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PANTHER METALS
PLC
("Panther" or the "Company")
(Incorporated in the Isle of
Man with company number 009753V)
2 April 2024
Obonga Graphite: Awkward East
Exploration Permit Application
Panther Metals PLC (LSE:PALM) the
company focused on developing Canada's next VMS camp and graphite
deposit, is pleased to announce it has submitted an Exploration
Permit application for additional drilling following the
intersection of significant widths of graphite mineralisation
comprising 27.2m @ 2.25 % Total Graphitic Carbon 1, on
the Awkward Prospect at the Company's Obonga Project ("Obonga")
located on the Obonga Greenstone Belt in northern
Ontario.
The Exploration Permit application
concerns planned work within 35 Single Cell Mining Claims
("Claims") in the Puddy Lake Area and Obonga Lake Area
administrative regions.
The submitted application covers a
planned series of up to 31 diamond core drill pads and associated
down-hole and surface geophysics surveys spread across the Awkward
East application area on the eastern side of the Obonga
Project. The Awkward East claims covering a total area of
7.25km2 are covered by a Purchase Agreement announced on
29 December 2023 2.
Details of the permit application is
outlined in Table 1 below.
Darren Hazelwood, Chief Executive Officer,
commented:
"The government of Ontario's vision to create a circular
provincial economy places critical minerals right at the heart of
that strategy. Gigafactories, both in construction and in planning,
are coming to the province endowed with critical minerals. The
political will to develop a low carbon economy is unquestionable
but to achieve this requires an efficient, locally sourced, supply
chain that stands up to the tightest scrutiny. Ontario contains no
standalone graphite mines, graphite is a tiny byproduct of mining
at Impala's Lac Du Illes mine 80km from Obonga, so any discovery is
potentially very significant not just for Panther but also within
the halls of power in Ontario.
Only two drill holes have ever tested the sediments in the
Awkward area of Obonga. The first hole in the 1960s reported
graphite in the core but this went untested as was the norm in that
era as graphite wasn't seen as a positive commodity. The second
hole, drilled by Panther in the autumn of 2022 returned 27.2 meters
grading 2.2% total graphitic carbon from only 8 meters below
surface. The outlook for graphite is now overwhelmingly more
positive as the world stives to cut emissions and graphite has
become a major constituent in the battery
revolution.
Our in-depth review of historic geological reports combined
with our own work has led to us reporting a prospective graphite
exploration area of around 21 km2 at Awkward. Groundwork
is now being planned to follow up on historical reports stating
"graphite abundant at surface", and multiple other reports of
graphite at surface, whilst further electromagnetic geophysics
plate modelling work will seek to extend anonymous signatures which
could be linked to either graphite or sulphides, both of which have
the potential to provide major upsides to
Panther.
This drilling application is to allow us to build our
understanding and develop the graphite potential in the area and I
look forward to updating the market in due
course."
Table 1: Exploration Permit Application and Prospect
Details
Exploration Permit
Application Number (Administrative Area & Claim
numbers)
|
Prospect Name
(location)
|
Targeting &
Exploration Rational
|
Requested / Planned
Activities
|
PR-24-000059
(Puddy
Lake Area and Obonga Lake Area
Cells: 638074, 638075, 638076, 638077,
638078, 638079, 638080, 638081, 638082, 638083, 638084, 638085,
638086, 638087, 638088, 638089, 638090, 638091, 638092, 638093,
638094, 638095, 638096, 638097, 638098, 638099, 638100, 638101,
638102, 638103, 638104, 638105, 638106, 638107, 638108)
|
Awkward
East
(Eastern
side of Obonga Project)
|
Targeting graphite
mineralisation to east of previous drilling
intersection.
Plate
modelling of airborne electromagnetic geophysics data shows
potential targets for graphite and/or sulphide
mineralisation.
Historical reports note graphite at surface and within a
historical drill hole in the area.
|
· Mechanised Drilling (up to 31 diamond core drill
holes)
· Down-hole Electromagnetic ("EM") Geophysics
· Airborne drone magnetic high resolution survey
· Ground EM, Magnetic and Induced Polarisation Geophysics
Surveys
· Exploration Camp for 15 persons
· Access Trails to link with existing logging trails from the
north of the Obonga Project area.
|
Reference Notes
1
Panther Metals PLC company announcement, 'Graphite Discovery Grows
Significantly at Obonga', dated 11 January 2024 (
https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv484pw
)
2
Panther Metals PLC company announcement, 'Obonga Project Awkward
East Claim Purchase Agreement', dated 29 December 2023 (
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.