separate areas:
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Two areas with rock and vein samples grading 1 to 5 g/t Au.
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Four areas with quartz vein sample assays above 5g/t Au.
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Two quartz samples collected at 50m separation on an E-W trending vein returned 105.5 g/t Au and 112 g/t Au respectively, strike is open in both directions.
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A Phase 1 Exploration Programme for the spring and summer work season of 2019 is now being planned to follow-up on these exciting results. Work is scheduled to commence as soon as the ground becomes clear of snow in early Q2 2019.
Darren Hazelwood, Chief Executive Officer of Panther commented:
“We are delighted to report the preliminary findings of Panther’s first exploration work since becoming a mineral focussed exploration and development company.
The results of the orientation, verification and planning work conducted in the lead up to the end of 2018 are highly encouraging. Whilst only a small part of the Bear Lake Project has been investigated to date, and with much of the area remaining untouched by modern exploration techniques, we have at least five areas which warrant follow-up exploration with veins grading up to 112g/t Au and exceptionally high soil anomalies.
I look forward to engaging with our shareholders and sharing further exciting developments as we move forward.“
Maps and diagrams relating to this announcement will be made available on the company website: https://www.panthermetals.co.uk/
Bear Lake Project Exploration Update
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Bear Lake Project consists a total of 74 contiguous mining claims arranged within three claim application groups (Bear Lake, Little Bear Lake and Schreiber Pyramid).
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Work conducted during November included an orientation programme consisting of data compilation and interpretation, soil geochemistry over five gridded areas, three within the Bear Lake Project claim area, and one each within the Little Bear Lake and Schreiber Pyramid claim areas, and rock chip sampling within the Little Bear Lake and Schreiber Pyramid areas.
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The orientation programme was designed to plan follow up work and to verify results collected by previous claim holders and confirm historical gold occurrences. The orientation has successfully delineated a number of high priority targets for an inaugural Phase 1 Exploration Programme scheduled to commence as soon as the ground becomes clear of snow in early Q2 2019.
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A total of 150 soil samples were collected during the orientation work. Samples were assayed for 30 elements by X-ray fluorescence (XRF) and for gold by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES).
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Gold in soil anomalies are outlined in four of the five test grids with anomalies ranging up to 0.71g/t Au in soil and open-ended strike distances up to 250m.The maximum soil assay forthe previous 2011 Little Bear soil sampling programme was 18.2g/t Au in soil, a value which is considered exceptionally anomalous.
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A total of 40 rock samples were collected from rock outcrops and quartz veins in ten separate areas identified by a prospecting team and from historical exploration records.
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Rock assay results analysed for 50 elements and gold, received from ALS Laboratories are very encouraging for gold:
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Two areas returned rock and vein samples grading 1 to 5 g/tAu.
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Four distinct separate areas returned quartz vein sample assays above 5g/t Au.
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Two quartz samples collected at a separation of 50m on an E-W trending 26cm wide surface outcropping quartz vein returned 105.5 g/t Au and 112 g/t Au respectively.
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A Phase 1 Exploration Programme for the spring summer work season of 2019 is now being planned.Work is expected to include:
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Infill soil sampling, ground magnetics, selective stripping and geological mapping across anomalies identified during the orientation and 2011 work programmes, especially the five areas with veins containing high grade gold.
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Systematic soil sampling and ground geophysics on two high priority survey grids, ‘Schreiber Ridge’ and ‘Big Bear Ridge East’, which cover the up to 1.5km long strike extensions to gold anomalies outlined in the orientation programme and which coincide with perceived structural lineaments and regional scale geophysical anomalies outlined by government airborne magnetic and resistivity survey data.
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Systematic soil sampling and ground geophysics conducted over two additional grid areas, ‘Big Bear Ridge West’ and ‘Big Bear Bottom’ which coincide with both perceived structural lineaments and airborne geophysics anomalies, but which remain largely untested by any previous work.
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Further details will be released in due course.
The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person, working for Mining Analyst Consulting Ltd. Mr O’Reilly is also a Non-Executive Director of Panther Metals PLC.
The directors of the Company accept responsibility for the contents of this announcement.
For further information on the Company visit www.panthermetals.co.uk or contact:
| Panther Metals PLC | info@panthermetals.co.uk | |
| Darren Hazelwood | Chief Executive Officer | + 44 (0)7971 957 685 |
| Mitchell Smith | Chief Operating Officer | + 1 (604) 209 6678 |
| Mark Anwyl Guy Miller |
Peterhouse Capital Ltd (NEX Exchange Corporate Adviser) |
+44 (0) 7469 0930 |
Panther Metals plc (NEX: PALM)
Panther, the London NEX Exchange Growth Market listed investor in strategic natural resource opportunities, is focused on generating shareholder value through advancing high-quality exploration opportunities in stable and mining friendly jurisdictions.
The board has demonstrated capability in taking projects from early grassroots stage through the development curve to production, with a combined 40 years' experience in the mineral exploration and mining finance sectors.
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