Dotted Lake - Airborne Geophysics Survey

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PANTHER METALS PLC

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

13 October 2020

Canada: Dotted Lake Property - Commission 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 commission of a high-resolution  Airborne Electromagnetic ("AEM") and Magnetics geophysics survey over the Dotted Lake Property on the north limb of the Schreiber-Hemlo greenstone belt in Ontario, Canada.

Airborne Electromagnetic & Magnetic Geophysics Survey Details

·    Canadian airborne geophysics survey company Prospectair Geosurveys ("Prospectair") will acquire both magnetic ("MAG") and time-domain electromagnetic ("TDEM") geophysics data utilising helicopter-borne sensors.  Prospectair successfully flew geophysics over Panther's Big Bear Project in June 2020.

·    Survey will total a planned 1,024 line-km, flown at 50m spacing with 500m control lines, and orientated perpendicular to the dominant lithological strike direction.

·    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.

·    Survey is expected to be flown late October / early November with processed results available for planning the 2021 programme of works over the winter break.

·    Dotted Lake Property is located 93km east of Panther's Big Bear Gold Project, 18km north of the Barrick Hemlo Mine and 34km north-east of the Marathon Palladium Project where a proposed open pit mine for palladium, platinum, gold and copper is currently undergoing permitting and planning by Generation Mining,

Darren Hazelwood, CEO, commented:

"We are currently witnessing many exciting developments with millions of exploration dollars being invested in the wider Hemlo area. Following a very encouraging exploratory visit to site in September and the accompanying report produced by our Ontario based geologist, we have taken the strategic decision to fly AEM and MAG over Dotted Lake now, giving us time to analyse the data and plan a comprehensive exploration programme, in preparation for the forthcoming field season.

The survey will be flown by Prospectair, the same company who flew AEM and MAG over the Big Bear Gold Project survey in June of this year. The survey over Big Bear has proved instrumental to our work programme delineating a large number of targets for further investigation. 

The survey is currently expected to be flown near the end of the month with the processed results available for planning the 2021 work programmes".

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