Fulcrum Metals: Schreiber-Hemlo Project Update
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)
13 September 2023
Fulcrum Metals: Schreiber-Hemlo Project Update
Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to note the Fulcrum Metals PLC ("Fulcrum", LON: FMET) announcement detailing significant gold exploration results for their Schreiber-Hemlo project in Ontario, Canada.
Panther currently holds a total of 9,971,839 ordinary shares in Fulcrum representing a 19.99% 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.
During the summer Fulcrum completed a Phase 2 Exploration Programme comprising rock sampling and detailed geological mapping across the Schreiber-Pyramid area of the Big Bear property, followed by extended infill soil sampling of areas with limited or no bedrock exposure.
This work has delineated a gold bearing 3km long corridor which is currently open along strike and to the north. Four drill ready prospects have been delineated and a potential drill target pipeline comprising an additional five prospects have been scheduled for further work.
Darren Hazelwood, Chief Executive Officer, commented:
"I congratulate the Fulcrum team for a further set of exciting gold results. It is very apparent that the Big Bear project area is yielding a growing strong pipeline of drill ready targets.
Any drilling programme success at Big Bear is likely to have a materially positive impact on Panther and we look forward to Fulcrum providing details of their operational plans."
The associated announcement is available to view in full on the Fulcrum Metals PLC website( https://fulcrummetals.com/news/ ), with key points summarised below:
Fulcrum Announcement Highlights
Extended Phase 2 Exploration Programme Summary
· Rock sampling: 141 rock samples assayed reporting up to 17.6g/t Au including:
o High‐grade gold at Schreiber No. 1 vein north (7.17g/t Au, 13.6g/t Au, 1.91 g/t Au) and south (12.9g/t Au and 1.74g/t Au).
o High grade float vein material <150m west-northwest of the vein No.1 trench (17.6 g/t Au) suggesting possible vein extension.
o A newly discovered vein north of the former Johnston‐McKenna Mill yielded gold assay values in initial grab samples up to 1g/t Au - given the nuggety nature of the gold veins at Big Bear this has the potential to be a significant discovery.
o Anomalous gold in gossanous sheared basalts between the Johnston‐McKenna Mill and Cook Lake Iron Formation (0.33g/t Au) represent a new target for a possible bulk tonnage gold deposit.
o Gold in sheared basalts 140m west-southwest of the Twomey Powerline Occurrence (1.28 g/t Au) again pointing to a possible larger-scale target in this area.
· Soil Sampling: 329 soil samples taken, with 38 samples returning highly anomalous values in excess of 20ppb, up to 929ppb Au (0.93g/t Au). A total of 9 soil anomalies delineated:
o 3 very strong soil anomalies and 3 soil anomalies with recommended further detailed work around the Schreiber-Pyramid and Twomey areas.
o 2 anomalies around the Johnston-McKenna area recommended for further investigation.
o An additional very strong soil anomaly to the west of the Schreiber-Pyramid, known as Schreiber-gap, which is open further to the west beyond existing soil coverage.
Exploration Programme Results To Date for the Schreiber-Pyramid Area
· 3km long gold bearing corridor delineated, open along strike and to the north.
o A database of over 25 (37) rock samples in excess of 1g/t Au with 11 (15) high-grade samples in excess of 10g/t up to 45g/t (139g/t) - the numbers in brackets include those reported by Panther Metals plc in 2020.
o Nine areas of highly anomalous soil values ranging up to 0.92g/t Au
o Successful detailed mapping of important shear zones with the potential for the discovery and development of an economic mineral deposit.
o Structural observations between the Cook Lake and Pyramid Schreiber showings have identified a potential regional-scale shear zone passing through this area on a single mineralised structural system.
· Based on the geological and structural setting of the property, it may have potential to host a large, structurally controlled, stratabound-style banded iron formation ("BIF") gold prospect similar to the Musselwhite deposit in addition to an Archean greenstone, orogenic-style lode gold prospect, extending past the bounds of known historical mineral occurrences.
· Drill target pipeline established (as summarised below).
Drill Target Pipeline
· 4 drill ready prospects have been identified with significant gold assays at Schreiber-Pyramid No.1 North and No.1 South, Johnston-McKenna and Cook Lake
· A further 5 prospects for further development to drill target status at Johnston-McKenna Mill, Johnston-McKenna South, Schreiber-Pyramid South, Twomey Powerline, Schreiber-Johnston Gap and the extension to the west
· Open for further drill target generation along strike and to the north
Additional exploration target pipeline outside the Schreiber-Pyramid area
· The geophysical survey completed earlier in the year identified a significant number of priority targets for investigation in addition to the more advanced Schreiber-Pyramid area: -
o Syenite - two areas of strong conductance with magnetic highs and strong VTEM targets.
o North - conductive zone with magnetic highs and strong VTEM targets.
o Schreiber West - a 2.2km northwestern trending anomaly is associated with iron formation with coincident magnetic highs and strong VTEM targets.
o Rongie - a 855 metre long, strong, late channel EM anomaly.
o West Hays - a 550m long mid-channel conductor, with mapping showing the presence of felsic volcanics with nearby iron formation.
Additional details including maps are provided in the Fulcrum announcement.
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
- 5 hours ago Close Brothers Group
- 5 hours ago Savannah Energy
- 5 hours ago Mid Wynd International Inv Trust
- 6 hours ago Dillistone Group
- 6 hours ago SSP Group