Panther Australia - Burtville East 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
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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 July 2022
Panther Australia: Follow-up Drilling at Burtville East
Panther Metals plc (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to note the Panther Metals Ltd ("Panther Australia") Australian Securities Exchange ("ASX") announcement detailing the commencement of a follow-up drilling programme on the Burtville East Gold Project ("Burtville"). The programme will include both diamond core and reverse circulation ("RC") drilling designed to follow-up on the shallow high-grade gold intercepts, including 15m @ 53.94g/t Au from 27m, announced on 14 July 2022. Panther Metals plc holds 36.6% of Panther Metals Ltd (ASX:PNT).
Further details and maps are available in the ASX Announcement available to view at the Panther Australia website: https://www.panthermetals.com.au/asx-announcement
Darren Hazelwood, Chief Executive Officer, commented:
"The recent discovery of wide shallow high-grade gold intercepts in RC drilling at Burtville East was a significant development for Panther Australia, and the commencement of follow-up diamond drilling within such a short timeframe is remarkable. Once again, the team show their commitment to growing and developing the business in a timely fashion.
This follow-up diamond core and RC drill programme will provide important stratigraphic, structural and strike extent data helping to delineate and build on the known lode gold mineralisation at Burtville East. This programme is an exciting development for all involved, and we look forward to updating the market with the findings in due course."
Daniel Tuffin of Panther Australia, commented:
"The first round of drilling at the Burtville East Project consisted of just six RC holes; results from this short programme of drilling were simply stunning, particularly in the case of hole BVE006, which intercepted a new shallow high-grade zone of 15m at 53.94g/t gold.
The interception of this new high-grade gold zone in hole BVE006 challenged the accepted theory of mineralisation trends at Burtville East and we have since moved fast to review the results from the first round of drilling to plan and implement a follow up drill programme."
News Highlights:
· Second round of drilling has begun at the Burtville East Gold Project, with drilling planned over two phases:
o Phase 1: Stratigraphic diamond holes designed to target the high grade gold recently intercepted in hole BVE006 and test for the existence of parallel lodes to the mineralising system.
o Phase 2: Reverse Circulation ('RC') holes designed to test the lateral strike extent of the gold mineralisation already intersected.
· This drilling follows up on the outstanding results, reported 14 July 2022, for the initial drill programme including:
o RC drillhole BVE006 shallow high grade gold zone composite of 15m @ 53.94g/t Au from 27m downhole, including individual intersections of:
§ 1m @ 79.90g/t Au from 27m;
§ 1m @ 478.00g/t Au from 28m;
§ 1m @ 125.50g/t Au from 34m; and
§ 1m @ 43.80g/t Au from 35m.
o Visible gold panned from sample chips from drillhole BVE006.
o RC Drillhole BVE002 returned an assay of 1m at 73.30g/t Au from 93m downhole.
o Peak grab sample of 21.70g/t Au (BE01CP).
See the Panther Australian ASX announcement for further information including the Burtville East planned drill collar location table, illustrative maps and cross-sections. The full announcement is available to view on the Panther Metals Ltd website under the ASX announcements heading: www.panthermetals.com.au
The person who arranged for the release of this announcement on behalf of the company was Darren Hazelwood, CEO of the company.
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.
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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