TIDMPALM
RNS Number : 6638O
Panther Metals PLC
02 February 2023
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIIONS
(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
02 February 2023
Obonga: New VMS Camp Discovered & High Grades
Intersected
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to report the results from the
latest round of diamond drilling (1) has confirmed the discovery of
an additional volcanogenic massive sulphide (2) ("VMS") mineral
system at the Obonga Project ("Obonga" or the "Project"). The
Survey Prospect is confirmed as a new VMS. In addition, at the
Wishbone VMS System(3) , drilling has given further wide massive
sulphide intersections and high-grade zinc ("Zn") intersections of
up to 11.65% Zn.
The Survey VMS discovery, together with the Wishbone VMS System,
located 6.8km to the east, confirms the Obonga Greenstone belt as a
new emerging VMS Camp, located advantageously close to national
railroad transport links and the industrial port city of Thunder
Bay, also approximately 75km east of the former Mattabi/Sturgeon
Lake Mining Camp on the Wabigoon Greenstone Belt, where five past
producing mines were operated by Noranda Minerals between 1972 to
1991.
Darren Hazelwood, Chief Executive Officer, commented:
"Confirmation that the Obonga Greenstone Belt contains
high-grade zinc grades at potentially commercial intervals is a
defining moment for Panther Metals and its shareholders. We took
control of nearly 90% of this greenstone belt, located just a 2.5
hour drive from the major port of Thunder Bay, due to the scale and
exploration opportunity rarely witnessed, or available, in a tier
one mining jurisdiction today.
Confirmation Obonga is an emerging new VMS camp will be noted by
the industry globally. The multiple targets and newly discovered
mineralisation has greatly enhanced the prospectivity of Obonga for
significant base metal discoveries.
I would like to take the opportunity at this exciting time to
thank the local indigenous communities for their support to date,
as we continue to build our relationships and plan the next work
steps. I look forward to updating the market further in due
course."
Obonga 2022 Drilling Technical Summary
See also Tables and Figures below.
Survey VMS Discovery
-- Drilling at Survey Prospect intersected wide zones of
cyclical semi-massive and disseminated sulphide from 166m downhole
depth, including a highly anomalous zone of zinc
mineralisation:
Hole BBR22 SV-P1-1
-- 29m of semi-massive and disseminated sulphide from 166m downhole, including:
o Anomalous zone of zinc mineralisation 15m @ 0.11 % Zn from
168m including 4m @ 0.17% Zn from 168m, with
o Coincident levels of anomalous silver over same interval.
-- Geochemical signature of Survey Prospect assay data
consistent with VMS style mineralisation and zonation.
-- Copper in lake sediment data in the vicinity and downstream
of the Wishbone VMS system is amongst the highest levels in the
entire Province of Ontario, with up to 827 ppm Cu against a
background level of less than 25 ppm Cu.
-- Anomalous zinc drill intersections may provide physical
vectors towards higher grade base metals.
-- Both coincident magnetic and electromagnetic geophysics
targets are adjacent to the geological contact between intrusive
mafic rocks and extrusive mafic rocks.
-- In light of anomalous levels of zinc mineralisation, further
footwall assay samples will be submitted for analysis.
-- An historical (1968) shallow drill hole located 1.3km due
east along strike of BBR22 SV-P1-1 intersected several meters of
massive sulphide, but assay results were not documented.
Wishbone VMS System Growing
-- Potentially commercial grades of zinc mineralisation intersected at Wishbone:
Hole BBR22 WB-P1-2
-- 3.6m @ 3.9% Zn from 120m, including
o 2m @ 6.8% Zn, 4.3 g/t Ag and anomalous 0.19% Cu from 120m,
with
-- 0.5m @ 11.65% Zn, 4.1 g/t Ag and anomalous 0.14% Cu from
120.2m.
-- Further wide zones of massive and semi-massive sulphide
mineralisation intersected, interpreted to be related to the high
temperature pyrrhotite dominant core of the VMS system:
Hole BBR22 WB-P2-1
-- 22.4m of massive and semi-massive sulphide from 127m downhole.
Hole BBR22 WB-P3-1
-- 3.8m of semi-massive sulphide from 163.2m downhole.
