Fulcrum Metals plc - Project Structural Study
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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)
23 March 2023
Fulcrum: Schreiber-Hemlo Project Structural Study
Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to note that Fulcrum Metals PLC ("Fulcrum") have announced the results of a regional structural study based on satellite data over their Big Bear and Jackfish Properties, part of Fulcrum's Schreiber - Hemlo Project, in Ontario, Canada.
Panther holds a total of 9,971,839 ordinary shares in Fulcrum representing a 20% interest in the entire issued share capital of Fulcrum, plus 714,286 warrants exercisable at 17.5p with a two-year life from 14 February 2023 and a further 476,190 warrants exercisable at 26.25p with a three-year life. Panther also retains a 2% net smelter return ("NSR") royalty over the Big Bear Project.
Fulcrum's full announcement, together with illustrative figures and background information, is available to view at the following link: https://fulcrummetals.com/news/
Summary
· In November 2022, Fulcrum engaged Dr Francis Murphy of Murphy Geological Services ("MGS"), an industry leader in satellite structural interpretation, to define the structural framework of the Big Bear and Jackfish properties and generate targets for gold exploration within the properties (see Figure 1). MGS specialise in the application of structural techniques to determine the controls on mineralisation and the generation of predictive models that can be used to identify new exploration targets.
· This MGS study has identified 42 priority exploration targets within the two properties; 24 targets within the Big Bear Property; and 18 in the Jackfish Property, with 14 in total (9 on Big Bear and 5 on Jackfish) being ranked as High Priority for fieldwork follow-up.
· The MGS targets are based on a number of criteria including the presence of major shears, shear intersections, inflections and splays along shears, prominent aeromagnetic lineaments, proximity to sheared lithological contacts, presence of known mineral occurrences and anomalous values from soil and rock samples.
· At Big Bear Property the integration of the structural interpretation with the previous airborne magnetic survey shows a very good correlation between:
o The lineaments on the aeromagnetic data for the Big Bear Property; and
o
High Priority 1 Target 'BB10' (see Figure 2 below) and the interpreted structure in the Schreiber Pyramid area with several high-grade gold in rock samples of up to 45g/t Au (as reported by Fulcrum on 2 March 2023).
The corelation will be further appraised for the Big Bear Property when results of the additional planned airborne surveying are received (Fulcrum RNS dated 16 March 2023).
· At Jackfish Property - High Priority 1 Target 'JFL17' (see Figure 3 below) corroborates previous 2021 exploration work which identified widespread mineralisation with high grade gold in rock samples of up to 39.8g/t Au.
· Fulcrum report they are currently planning follow-up fieldwork to ground check several of the high priority targets, commencing as soon as ground conditions allow.
Full details are provided on Fulcrum's website : www.fulcrummetals.com
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
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 holds a total of 9,971,839 ordinary shares in Fulcrum representing a 20% interest in the entire issued share capital of Fulcrum, plus 714,286 warrants exercisable at 17.5p with a two-year life from 14 February 2023 and a further 476,190 warrants exercisable at 26.25p with a three-year life. Panther also retains a 2% net smelter return ("NSR") royalty over the Big Bear Project.
Panther Metals Australia
Following the listing of Panther Metals' Australian assets on the Australian Securities Exchange ("ASX") as Panther Metals Ltd (ASX:PNT), in December 2021, the valuation of the Company's 36.6% holding in the business has risen by over 30% to a valuation of almost £3M. 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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