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PANTHER METALS
PLC
("Panther" or the "Company")
(Incorporated in the Isle of
Man with company number 009753V)
10 April 2024
Fulcrum Metals: Option
Agreement to Acquire Gold Tailings Project
Panther Metals PLC (LSE:PALM) the
company focused on developing Canada's next VMS camp and graphite
deposit, is pleased to note the Fulcrum Metals PLC ("Fulcrum", LON:
FMET) announcement that it has entered into an option agreement to
acquire a 100% interest in the Syvanite Gold Tailings Project which
is strategically located 3km from their existing Tech-Hughes Gold
Tailings Project, in Ontario, Canada. The option agreement offers
the potential to substantially increase Fulcrum's footprint within
the Kirkland Lake gold camp.
Panther currently holds a total of
9,971,839 ordinary shares in Fulcrum representing a 19.99% 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.
CEO, Darren Hazelwood, commented:
"Fulcrum's ability to secure access to a
second gold tailings project within such close proximity to their
Tech-Hughes gold tailing project is a significant win for the
company given the potential economic returns available through
tailings reprocessing and mine waste management opportunities.
The close proximity of the two projects offers added
potential for increased economies of scale.
As
Fulcrum looks to develop near term cash-flow from these gold
projects, the wider provincial scale potential for tailings
reprocessing opportunities utilising the Extrakt technology in
Ontario is likely to become increasingly apparent both to the
company and to Panther as a significant
shareholder."
Fulcrum Announcement Highlights
·
Fulcrum signed option to acquire 100% of the
Sylvanite Gold Tailings Project, at the ex-producing Sylvanite
mine. Sylvanite was the fourth largest gold producing mine in
the Kirkland Lake gold camp having milled 4.58 million tonnes of ore and produced 1.67 million ounces
between 1927 and 1961.
·
Non-compliant historical tailings resource
estimate of up to 67,051 ounces of gold in tailings cannot be
currently classified in accordance with NI 43-101.*
·
Based on recovery test work undertaken in 2008 it
was suggested that a combination of gravity, grinding and flotation
techniques might be able to boost the recovery of gold from
tailings to 70%.
·
Larger scale pilot plant tests were performed in
2010 and 2012 using up to 850kg of sample material which recovered
approximately 65-72% of gold to a rougher concentrate.*
·
Based on these results, the October 2012
continuous pilot plant campaign (undertaken by Advanced Reclaim
Inc) was considered successful with the primary objectives
of:
o demonstrating a viable and scalable non-chemical mineral
processing approach to recovering a saleable gold concentrate;
and
o leaving reprocessed tailings with properties suitable for use
as a subsoil when restoring vegetation cover on the former tailings
area.
·
Sylvanite is less than 3km from the Teck Hughes
gold tailings project which represents an opportunity for Fulcrum
to optimise resources and leverage synergies across both
projects.
·
Sylvanite and Teck-Hughes provide Fulcrum with the
potential to become cash generative using the Extrakt Process Solution tailings
technology.
*See disclosures in Fulcrum
announcement.
Ryan Mee, Chief Executive Office of Fulcrum Metals plc,
commented:
"We are thrilled to sign our second gold tailings agreement
and add Sylvanite to our project portfolio. Sylvanite is less than
3km from our first gold tailings investment, Teck-Hughes. This not
only enhances our presence in the Kirkland Lake gold camp, one of
the most productive gold camps in Canada, but provides us with an
opportunity to create a tailings hub and, therefore, economies of
scale.
Historic results confirm that Sylvanite has the potential to
become a viable project, particularly in light of the current gold
spot price hovering around USD$2,200 per ounce, whilst our
estimated acquisition cost is less than USD$3.80 per ounce.
Investing in these tailings projects presents an exciting
opportunity for Fulcrum as it brings low discovery risk assets in
established mining camps into our portfolio which are less
capital-intensive to advance to production and cash flow. This
approach not only conserves cash resources but offers significant
upside potential to Fulcrum shareholders.
Sampling at Sylvanite and test work with Extrakt Process
Solutions will follow once the current test work programme at
Teck-Hughes is completed. I look forward to updating the market on
our progress as we seek to evolve into a significant exploration
and development company".
Further information and the terms of the option agreement are
available in the full Fulcrum RNS announcement which is available
at: https://fulcrummetals.com/news/
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.