Technical Observations
-- Preliminary trace-element geochemical investigations suggests
the 'FII' type metavolcanic host rocks at the Wishbone VMS are
similar to the felsic host rocks at the Sturgeon Lake mines.
Alteration and REE ratio markers correlate well with established
VMS exploration models.
-- Metal zonation: VMS deposits typically display a zonation of
metals within the massive sulphide body from Fe+Cu at the base to
Zn+Fe+/-Pb+/-Ba at the top and margins, related to differing
temperature and chemical conditions at mineral deposition. The
major observed mineral component of the Wishbone massive sulphide
mineralisation is pyrrhotite with less common pyrite and minor
sphalerite and chalcopyrite (5) in distinct zones.
-- Zn+Pb and Cu ratios of the Wishbone massive sulphide layers
continue to indicate the mineralisation is most likely a bi-modal
type VMS deposit. The deposits of the Sturgeon Lake/Mattabi VMS
Mining Camp 75km west of Wishbone, have also been classified as a
bimodal type deposits as have Canada's Kidd Creek (Ontario) and
Noranda (Quebec) VMS deposits.
-- Another important characteristic of VMS type deposits is that
they typically occur in clusters. The Company considers that the
discovery of the Wishbone and the Survey VMS systems bodes very
well for the existence of further, as yet undiscovered VMS bodies
in the vicinity, and it confirms the Obonga Greenstone belt as an
emerging VMS Camp.
-- Both the Wishbone and Survey prospects are situated in a
similar geological environment to the nearby Mattabi/Sturgeon Lake
Mining Camp on the Wabigoon Greenstone Belt, approximately 75km due
west of Wishbone. The Sturgeon Lake / Mattabi area hosted five
commercially viable VMS mining operations that produced from the
early 1970s into the 1990s. The Mattabi mine being the most
prolific, reportedly produced 13.5 Mt of ore with an average grade
7.5% Zn, 0.88% Cu, 0.77% Pb and 3.10 oz/t (96.42g/t) Ag in the
period 1970-1983. It was reportedly discovered through the drilling
airborne geophysics anomalies. Total combined production from the
Mattabi/Sturgeon Lake Mining Camp has been reported at 19.8Mt @
8.5% Zn, 1.06% Cu, 0.91% Pb & 119.7g/t Ag (4) .
-- The Obonga 2022 Drilling Programme results, with the
discovery of a second VMS system on the Obonga Greenstone Belt,
provide further validation of the exploration targeting and
modelling undertaken by Broken Rock Resources, Panther's
exploration partner on Obonga.
Obonga 2022 Drilling Programme Details
During Panther's autumn 2022 diamond core drilling programme a
total of 1,500m were drilled across nine holes, in addition future
drilling pads were prepared, as summarised in Table 1 and Table 2
below. Figure 1 below provides regional location context. Figures 1
to 4 below provide additional context.
Table 1: Obonga 2022 Diamond Drill Hole Details
Prospect Drill Hole Hole Easting Northing Targeting
ID Depth * *
(BBR22 series) (m)
VMS hosted Base
Wishbone WB22-P1-1 200 300407 5529018 Metals
----------------- ------- -------- --------- ------------------
WB22-P1-2 200
------------------------------- ------- -------- --------- ------------------
WB22-P2-1 201 300664 5529054
------------------------------- ------- -------- ---------
WB22-P2-2 201
------------------------------- ------- -------- ---------
WB22-P3-1 200 300918 5529444
------------------------------- ------- -------- --------- ------------------
Intrusive related
Ni / PGE
Awkward AW-P1-1 92 315485 5534407 Graphite
----------------- ------- -------- --------- ------------------
AW-P2-1 71 315470 5534530
------------------------------- ------- -------- --------- ------------------
AW-P4-1 80 314307 5535070
------------------------------- ------- -------- --------- ------------------
VMS hosted Base
Survey Lake SV-P1-1 255 308313 5530371 Metals
----------------- ------- -------- --------- ------------------
Total Drilled 1,500
------------------------------- ------- -------- --------- ------------------
*Projection: UTM Zone 16N NAD83
Table 2: Obonga 2022 Drill Pad Preparations
Prospect Drill Pads Prepared Targeting
