Fulcrum Metals: Tully Gold Project
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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 October 2023
Fulcrum Metals: Tully Gold Project
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 the winter drilling programme preparatory work streams and further high grade historical drill hole intercepts at their Tully Gold Project ("Tully" or the "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.
Fulcrum Announcement Highlights
· A review of the available historical paperwork by Fulcrum has identified original assay certificates detailing significant mineralised intercepts from drill hole 97-01 which was part of Black Pearl Minerals Inc.'s drilling programme in 1997. This data pre-dates the data set previously analysed by Fulcrum which focused on the most recent SGX drill programmes during 2011-2013 which was detailed in the announcement of the Tully acquisition on 7th August 2023 and stated that assays run as high as 560g/t gold.
The verification of the assay certificates to the expanded dataset confirms exceptionally high-grade intercepts, above that previously announced by Fulcrum as follows:
o Drill hole 97-01: 5.7 metres grading 322.02g/t Au from 215.7 metres downhole including: -
§ 0.6m @ 131.45g/t Au from 217.7 m;
§ 0.5m @ 2,555.5g/t Au from 218.3 m; and
§ 0.5m @ 1,020.38g/t Au from 218.8 m.
· A total 138 pallets of drill core were located from which an inventory has been compiled to assist with the pre-drilling activities assessment set out further down.
· Project area access roads found to be in good condition, with only minor trail clearing for the drill programme anticipated.
· Winter drilling programme preparatory work streams: The 3-4 week planned programme of preparatory work includes:
o Comprehensively review all digital data.
o Establish controls on mineralisation and typical grade distribution, in particular target areas such as drill holes at depth down plunge to the northeast beyond the current resource which include drill holes:
§ 13-22: 6.5m @ 8.00g/t Au from 600m downhole depth;
§ 13-15: 14.1m @ 20.1g/t Au from 247.35m, which indicates potential for resource extension at depth and to the east.
o Review and identify any holes that were not included in the 2013 mineral resource estimate such as drill holes:
§ 69-04: 0.6m @ 203.3g/t Au,
§ 69-069A: 3.5m @ 36.4g/t Au, and
§ 69-12: 5m @ 11.2g/t Au.
o Locate sample pulp-reject material from historical holes of interest.
o Sampling of selected drill core intervals and/or reject material for analysis via a combination of Metallic Screen Assay and Photon Assay analysis (provided by MSA labs in Timmins, Ontario). These methods are commonly used in areas where nuggety gold is believed to cause inconsistent fire-assay results.
o Identify drill holes that may be suitable for hyperspectral core scanning analysis.
o Local logistics as needed to prepare for the upcoming programme.
o Deliver the final winter drill programme.
Darren Hazelwood, Chief Executive Officer, commented:
"We are very pleased to note the progress being made by Fulcrum at Tully, including the discovery of further high grade gold drilling results from the 1997 drilling programme.
The catalogue of strong historical results bodes very well for Fulcrums own winter drilling programme, which is expected to commence in the next few weeks."
Further details and photographs are available in the Fulcrum announcement which is available to view at https://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:
Tavira Financial Limited
Christopher James Kipling +44(0) 203 833 3743
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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