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| Date | 11 Jan 2024 |
| Time | 08:25:28 |
| Category | Corporate updates |
| ID | 3906Z |
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSE OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF UNITED KINGDOM ("UK") DOMESTIC LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR").
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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)
Graphite Discovery Grows Significantly at Obonga
Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to provide the additional graphite assay results for drill hole BBR22_AW-P1-1, following additional sample submissions targeting crystalline or 'flake' graphite.
The additional sampling is part of a review of the graphitic core drilled at the Awkward Prospect in the autumn of 2022 and a comprehensive historical data review which has extended the graphite potential.
The Awkward Prospect area is prospective for sulphide bearing magmatic conduits and graphite and is located in the eastern side of the Company's Obonga Project, which covers 90% (291 km2) of the district scale Obonga Greenstone Belt in northwest Ontario.
Highlights
· Updated graphite assay results for drill hole BBR22_AW-P1-1, following further sample submissions. BBR22_AW-P1-1 was drilled to test a geophysical modelled conductive target at the western end of a 730m long conductive lineament 'Trend 3'.
· Samples analysed by ALS Laboratories for Total Graphitic Carbon ('TGC') analysis (by method C- IR18) in order to confirm the presence of crystalline 'flake' graphite.
· Results extend the downhole intersection of graphitic carbon to 27.2m @ 2.25 % TGC between 12m to 43.3m downhole.
· Key downhole Total Graphitic Carbon ('TGC') intersections as follows:
o 27.2 m @ 2.25 % TGC from 12m downhole, including;
§ 4.0 m @ 3.64 % TGC from 14.0 m, with
· 1.0 m @ 5.15 % TGC from 16.0 m ;
§ 6.0 m @ 3.60 % TGC from 19.0 m, with
· 1.0 m @ 5.12 % TGC from 21.0 m ; and
§ 8.0 m @ 2.42 % TGC from 27.0 m, with
· 2.0 m @ 4.16 % TGC from 29.0 m downhole.
· Additional geophysical plate modelling has the prospect of extending Trend 3 a further 4.1km eastwards.
· Factoring the additional claim package recently acquired by Panther, initial geological interpretation suggests a preliminary graphite target area in the region of 21.5 km2 across the Awkward and Awkward East prospect areas.
· Historic data review notes graphite at surface and abundant in some units within the wider exploration area.
Darren Hazelwood, Chief Executive Officer, commented:
"It is important we are cautious at this time due to the potential scale but graphite is known to be abundant in the Obonga area.
Historically graphite was ignored, but it is now a critical ingredient for the decarbonisation of the global economy. Any graphite discovery in a major mining jurisdiction is significant, but one at surface, with substantial scale potential and within trucking distance of a major port, offers outstanding potential.
Our current graphite target area is around 21.5 km2, our geological interpretation and historical records confirm the potential for widespread graphite. Whilst investigations are currently at an early stage, we have already engaged with the Ontario government as they look to create a circular economy by connecting explorers directly with end users."
Background
In October-November 2022 Panther undertook a 9 hole 1,500m diamond drilling programme over the Wishbone, Survey and Awkward Prospect areas. The Awkward drilling comprised three holes (totalling 243m) designed to test the first 3 of 20 conductive plate targets identified by Maxwell Plate Modelling of electromagnetic ('EM') geophysical data. The 20 conductive plates outline four distinct conductive lineations or 'Trends' which are interpreted to relate to sulphide bearing magmatic conduits and graphite.
The most southerly of the conductive lineations, Trend 3, was intersected by Panther diamond drill hole BBR22_AW-P1-1. The 91m long hole intersected 35.1m of graphitic metasediment from 8.4m downhole near the western end of Trend 3.
As a precursor to complete hole sampling an initial 2.65m assayed interval from the 35.1m wide graphitic zone, was submitted to ALS Laboratories for Total Graphitic Carbon ('TGC') analysis (by method C- IR18) in order to confirm the presence of crystalline 'flake' graphite as observed during core logging. This assayed interval totalled 2.65 m @ 4.02% TGC from 21m, including 1m @ 5.12% TGC from 21m 1.
