Completion of Highly Prospective Project in Canada
10 September 2018
Panther Metals PLC
“Panther Metals†or the “Companyâ€)
PANTHER METALS COMPLETES ACQUISITION OF HIGHLY PROSPECTIVE GOLD AND BASE METALS PROJECT IN ONTARIO CANADA
_________________________________________________________________________________
Highlights:
-
Bear Lake Project (“Bear Lake†and/or the “Projectâ€) consists of a package of three contiguous discovery stage gold and base metals exploration tenements (Little Bear Lake, Bear Lake & Schreiber Pyramid) located in north-western Ontario, Canada.
-
Bear Lake consists of a total of 69 contiguous Claim Units equivalent to over 1,200 hectarescentred approximately 4km north of the town of Schreiber, 15km south-east of the former Winston Lake Zinc Mine, 95 km west of Hemlo and 155 km east of Thunder Bay.
-
Project lies upon the Hemlo-Schreiber Greenstone Belt andis highly prospective for both lode gold and VMS style mineralisation.
-
Historical exploration has yielded results from bulk sampling at the Schreiber Pyramid averaging 17.6g/t gold and from drilling up to 19.6% zinc and 4.6% copper, from near surface. At Little Bear channel sampling yielded assays up to 53.7g/t gold.
_________________________________________________________________________________
Panther Metals PLC “(Panther†or the “Companyâ€) (NEX:PALM) is pleased to announce the embarking of a new growth opportunity in the resource exploration sector with the acquisition of the Bear Lake Project, a package of well-located and highly prospective discovery-stage gold and base metals exploration projects in north-western Ontario, Canada.
The Bear Lake Project area hosts both lode gold and gold enriched VMS style mineralisation with only a limited history of exploration, in a region with established infrastructure, technical expertise and nearby mining operations. The Canadian province of OntarioOntario is one of the world's most accessible and politically safe mining jurisdictions.
Mitchell Smith, Managing Director of Panther Metals commented:
“The addition of these exciting new gold projects as a foundation of Panther’s exploration portfolio provides a low-cost and highly prospective entry point for the company with significant exposure to an under explored gold project.â€
“The Bear Lake project is exceptionally well located from both a geological and infrastructure perspective and we are confident that we will be in a great position to advance the exploration work rapidly and effectively providing value uplift to the Project and to our shareholders.â€
Agreement Terms
-
The total consideration for the acquisition of Bear Lake Project is CAD $133,000 (£76,715) comprising of cash payments totalling CAD $33,000 and the issuance of 19,146,666 Panther Metals ordinary shares valued at CAD $100,000 (£57,440).
-
An Option Payment of CAD $30,000, consisting of a cash payment of CAD $15,000 and issuance of 2,872,000 shares valued at CAD $15,000 (the “Option Sharesâ€) has been paid to the vendors and is deductible from the above total consideration.
-
The balance of the consideration will now be paid to the vendors and will include a final cash payment of CAD $18,000 and issuance of 16,274,666 shares valued at C$85,000 (£48,824) (the “Completion Sharesâ€).
-
Vendors are subject to a 6-month lock in on all securities issued and to sales volume restrictions thereafter.
The Company recommends shareholders review the announcements dated 29 August 2018 and 12 July 2018 for further detail in respect of the Bear Lake project, the technical work undertaken to date and the plans to move the Project forward from a corporate and exploration perspective.
Admission of Completion Shares and Total Voting Rights
Admission is expected to occur on or around 14 September 2018. Following Admission of the Completion Shares, issued ordinary share capital will comprise 516,605,002 ordinary shares of 0.01 pence. This number will represent the total voting rights in the Company, and, following admission of both the Option and Completion shares, may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules. The new shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on the NEX Exchange Growth Market.
Competent Person Report:
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 who acts as the Competent Person. Mr O'Reilly is a Non-Executive Director of Panther Metals PLC and a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Panther Metals PLC to provide technical support.
The Directors of the Company accept responsibility for the contents of this announcement.
For further information on the Company:
| The Company PANTHER METALS PLC Darren Hazelwood, Non-Executive Director Mitchell Smith, Managing Director |
+ 44 (0)7971 957 685 + 1 (604) 209 6678 info@panthermetals.co.uk |
| NEX Exchange Corporate Adviser PETERHOUSE CAPITAL LIMITED Mark Anwyl Guy Miller |
+44 (0) 7469 0930 |
Latest directors dealings
- 11 minutes ago Frasers Group
- 11 minutes ago Cavendish Financial
- 11 minutes ago Diaceutics
- 11 minutes ago AB Dynamics
- 13 hours ago Johnson Matthey