Awkward Intrusive related Ni / PGE
AW Pad 3 Graphite
------------------------ --------------------------------
AW Pad 7
------------------------ --------------------------------
Ottertooth OT Pad 1 VMS hosted Base Metals
------------------------ --------------------------------
Associated waterline trails and helicopter landing zones also cleared
Figure 1: Location of Obonga Project and select Drill Holes with
reference infrastructure and port city of Thunder Bay
Figure 2: Wishbone VMS System and Survey VMS Discovery drill
collars over 2nd Vertical Derivative Magnetic Airbourne Geophysics
Survey Data
Figure 3: Wishbone and Survey VMS Systems in Relation to
Provincial Cu in Lake Sediment Data (>500 ppm Cu)
Red: Massive Sulphide Intersection
Orange: Semi-Massive Sulphide Intersection
Green: Zinc Intersection (>0.1% Zn)
Figure 4: Preliminary model showing Wishbone VMS drill hole
Intersections
Wishbone Drill Strings over Magnetic Geophysics (above)
Wishbone Drill Strings over Electromagnetic Geophysics
Red: Massive Sulphide Intersection
Orange: Semi-Massive Sulphide Intersection
Green: Zinc Intersection (>0.1% Zn)
Figure 5: Preliminary model showing Wishbone VMS drill hole
Intersections over Magnetic and Electromagnetic Geophysics
For the purposes of UK MAR, the person responsible for arranging
for the release of this announcement on behalf of Panther is Darren
Hazelwood, Chief Executive Officer.
Reference Notes:
1: Panther Metals PLC company announcement, Diamond Drilling
Completion - Obonga and Issue of Equity, dated 24 November 2022 (
https://polaris.brighterir.com/public/panther_metals/news/rns/story/w9eyvgr
)
2: Volcanogenic Massive Sulphide ("VMS") also known as a
volcanic-host massive sulphide ("VHMS"). Mineralisation related to
submarine volcanic processes linked to sea floor spreading at
tectonic plate boundaries.
As defined by the United States Geological Survey ("USGS"): VMS
are important sources of copper, zinc, lead, gold, and silver (Cu,
Zn, Pb, Au, and Ag). These deposits formed at or near the seafloor
were circulating hydrothermal fluids driven by magmatic heat are
quenched through mixing with bottom waters or porewaters in
near-seafloor lithologies. Massive sulphide lenses vary widely in
shape and size and may be pod-like or sheetlike. They are generally
stratiform and may occur as multiple lenses.
VMS deposits consist of >40% sulphides, characterised by
abundant Fe sulphides (pyrite or pyrrhotite) and variable but
subordinate amounts of chalcopyrite, sphalerite, and galena;
non-sulphide gangue typically consists of quartz, barite,
anhydrite, iron (Fe) oxides, chlorite, sericite, talc, and their
metamorphosed equivalents.
VMS deposits range in size from small pods of less than a tonne
(which are commonly scattered through prospective terrane) to
supergiant accumulations like Rio Tinto (Spain), 1.5 Bt (billion
tonnes); Kholodrina (Russia), 300 Mt (million tonnes); Windy Craggy
(Canada), 300 Mt; Brunswick No. 12 (Canada), 230 Mt; and Ducktown
(United States), 163 Mt (Galley and others, 2007).
3: Panther Metals PLC company announcement, VMS Mineral System
Discovered on Obonga Project, dated 18 January 2022 (
https://polaris.brighterir.com/public/panther_metals/news/rns/story/x8kld5x
)
4: Source: Xstrata Zinc, Assessment Report dated 2 September 2011
(
http://www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/imaging/20000007677/20011337.pdf
)
5: Mineral definitions :
Pyrrhotite is an iron (Fe) sulphide mineral with the formula
Fe(1-x) S (x = 0 to 0.2)
Pyrite is an iron sulphide with the chemical formula FeS(2)
Chalcopyrite is a copper (Cu) iron sulphide mineral and the most
abundant copper ore mineral; it has the chemical formula
CuFeS(2)
Sphalerite the most important ore mineral of zinc, it has the
formula (Zn,Fe)S
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 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
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 GBP3m. 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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