High-Resolution Airborne Geophysics Survey

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PANTHER METALS PLC

(Incorporated in the Isle of Man with company number 009753V)

17 June 2020

Canada: Big Bear Project - Commencement of High-Resolution Airborne Geophysics Survey

Panther Metals PLC (LSE:PALM) ("Panther" or the "Company"), the company focused on mineral exploration in Canada and Australia, is pleased to announce the commencement of a high-resolution  Airborne Electromagnetic ("AEM") and Magnetics geophysics survey on the Big Bear, gold focused, property in Ontario, Canada.

Panther has commissioned the experienced Canadian airborne geophysics survey company Prospectair Geosurveys ("Prospectair") to fly a high resolution AEM and Magnetics survey over the Big Bear Project, commencing today.

Airborne Electromagnetic & Magnetic Geophysics Survey Details

·    Prospectair will acquire both magnetic (MAG) and time-domain electromagnetic (TDEM) geophysics data utilising helicopter-borne sensors.

·    Survey will total a planned 678 line-km, flown at 100m spacing with 1,000m control lines, and orientated perpendicular to the dominant lithological strike direction.

·    Will be flown by Prospectair's Eurocopter EC120 helicopter allowing for smooth line-to-line compatible draping of topography and for data capture at an average 3.3m interval, with the 5.6m TDEM diameter loop.

·    Helicopter will fly at an altitude of 85m with the MAG detector and TDEM transmitter at a nominal ground clearance of 60m and 35m, respectively.

·    Survey will employ a Geometrics G-822A airborne magnetometer and GEM GSM-19 base station, ProspecTEM Time-Domain Electromagnetic System and Pico-Envirotec Airborne Geophysical Information System ("AGIS-XP") incorporating a OmniStar real-time differential GPS, the technical details are outlined below.

·    The well proven system was developed for increased resolution of near surface targets (within a 100-150m depth range) and is popular with Canadian gold and base metal explorers, with an average of 12,000 to 15,000 line-km of ProspecTEM data acquired every year since 2012.

·    Preliminary survey data is expected to be available within 3 days of the survey completion with the data modelling and interpretation report expected during July.

·    Panther's geological field team who are currently working on the ground will be supplied with the daily survey reports allowing for the fast-track ground investigation of any stand-out anomalies identified during the survey.

Darren Hazelwood, CEO, commented:

"We are delighted to announce the commencement of the planned airborne geophysics survey over the Big Bear Project in Canada, following the survey company arriving at the local Terrace Bay Airport yesterday.  The survey system utilises well proven technology with the capability to identify potentially mineralised targets down to a depth of 150m.  The survey data will allow Panther to fast track the identification of drill targets in the highly prospective greenstone belt terrain.

The survey is being carried at a very competitive cost, taking advantage of a reduced mobilisation fee due to Prospectair completing the flying of another survey on a near-by property, yesterday.

Whilst we had previously tendered for magnetics data alone the addition of the AEM sensor will supplement the exploration data with the ability to identify base metals and zinc mineralisation that could occur within the property. We look forward to providing further updates in the near-future at what is a very exciting exploration stage for the company".

Survey Technical Details

Airborne Magnetometers: Geometrics G-822A

Both the ground and heliborne systems use a non-oriented (strap-down) optically-pumped Cesium split-beam sensor. These magnetometers have a sensitivity of 0.005 nT and a range of 15,000 to 100,000 nT with a sensor noise of less than 0.02 nT. The heliborne sensor is mounted in a bird made of non-magnetic material located 25 m below the helicopter when flying. Total magnetic field measurements are recorded at 10 Hz in the aircraft. The ground system is recording magnetic data at 1 sample every second with a GSM-19 Overhauser base-station magnetometer.

Real-Time Differential GPS: Omnistar DGPS

PROSPECTAIR uses an OmniStar differential GPS navigation system to provide real-time guidance for the pilot and to position data to an absolute accuracy of better than 5 m. The Omnistar receiver provides real-time differential GPS for the Agis on-board navigation system. The differential data set is relayed to the helicopter via the Omnistar network of geosynchronous satellites for the survey location. The receiver optimises the corrections for the current location.

Airborne Navigation and Data Acquisition System: Pico-Envirotec AGIS-XP system

The Airborne Geophysical Information System (AGIS-XP) is an advanced, software driven instrument specifically designed for mobile aerial or ground geophysical survey work. The AGIS instrumentation package includes an advanced Satellite navigation (GPS), real-time flight path information that is displayed over a map image (BMP format) of the area, and reliable data acquisition software. Thanks to simple interfacing, the radar and barometric altimeters, the RSI spectrometer, the Geometrics magnetometer and the ProspecTEM time-domain electromagnetic system data are easily integrated into the data acquisition system and digitally recorded. Automatic synchronisation to the GPS position and time provides very close correlation between data and geographical position. The AGIS is equipped with a software suite allowing easy maintenance, upgrades, data QC, and project and survey area layout planning.

Time-Domain Electromagnetic System: ProspecTEM

Prospectair Geosurveys significantly modified and improved the Emosquito II that was built by THEM Geophysics of Gatineau (Québec) to develop ProspecTEM. It is a powerful light-weight system adapted for small size helicopters and easy manoeuvrability enabling the system to be flown as close to the ground as safely possible and ensuring maximum data resolution. Advanced signal processing technique and a full processing package was developed in house to optimise the ProspecTEM data.

The ProspecTEM system employs a transient or time-domain electromagnetic transmitter that drives an alternating current through an insulated electrical coil system. The towing bridle is constructed from a Kevlar rope and multi-paired shielded cables. It is attached to the helicopter by a weak link assembly. An onboard harness with outboard connectors mounted on a plate allows for quick disconnection or connection of the exterior elements. The system uses a 4 KW generator and a large condenser to transmit alternating 2.75-ms half sine pulses with intervening off-times of 13.916 ms electric pulse, 60 pulses per second.

The current in the coil produces an electromagnetic field. Termination of the current flow is not instantaneous but occurs over a very brief period of time (a few microseconds) known as the ramp time, during which the magnetic field is time-variant. The time-variant nature of the primary electromagnetic field, which propagates downward and outward into the subsurface, induces eddy currents which characteristics are governed by rocks conductivity distribution. These eddy currents generate a secondary electromagnetic field, in accordance with Faraday's Law. This secondary field immediately begins to decay in the process. Measurements of the secondary field are made only during the time-off period by a vertical component receiver located almost halfway between the helicopter and the transmitter loop. It is placed with the magnetometer taped to a horizontal boom which supports the receiving coils tear-drop shape vessel at its end. The boom has an elastic suspension. A proprietary suspension system protects the orthogonal coils assembly and limits the total field excursions. The tear-drop vessel acts as a vane and maintains the mast in the line of flight.

The depth of investigation depends on the time interval after shutoff of the current, since at later times the receiver is sensing eddy currents at progressively greater depths. The intensity of the eddy currents at specific times and depths is determined by the bulk conductivity of subsurface rock units and their contained fluids.

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer: +44(0) 1462 429 743 and +44(0) 7971 957 685                                                     

Mitchell Smith, Chief Operating Officer:        +1(604) 209 6678

Brokers:

SI Capital Limited

Nick Emerson                                                 +44(0) 1438 416 500

Peterhouse Capital Limited

Guy Miller and Duncan Vasey                       +44(0) 20 7469 0930