Obonga: Flake Graphite Discovery
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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) REGULATIIONS (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.
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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)
02 February 2023
Obonga: Flake Graphite Discovery
Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to report the latest round of diamond drilling1 has outlined potentially significant intersections of near-surface crystalline 'flake' graphite at the Obonga Project, Awkward Prospect.
Graphite is listed on the Critical Minerals List of raw materials in Canada2, with a supply risk fuelled by the high-purity graphite demand for the rapidly growing electric vehicle ("EV") and energy storage industry and in support of the drive for carbon emission net-zero. The European Union and United States have also identified graphite a critical mineral for a secure, sustainable and resilient raw materials value chain3.
Darren Hazelwood, Chief Executive Officer, commented:
"In January 2023, the Critical Minerals Institute, an international organisation for critical mineral companies and professionals, published a list of the 14 most critical minerals for developed world economies; and graphite ranked fifth.
The discovery of flake graphite on Obonga is especially exciting in light of exponential demand growth forecasts and the western worlds' attempt to move supply reliance away from China which currently serves around 70% of global graphite consumption.
A historical report recently identified by the Company, also noted an abundance of graphite in metasedimentary rocks in the wider Awkward area following work conducted in 1986 by Platinum Exploration Canada Inc.
This graphite discovery will now allow us to plan a comprehensive programme aimed at further understanding the opportunity this discovery presents to Panther Metals and our shareholders, graphite is widely accepted to be a key constituent of the global drive to Carbon net zero.
I would like to thank the local Indigenous Communities for allowing us to conduct our exploration activities at Awkward. Following further engagement, I will update the market on future plans for this exciting opportunity."
Awkward Graphite Summary
· Diamond drillhole BBR22 AW-P1-1, one of three holes drilled, on the Awkward Prospect during November 2022, intersected a 22.4m wide intersection of graphitic metasediment from 8.4m downhole depth.
· As a precursor to complete hole sampling an initial 2.65m assayed interval from the wider graphitic zone, was submitted to ALS Laboratories for Total Graphitic Carbon analysis (by method C- IR18) in order to confirm the presence of crystalline 'flake' graphite as observed during core logging.
· Assayed interval totals 2.65 m @ 4.02% Total Graphitic Carbon ("TGC") from 21m, including 1m @ 5.12% TGC from 21m.
· Graphite mineralisation is anticipated to be open above and below the sampled interval. Follow-up investigations are currently being planned.
Obonga 2022 Drilling Programme Details
During Panther's autumn 2022 diamond drilling programme a total of 1,500m were drilled across nine holes, in addition future drilling pads were prepared as summarised in Table 1 and Table 2 below. Figure 1 below provides regional location context.
Table 1: Obonga 2022 Diamond Drill Hole Details
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Prospect |
Drill Hole ID (BBR22 series) |
Hole Depth (m) |
Easting * |
Northing * |
Targeting |
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Wishbone |
WB22-P1-1 |
200 |
300407 |
5529018 |
VMS hosted Base Metals |
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WB22-P1-2 |
200 |
||||
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WB22-P2-1 |
201 |
300664 |
5529054 |
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WB22-P2-2 |
201 |
||||
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WB22-P3-1 |
200 |
300918 |
5529444 |
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Awkward |
AW-P1-1 |
92 |
315485 |
5534407 |
Intrusive related Ni / PGE Graphite |
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AW-P2-1 |
71 |
315470 |
5534530 |
||
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AW-P4-1 |
80 |
314307 |
5535070 |
||
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Survey Lake |
SV-P1-1 |
255 |
308313 |
5530371 |
VMS hosted Base Metals |
|
|
Total Drilled |
1,500 |
|
|
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*Projection: UTM Zone 16N NAD83
Table 2: Obonga 2022 Drill Pad Preparations
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Prospect |
Drill Pads Prepared |
Targeting |
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Awkward |
AW Pad 3 |
Intrusive related Ni / PGE and graphite |
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AW Pad 7 |
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Ottertooth |
OT Pad 1 |
VMS hosted Base Metals |
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Associated waterline trails and helicopter landing zones also cleared |
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Figure 1: Location of Obonga Project and select Drill Holes with reference infrastructure and port city of Thunder Bay
For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of Panther is Darren Hazelwood, Chief Executive Officer.
Reference Notes:
1: Panther Metals PLC company announcement, Diamond Drilling Completion - Obonga and Issue of Equity, dated 24 November 2022 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/w9eyvgr )
2: Source: Critical Minerals Centre of Excellence (CMCE) at Natural Resources Canada
( https://www.canada.ca/en/campaign/critical-minerals-in-canada.html )
3: Source: European Commission, EU and Canada set up a strategic partnership on raw materials, dated 21 June 2021 ( https://single-market-economy.ec.europa.eu/news/eu-and-canada-set-strategic-partnership-raw-materials-2021-06-21_en )
4: Source: Critical Minerals Institute, dated 18 January 2023
( https://criticalmineralsinstitute.com/2023/01/18/ )
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
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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