Panther Metals Ltd - Maiden Resource at Coglia
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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 June 2022
Maiden Ni/Co Mineral Resource Estimate at Coglia
Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to provide an update for the Coglia Nickel/Cobalt Project ("Coglia") in Western Australia, following the Panther Metals Ltd ("Panther Australia") Australian Securities Exchange ("ASX") announcement detailing a maiden Mineral Resource Estimate and new Exploration Target. 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
News Highlights:
· Maiden Mineral Resource Estimate ("MRE") of 70.6Mt @ 0.7% Nickel & 460ppm Cobalt (Inferred Resources) for
o 476kt Nickel & 32.2kt Cobalt (see Table 1)
o MRE exceeds the 50Mt upper limit of the former Coglia JORC Exploration Target ("JET") by 20Mt, a 40% uplift over the expected tonnage.
o Circa 5km long Resource area
o MRE establishes Coglia as a new standalone nickel-cobalt project in the Laverton region of Western Australia.
· Further potential shown through, new 'Southern' Exploration Target ranging between 34Mt - 62Mt @ 0.40-0.65% Ni & 400-600ppm Co for 136kt-400kt Ni and 14-37kt Co has been defined (see Table 2) *
o Southern Exploration Target covers area of ~2.7km2 with strike length of ~2.8km.
o Two new drill target areas 'East' and 'Central', in an area of ~3.7km2 result from drilling and geophysics review.
* The potential quantity and grade of an Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and there is no certainty that further exploration work will result in the determination of Mineral Resources.
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Table 1: Coglia Nickel-Cobalt Inferred Mineral Resource Estimate at a 0.5% Nickel Grade Cut-Off # |
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0.5% Ni cut-off |
Tonnes |
Ni % |
Co ppm |
Ni tonnes |
Co tonnes |
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Domain North |
25,800,000 |
0.7 |
360 |
186,000 |
9,300 |
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Domain South |
44,800,000 |
0.6 |
510 |
290,000 |
22,900 |
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Total Inferred Resources |
70,600,000 |
0.7 |
460 |
476,000 |
32,200 |
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# See Panther Australia ASX announcement of 27 June 2022 Table 1 for further details. Some errors may occur due to rounding. |
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Table 2: New Coglia Nickel-Cobalt Southern JORC Code (2012) Exploration Target* |
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Tonnage Range |
Grade Range Nickel % |
Grade Range Cobalt ppm |
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34,000,000 - 62,000,000 |
0.40 - 0.65 |
400 - 600 |
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* The potential quantity and grade of an Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and there is no certainty that further exploration work will result in the determination of Mineral Resources. |
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Darren Hazelwood, Chief Executive Officer, Panther Metals plc commented:
"The maiden Mineral Resource estimate for Coglia has exceeded all our expectations and has the potential to add a significant uplift to Panther Australia. The three new target areas to the south and east of the Resource area provide further potential for future uplifts subject to the necessary drilling and technical studies.
The rapid and successful progress made in Australia provides a great platform not only for the ASX company but also for Panther Metals Plc as we continue to grow the business."
Daniel Tuffin, Managing Director, Panther Metals Limited commented:
"This is an outstanding and transformative outcome for Panther Australia. This 70.6Mt, ~5km long Ni-Co Resource far surpasses the results expected and marks Coglia as a new standalone nickel-cobalt project in the Laverton region of WA." The "new targets, in addition to the MRE, have vastly increased the potential scale of the Coglia Project. We will now commence a review to plan further drilling to infill the South Coglia domain and test the new Southern, East, and Central targets."
The full announcement is available to view on the Panther Metals Ltd website under the ASX announcements heading: www.panthermetals.com.au
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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