Manitou Lakes: Additional Mining Claims Staked
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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 September 2023
Manitou Lakes: Additional Mining Claims Staked
Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada is pleased to announce the acquisition by staking of 19 additional single cell mining claims ("Claims"), covering circa 415 hectares (4.15km2). The Claims comprise two blocks of ground, the Scattergood Lake block and Beaverhead Island block, that are directly contiguous to the Manitou Lakes Project ("Manitou Lakes" or the "Project") and which provide additional coverage of exploration ground considered highly prospective for gold.
Manitou Lakes covers a total area of approximately 102km2 and is located within the gold endowed Kenora Mining District on the Eagle - Manitou Lakes Greenstone Belt, approximately 300km east of the city of Thunder Bay.
The Scattergood Lake block ("Scattergood") comprises 12 claims covering circa 250 hectares located over the northeastern end of a 6km gold bearing structural feature which is now entirely enclosed by Manitou Lakes project area. The southern edge of the Scattergood block is also approximately 500m north of a new neighbouring gold occurrence discovered by local prospectors during 2022.
The Beaverhead Island block ("Beaverhead") comprises 7 claims covering circa 165 hectares on the southerly extent of Beaverhead Island on Manitou Lake where historical reconnaissance sampling work in 1984-1985 by Cochrane Oil and Gas Ltd ("Cochrane"), outlined highly anomalous gold-in-rock geochemical values ranging up to 1,000 ppb Au across a 50m wide carbonatised and sericitised section of schist zone on the southern tip of the island. Cochrane also outlined a strongly sheared silicate-carbonate facies iron formation and one hundred metres to the southeast, a subparallel, less well exposed zone of open-ended strong shearing and quartz-carbonate-sulphide mineralisation some 25m to 40m in width and 400m long also carrying anomalous gold-in-rock values. They noted that these two zones exhibit many similarities to the environments hosting the ore horizons both at the Hemlo Gold Mine (Barrick Gold) on the Schreiber-Hemlo Greenstone Belt and the former Joutel Eagle Mine (Agnico Eagle Mines Ltd) in Quebec.
Scattergood is located on the eastern side of the Manitou Lakes Project and is centred 10.3km east of Beaverhead which is located in the centre of the Project area.
Darren Hazelwood, Chief Executive Officer, Panther Metals plc commented:
"Manitou Lakes is rapidly developing into one of the most exciting greenfield gold exploration projects in Ontario. The drilling successes being reported this year by Dynasty Gold within the region combined with the proposed listing of our direct neighbour Dryden Gold this autumn on the TSXV has helped drive a staking rush in the area that now makes it almost impossible for new entrants to gain a foothold.
The work conducted by our team in securing a new gold structure over 6km long bookended by gold occurrences plus the new block surrounding Beaverhead Island described as having many geological similarities to Hemlo and Joutel (Quebec) mining districts just adds further value to a project that sits in a region containing multiple million ounce plus deposits."
Further Details
The new Claims are subject to the Manitou Lakes Project option agreement, through which Panther can acquire a 100% ownership at any time. The Claims have an initial term of 2 years with first renewal dates falling in mid to late August 2025 and are directly contiguous to the Manitou Lakes Project claims package which will facilitate assessment work credit distributions.
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 east of Thunder Bay, Ontario and covers a total area of around 102km2.
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.
Panther Metals Australia
Following the listing of Panther Metals' Australian assets on the Australian Securities Exchange ("ASX") 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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