Second Soil Programme Commences at Manitou Lakes
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)
18 October 2022
Second Soil Programme Commences at Manitou Lakes
Panther Metals plc (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to announce the commencement of a follow-up soil geochemical sampling programme in the Barker area of the Manitou Lakes Project ("Manitou Lakes") or the "Project") 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.
This follow-up programme is designed to test the strike extent of mineralisation following the discovery of anomalous and high grade gold in soils this summer, as reported on 21 September 2022 1.
The second round of soil geochemical testing will commence at the Barker Area and has been designed to follow-on from the widespread anomalous gold results from initial summer 2022 sampling programme, with the objective of:
· Delineating strike extent of gold mineralised structure, previous survey identified an open ended, strong linear gold anomaly which extends for at least 400m across the survey area;
· Focus planned induced polarisation ("IP") geophysics survey work scheduled for this winter; and future
· Drill target planning.
Darren Hazelwood, Chief Executive Officer, commented:
"The extent and grade of anomalous gold identified by this summer's soil sampling programme in the Barker area was exceptional, but the open-ended extent of the mineralisation meant we needed to enlarge the survey coverage to get a feel for the possible size of the target. This expanded soil programme is designed to test the boundaries of that gold mineralisation.
The historic gold mine located 700m to the south of the Barker zone was built on a gold bearing shear structure with an unknown strike extent due to the underexplored nature of this region where no modern exploration techniques have previously been utilised.
This enlarged soil programme is a precursor to a planned IP geophysics survey, scheduled for this winter, allowing us to plan a drilling campaign. I look forward to updating the market once the results are available."
Precursor Soil Survey Details - Announcement on 21st September 2022
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 on behalf of the company was Darren Hazelwood, CEO of the company.
Reference notes
1: Company announcement, Manitou Lakes - High Grade Gold Discovered in Soils, 21 September 2022:
(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/rg987zx
)
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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