Manitou Lakes High Grade Gold Discovered in Soils
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
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)
21 September 2022
Manitou Lakes - High Grade Gold Discovered in Soils
Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to outline the positive findings from a gold focussed soil geochemical sampling programme conducted on the recently acquired Shear Gold - Manitou Lakes Project ("Manitou Lakes") or the "Project") 1 in Ontario, Canada. The Project covers a total area of approximately 98km2 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.
All three soil survey grids conducted during this first programme have identified anomalous areas of gold in soil with a significant proportion of the results (>17%) returning highly significant gold in soil anomalies above 0.01 ppm Au. A total five soil samples returned standout, highly anomalous assay results ranging between 1.254 ppm Au up to 6.81 ppm Au, equivalent to 1.254 g/t Au and 6.81 g/t Au respectively, these have been designated priority targets for investigation.
A map showing the location of the three sample grids within the Project is available to view at the following link:
https://www.panthermetals.co.uk/images/2022/09/20/manitou-lake-soil-survey-location3.jpeg
Darren Hazelwood, Chief Executive Officer, Panther Metals plc commented:
"Soil sampling is one of the most important gold exploration tools, which when combined with geophysical investigation and geological mapping are the precursors to drilling and deposit discoveries. Finding single anomalous gold results in a soil programme is not that unusual, however finding a series of elevated results which correlate with one another, and which outline distinct anomalous areas for gold is far more exciting.
All three of the soil sampling grids have returned exciting results which are worthy of investigation, with five of the soil samples returning exceptionally high gold for soil, and assay grades up to 6.8g/t Au that would more typically be associated with good rock samples.
These results demand follow-up work and our team will be back on site before the end of September, I look forward to providing further updates to the market in the near future."
Soil Survey Details
The Manitou Lakes soil programme consisted of a total of 429 soil samples collected over three survey grids located in the east (Barker Area Grid 1 and Petrie Mine Area Grid 2) and central part (Glass Reef Mine Area Grid 3) of the Project. Sample analysis for gold was conducted by AGAT Laboratories of Mississauga, Ontario using their (202-552) Fire Assay - Trace Au, ICP-OES finish (50g charge) package.
The soil samples were collected on 25m spaced survey lines at an average 10m sample spacing, with the survey grids positioned in areas of interest delineated along strike of historical mining areas and in association with prospective geophysical structures identified from regional scale survey data where available. Details of individual survey grids are as follows:
· Grid 1: Barker Area: survey grid measures 400m by 200m orientated approximately 700m north of an area of historical gold workings. Outlined gold anomaly correlates well with a structural lineament identified in magnetic geophysics. Results show a strong linear gold anomaly which extends for at least 400m across the survey area.
· Grid 2: Petrie Mine Area: survey grid measures 150m by 100m in vicinity of the historical Petrie Gold Mine. The distribution of gold anomalies may be indicative of the veins which were historically mined. Further follow-up investigation is warranted.
· Grid 3: Glass Reef Mine Area: survey grid measures 450m by 250m and covers a ridge of elevated ground located south-west along strike of the historical Glass Reef Gold Mine. Survey results show a significant linear gold anomaly southwest of the historical mine workings.
The person who arranged for the release of this announcement was Darren Hazelwood, Chief Executive Officer of the Company.
Reference notes
1: Company announcement, Canada: Purchase of Shear Gold Project, 7 April 2022:
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/ry93y8x )
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 four prospective primary targets: Wishbone, Awkward, Survey and Ottertooth. 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.
Big Bear Project
The acquisition of various prospects in 2018 and 2019 consolidated previously fragmented areas into the wider Big Bear umbrella project, priming Panther Metals for extensive and comprehensive exploration in the area. A total of 253 geophysical anomalies have been identified, with 39 designated for priority investigation. Gold in soil anomalies in have been identified in five areas, ranging up to 0.71g/t, extending up to 250m wide and open along strike. Gold bearing quartz veins have been outlined within seven separate areas (two with rock and vein samples grading 1 to 5 g/t Au, four with quartz vein sample assays above 5g/t Au, and two quartz samples collected at 50m separation on an E-W trending vein open in both directions returning 105.5g/t Au and 112g/t Au respectively).
The Little Bear Lake and Schreiber prospects are of particular interest to the company: historic work programmes in 2010 and 2011 targeted an intense magnetic response from both. Assays yielded from the 1.6km long gold trend included 6m at 1.5g/t Au, up to 53.7g/t Au and 19.25 g/t Ag in rock chip and 18.2g/t Au and 1.03g/t Ag in soil. Historical bulk sampling reported 150t averaging 17.6g/t Au, while historical drill intersections include 0.55m at 19.2% Zn and 4.6% Cu from 15.2m depth.
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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