Dotted Lake Drill Permit
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
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FOR IMMEDIATE RELEASE |
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PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number 009753V)
27 June 2023
Dotted Lake Drilling Permit Application Submitted
Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada is pleased to provide an exploration permitting update for the Dotted Lake property in the Province of Ontario Canada.
Panther have submitted a comprehensive exploration and drill permit application (number PR-23-000215) that covers 57 claim cells on the north and northwest side of our 100% owned Dotted Lake property (see Table 1). The area is considered very prospective for ultramafic intrusive related nickel and base metal mineralisation.
Darren Hazelwood, Chief Executive Officer, commented:
"My thanks goes to Pic River and Pic Mobert First Nation communities in their continued help and advice as we put together an application that is comprehensive and strategically important, and which will allow us to fully understand the opportunity provided by the compelling geological data we have for the north shore of Dotted Lake. We will continue to work and engage with all relevant stakeholders as the application process proceeds.
Our business continues to strengthen, as our strategy to control our corporate structure whilst advancing the business on all fronts, in a challenging market, gathers pace. We continue to be well received, especially in Canada, as we grow our industry networks and footprint in the region.
The underlying strength of our portfolio means we aren't actively seeking further opportunities, but we remain nimble and open minded. Our direction of travel over the next 12-15 months looks astonishing as we take advantage of the structure we have built. We look forward to providing further details in due course."
Table 1: Exploration Permit Application and Prospect Details
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Exploration Permit Application Number (Administrative Area & Claim numbers) |
Prospect Name (location) |
Targeting & Exploration Rational |
Requested Activities |
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PR-23-000215
(Black River and Olga Lake areas
Cells: 541544 ,541545 ,541546 ,541547 ,541548 ,541549 ,541550 ,541551 ,548348 ,548349 ,548350 ,548351 ,548352 ,548353 ,548354 ,548355 ,548356 ,548357 ,548358 ,548359 ,548362 ,548363 ,548364 ,548365 ,548366 ,550121 ,550122 ,550124 ,550125 ,550126 ,550127 ,550128 ,550129 ,550130 ,600373 ,600379 ,600380 ,600384 ,600386 ,600387 ,600388 ,600390 ,600391 ,600392 ,600394 ,600395 ,600396 ,600397 ,600399 ,600404 ,600409 ,600410 ,600413 ,600415 ,600418 ,600419 ,600421)
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Ni & Base Metal Target
(north and northeast of Dotted Lake property) |
Nickel & base metals.
Distinct 2.8km long linear trend of soil anomalies coincident with the geophysical signature of an interpreted ultramafic body.
Additional coincident electromagnetic and magnetic target associated with Cu soil anomalies along strike from a known Zn occurrence.
Historical soil anomalies peaking at 614ppm Ni , 861 ppm Cu and 214 ppm Co located east along strike from multi element anomalies identified by Panther's soil survey grid.
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· Mechanised Drilling (up to 15 diamond core drill holes), · Electromagnetic ("EM") and Induced Polarisation ("IP") Geophysics · Up to 36 pits / trenches · Stripping (unto 10 localities) · Exploration camps |
Dotted Lake Targets
In the autumn of 2022 a compilation study incorporating Panther's airborne geophysics survey and geochemical soil sampling data with historical geochemical soil sampling data, identified a very prospective zone for nickel (Ni) mineralisation (the "Ni Target") 1. The historical soil survey data was digitised from a report based on work undertaken by Clear Mines Ltd in August 1983 (the "Clear Mines Survey"). These study results showed a 2.8km long linear broadly east-west striking zone of elevated nickel in soil coinciding with the mapped ultramafic / gabbro intrusive unit and a distinct geophysical anomaly.
A map outlining the Ni Target is available to view at the following link: https://www.panthermetals.co.uk/images/dotted-lake-ultramafic.jpg
The Clear Mines Survey consisted of 577 soil samples analysed for 27 elements, collected on a series of north-south lines directly to the east of the Panther 2021 soil survey area 2. Nickel is elevated across the prospect area defined by highs ranging 137 - 235 ppm Ni and peaking at 614ppm Ni in the eastern end. Other soil anomalies across the Ni Target include cobalt (Co) up to 214 ppm Co, copper (Cu) up to 861 ppm Cu.
The western end of the ultramafic intrusive is shown on government mapping to lie beneath the lake, however the geophysics survey and the Panther soil survey appears to show that the intrusive rocks likely extend further to the west and may underlie the soil survey Anomaly A and Anomaly C as reported 9 November 2021 3.
Panther's Ni Target is located 9km west of a new zone of massive nickel-copper sulphide mineralisation drilled by Palladium One Mining Inc (TSXV:PDM.V) at their Tyko Project, West Pickle Lake joint venture property with First Class Metals (LSE:FCM). The 7 September 2022 Palladium One announcement 4 for the West Pickle Lake discovery notes massive and semi-massive pentlandite-pyrrhotite-chalcopyrite sulphide mineralisation interpreted to be related to ultramafic chonolith feeder dykes, was intersected in two diamond drill holes. Assay results are yet to be reported.
About the Dotted Lake Property
The Dotted Lake property is 100% owned by Panther and consists a contiguous land package of approximately 37km2 located approximately 18km north-northeast of the Barrick-owned Hemlo Gold Mine, which has produced over 22 million oz of gold over 30 years to date. Located on the northern limb of the Schreiber-Hemlo Greenstone belt the Dotted Lake property covers 7km of the prospective geological contact between the Dotted Lake Batholith plutonic intrusive and mafic volcanic and metavolcanic 'greenstone' rocks.
References
1: Company announcement, Dotted Lake - New Nickel Target Outlined, dated 13 September 2022
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/w13n84r )
2: Company announcement, Canada: Dotted Lake Property - Geophysics Survey Update, 22 February 2021: https://polaris.brighterir.com/public/panther_metals/news/rns/story/xpp329x
3: Company announcement, Dotted Lake - Soil Sampling Survey Results, 9 November 2021:
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x57m0pw )
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.
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