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PANTHER METALS
PLC
("Panther" or the "Company")
(Incorporated in the Isle of
Man with company number 009753V)
17 October 2024
Dotted Lake: Diamond Drilling
Mobilisation
Panther Metals PLC (LSE:PALM) the
company focused on mineral exploration in Canada, is pleased to
announce that Platinum Diamond Drilling Inc. ("Platinum") has been
contracted to undertake a critical mineral focussed Phase 1 diamond
drilling programme and associated access trail logistics at the
Dotted Lake Project ("Dotted Lake" or the "Project"), on the
north limb of the Schreiber-Hemlo Greenstone Belt in Ontario,
Canada.
Platiunum personnel are currently
mobilising to site as part of drill pad and access preparation
work. The drilling programme is part of a fully funded series of
works focussed on the discovery of nickel (Ni), cobalt (Co), copper
(Cu), gold (Au) and platinum group element ("PGE") bearing sulphide
mineralisation associated with the mafic-ultramafic intrusive
complex in the north-east of the Dotted Lake Project
area.
The Phase 1 drilling programme
comprises six planned holes for approximately 1,200m diamond core
drilling and will test an initial four target areas (Figure 1) as
detailed in the Company announcement of 9 October 2024 1
and the comprehensive technical update dated 7 October 2024
2.
Darren Hazelwood, CEO commented:
"The north shore of Dotted Lake contains every piece of the
geological puzzle required to support a significant discovery, and
I'm delighted that the Platinum team are starting work on making
that discovery.
In
addition to Platinum, we'll have our own team on site and guests
who have expressed interest in reviewing our work at Dotted Lake,
something Panther are delighted to facilitate. I'll update the
market as this programme develops."
Figure 1: Dotted Lake Phase 1 Drill Target
Areas
References
1: Company
announcement, 9 October 2024, Dotted Lake: Drill Targets,
(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/xzgo5ew
)
2: Company
announcement, 7 October 2024, Dotted Lake: Technical Update, Inversion
& Drill Targets,
(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/w0o78nw
)
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.
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.
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.
