Big Bear - Increase in Targets Defined
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
|
FOR IMMEDIATE RELEASE |
|
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number 009753V)
27 July 2023
Big Bear - Significant Increase in Targets Defined
Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada is pleased to provide an update from Fulcrum Metals Plc (LON:FMET) a company Panther Metals Plc retain a 20% stake in. This update includes a significant progress report on the "Big Bear" project that Panther holds a 2% NSR over.
Darren Hazelwood, Chief Executive Officer, commented:
"The accelerated exploration program conducted at Big Bear leading to a proposed drill program in the autumn is proving very successful. The increase in anomalies and priority targets underlies the potential within this greenstone belt.
At Panther Metals we continue to see significant progress across the entire business with multiple corporate activities aimed at advancing our strategy to deliver capital growth to shareholders".
Highlights
Big Bear Property
· Integration of Fulcrum's newly acquired airborne data with previous magnetic and EM data over the full Big Bear claim block has significantly enhanced the prospectivity of the property.
· The recent survey identified 250 new geophysical anomalies, of which 54 are designated for priority investigation.
· The addition of the new survey data to the historical survey data completed by Panther Metals plc in 2020, and taking into account any areas of overlap, the total number of geophysical anomalies have increased from 253 to 441 and those designated as priority for investigation increased from 39 to 72 .
· The infill magnetic mapping, particularly in the area of Schreiber Pyramid gold target, shows a number of magnetic structures that correlate with gold mineralisation in bedrock and soils. These structures could link the gold occurrences and require further field checking.
· Numerous conductive EM anomalies were identified, both localised and more linear features that appear to be linked to banded iron formations ("BIF") which could represent gold targets.
· The results of the airborne survey will be merged with data from the recent mapping and sampling programme reported as soon as assay results are received and assessed.
Tocheri Lake Property
· The survey was particularly aimed at potential Ni-Cu-PGE mineralisation similar to recently discovered mineralisation on the Palladium One property immediately to the west (Tyko etc.) related to a series of mafic/ultramafic feeder dykes.
· A number of distinct magnetic lineaments were identified striking discordant to the main linear trend, which may be indicative of structures of interest for exploration, possibly analogous to features seen on the Palladium One Mining inc claim block.
· These distinct magnetic features represent legitimate targets for ground investigation.
· Checking of coincident magnetic/weak EM anomalies in the NE of the survey area is also warranted, as they might be indicative of more deeply buried massive sulphide bodies.
Ryan Mee, Chief Executive Office of Fulcrum Metals plc, commented:
"The results of the geophysical surveys are extremely encouraging and provide us with a clearer understanding of the Big Bear property. The survey has greatly increased the prospectivity of the Big Bear property not only increasing the number of priority geophysical targets by 85% to 72, but also identifying several new structures and target areas for investigation. Of immediate interest is the infill mapping in the Schreiber Pyramid area which shows several magnetic structures correlating with gold in rock and soils adding to our confidence as a drill target area. We are waiting for the results of our recently completed sampling and mapping groundworks in this area, which will be integrated with the new survey data and provide us with greater visibility over the area.
Results from the Tocheri Lake project, which comprises of a large, underexplored area are important and allows us to be more targeted as the Company prepares to commence groundwork later this year.
Fulcrum continues to make good progress at the Big Bear property where it prepares to start a drilling program later this year and to take the first steps at its Tocheri Lake project in what appears to be an emerging Nickel-Copper district."
For detailed mapping and further information please visit: www.fulcrummetals.com/news/
For further information please contact:
Panther Metals PLC:
Darren Hazelwood, Chief Executive Officer: +44(0) 1462 429 743
+44(0) 7971 957 685
Mitchell Smith, Chief Operating Officer: +1(604) 209 6678
Broker:
SI Capital Limited
Nick Emerson +44(0) 1438 416 500
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 and a 2% NSR on the Big Bear project.
Panther Metals Australia
Following the listing of Panther Metals' Australian assets on the Australian Securities Exchange ("ASX") in December 2021. 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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 13 hours ago Johnson Matthey
- 14 hours ago Galliford Try
- 14 hours ago Galliford Try
- 14 hours ago Centrica
- 15 hours ago Smith & Nephew