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PANTHER METALS
PLC
("Panther" or the "Company")
(Incorporated in the Isle of
Man with company number 009753V)
8 October 2024
Fulcrum Metals: Update on
Gold Tailings Projects
Panther Metals PLC (LSE:PALM) the
company focused on mineral exploration in Canada, is pleased to
note an update by Fulcrum Metals Plc (LON: FMET) on their
Teck-Hughes and Sylvanite gold tailings projects located in the
Kirkland Lake area of Ontario, Canada.
Panther currently holds a total of
7,625,122 ordinary shares in Fulcrum representing a 12.38% interest
in the entire issued share capital of Fulcrum, plus 714,286
warrants exercisable at 17.5p with a two-year life from 14 February
2023 and a further 476,190 warrants exercisable at 26.25p with a
three-year life. Panther also retains a 2% net smelter return
("NSR") royalty over the Big Bear Project.
Fulcrum New Highlights
·
Teck-Hughes Gold
Tailings Project
o Additional auger hole sampling underway- targeting 16 site
locations to expand project database and understanding of gold
grades across the tailings body (Figure 1 below).
o Following excellent initial leaching gold recovery rates of
59.4%, the Phase 2 conceptual study with Extrakt Process Solutions
("Extrakt") is now under discussion.
o Additional tailings samples (announced by Fulcrum on 2
September 2024) are now at Actlabs in Timmins for gold fire
assay.
o Fulcrum in discussion with geophysical survey providers with
the aim of defining the outline and depth of the tailings for use
in volume estimations.
·
Sylvanite Gold
Tailings Project
o Phase 1 testing underway using Extract's proprietary
technology on tailings material samples from eight site locations -
including metallurgical, ICP assay (minimum 40 elements, including
gold), XRD mineralogical analysis and batch leach
testing.
o Duplicate Phase 1 and additional tailings samples (announced
by Fulcrum on 2 September 2024) are now at Actlabs in Timmins for
gold fire assay.
Ryan Mee, Chief Executive Office of Fulcrum,
commented:
"There are strong workstreams now underway at our tailings
projects which are designed to build on the exciting initial
leaching results already achieved at Teck-Hughes with Extrakt's
non-toxic technology and how the gold is extracted. The leaching
test work results of 59.4% gold recovery far exceeded past
cyanide-based leaching tests at Sylvanite of c.30% so we are
excited to move into test work at Sylvanite and on to the
conceptual study at Teck Hughes.
"In addition to this, we are moving forward with work directed
towards resource definition including additional auger hole
sampling and geophysical surveys at Teck Hughes. These are all
important objectives as part of Fulcrum's ambition to become a
leader in the sustainable reprocessing of tailings through the
adoption of disruptive technology and
approaches."
"Our site visits and meetings in October are an important step
as we look to build momentum on the development of the tailing
projects in Kirkland Lake and I look forward to providing further
updates as Fulcrum moves to accelerate the development of its
tailings projects and the wider tailings opportunity in
Ontario."
Teck-Hughes Tailings
Project
At Teck-Hughes, Fulcrum has engaged
a local contractor to complete auger hole sampling across a
proposed additional 16 sites (Figure 1 below) during the next few
weeks. It is anticipated that this will provide important data on
gold grades and depth to assist with resource definition. Samples
obtained from this programme will be sent to Actlabs in Timmins for
gold, and possibly silver and tellurium, assay.
Figure 1 - Historic auger holes with gold grades and depth
from surface and proposed new auger hole sites
Discussions are also underway with
geophysical survey providers on the application of certain
geophysical surveys including LiDAR, ground-penetrating radar and
seismic line. The aim of these surveys is to define the outline and
depth of tailings across the Teck-Hughes deposit in order to enable
volume estimations.
Fulcrum has received a proposal
from, and is in discussions with, Extrakt regarding a Phase 2
conceptual plant design at Teck-Hughes. This is being advanced
alongside discussions with Extrakt on the exclusive licensing of
its non-toxic leaching technology across the Timmins and Kirkland
Lake areas. These areas have historically produced more than 110
million ounces of gold and there are a number of legacy tailings
sites which Fulcrum believe could enable it to scale
operations.
Sylvanite Tailings
Project
Earlier this year Fulcrum collected
a total of 30 samples from eight locations at Sylvanite providing
representative sampling across the tailings deposit. The samples
were split into two equal sample sets. One half of the samples were
sent to Extrakt for a full range of testing using its leach
technology in addition to metallurgical, ICP (minimum 40 elements,
including gold), XRD mineralogical analysis and batch leach
testing. This work is now underway with the results of the test
work anticipated to be before the end of 2024.
The second half of the samples is
now with Actlabs in Timmins for gold assay which will provide
additional grade verification from testing laboratories more local
to Fulcrum's projects. Results of these tests are anticipated at
the end of October 2024 and Fulcrum state they will inform the
market of the results once they have been analysed.
An additional four auger holes at
each of Teck-Hughes and Sylvanite were completed in August 2024 and
samples from these have also been sent to Actlabs in Timmins for
similar assay, with results expected in a similar
timeframe.
Fulcrum's management is scheduled to
be on site at Teck-Hughes and Sylvanite in October and will be
undertaking a number of meetings with key stakeholders including
sub-contractors, potential in-country management and consultants,
potential collaborative partners and local communities. Fulcrum
believes that this engagement is incredibly important as it embarks
on accelerating the programme of development across its tailings
projects.
Licensing discussions with Extrakt
Fulcrum announced mining option
agreements to acquire the Teck-Hughes tailings project on 30
November 2023 and the Sylvanite tailings project on 10 April 2024.
Since the announcement on 30 November 2023, Fulcrum has been
advancing discussions with Extrakt, a sustainable technology
company which uses separation technology to extract metals from
tailings without the use of cyanide, about the licensing of its
proprietary technology including term sheet stage discussions in
relation to a wider licencing framework in Ontario.
On 24 January 2024, Fulcrum entered
into a phased development programme with Extrakt for the
Teck-Hughes tailings project, and on 12 June 2024 for the Sylvanite
Tailings Project.
Fulcrum's Phased Development Programme
Phase 1 - High-Level Gold Recovery
Investigation
Initial high-level gold recovery investigations
serve as the primary evaluation of the enhanced gold recovery
achievable through Extrakt technology. The data collected in this
phase will validate and refine the technology and support Phase
2.
Phase 2 - Conceptual
Study
The conceptual study will provide Fulcrum with
a first insight into the project's viability using the information
developed during Phase 1. According to the information available,
the accuracy level of the study is approximately ± 50%.
Phase 3 - Laboratory Test
Work
More detailed test work is required to optimise
some of the leach parameters as well as develop necessary scale-up
parameters for all the major equipment of the operation.
Phase 4 - Economic Assessment
Study
The economic assessment study will provide a
more accurate insight into the project viability using the more
detailed test work results for the whole of the flowsheet. The
accuracy of the study is aimed to be at a pre-feasibility level of
± 30% accuracy level.
For the full Fulcrum news
announcement including further background details of the
Teck-Hughes Gold Tailings Project and Sylvanite Gold Mine Tailings
Project please visit https://fulcrummetals.com
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.
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.
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 12.38% 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.