As the graphite mineralisation was open above and below the sampled interval. Follow-up sampling was conducted extending the total downhole intersection of graphitic carbon to 27.2m @ 2.25 % TGC between 12m to 43.3m downhole.
The updated assay results for drill hole BBR22_AW-P1-1 are as follows:
Drillhole BBR22_AW-P1-1 Total Graphitic Carbon Assay Results
· 27.2 m @ 2.25 % Total Graphitic Carbon ('TGC') from 12m downhole, including;
o 4.0 m @ 3.64 % TGC from 14.0 m, with
§ 1.0 m @ 5.15 % TGC from 16.0 m ;
o 6.0 m @ 3.60 % TGC from 19.0 m, with
§ 1.0 m @ 5.12 % TGC from 21.0 m ; and
o 8.0 m @ 2.42 % TGC from 27.0 m, with
§ 2.0 m @ 4.16 % TGC from 29.0 m downhole.
Based on the plate modelling Trend 3 is currently circa 730m long but remains open to the east. Additional drilling will be required to confirm that the graphite extends to the full length of Trend 3, but current interpretation based on conductance levels supports the continuation of the graphite body.
Based on preliminary interpretation of the EM data there is the prospect that additional plate modelling eastwards of Trend 3 could extend the conductive lineation a further 4.1km to the east, which would significantly enlarge the potential size of a graphite target.
Further Graphite Targets
On 29 December 2023 Panther announced the Obonga Project Awkward East Claim Purchase Agreement 2, which has enlarged the Awkward Prospect area by an additional 7.25km2 to the east.
A review of historical reports for the Awkward East area has shown that a single 55m long diamond hole (Number 66-1) drilled by Cantri Mines Limited in June 1966 intersected three graphitic 'flow' zones interbedded with rhyolite on the western end of the Awkward East claim block. Whilst this drill hole was a single isolated hole it is located on the eastern end of a 6.5km long conductive lineament (the 'Cantri Trend') based on the Garden-Obonga Airborne Geophysical Survey flown by the Ontario Government in late 1999. It is noteworthy that the Cantri Trend runs to 2km to the north and parallel to Panther's Trend 3 and that both can in part be attributed to graphite.
Initial geological interpretation has established a preliminary graphite target area in the region of 21.5 km2 across the Awkward and Awkward East prospect areas.
In addition to the graphite potential Awkward remains 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).
References
1: Company announcement, dated 2 February 2023, 'Obonga: Flake Graphite Discovery'
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xzjzl3w )
2: Company announcement, dated 29 December 2023, 'Obonga Project Awkward East Claim Purchase Agreement'
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xlj3d7r )
For further information please contact:
Panther Metals PLC:
Darren Hazelwood, Chief Executive Officer: +44(0) 1462 429 743
+44(0) 7971 957 685
Brokers:
Tavira Financial Limited
Christopher James Kipling +44(0) 203 833 3743
SI Capital Limited
Nick Emerson +44(0) 1438 416 500
Axis Capital Markets Limited
Ben Tadd
Lewis Jones +44 (0)20 3026 0449
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
Fulcrum Metals Plc
Fulcrum Metals PLC (LON: FMET) is an AIM listed exploration company which finances and manages exploration projects focused on Canada, widely recognised as a top mining jurisdiction.
FMET currently holds a beneficial 100% interest in highly prospective gold and base metals projects in Ontario and Uranium projects in Saskatchewan.
Fulcrum's strategy is to focus on discovery and commercialisation of its Projects through targeted exploration programmes. The primary focus is to make an economic discovery on the flagship Schreiber-Hemlo Properties and establishing the prospectivity of its wider Ontario and Saskatchewan portfolio with a view to securing potential joint venture and/or acquisition interest.
Panther Metals Plc own 20% of the issued share capital of Fulcrum Metals Plc and a 2% NSR on the Big Bear project.
Panther Metals Australia
Following the listing of Panther Metals' Australian assets on the Australian Securities Exchange ("ASX") in December 2021. 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.