TIDMPALM
Panther Metals PLC
28 February 2022
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FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
28 February 2022
Exceptional High-Grade Nickel-Cobalt Zones Intercepted at
Coglia.
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to note a Panther Metals Ltd
drilling update for the Coglia Nickel/Cobalt Project in Western
Australia. Earlier today Panther Metals Ltd released an Australian
Securities Exchange ("ASX") announcement detailing the initial
results from the first five reverse circulation ("RC") drill holes
on the project. Panther Metals Plc holds 36.6% of Panther Metals
Ltd (ASX:PNT).
Darren Hazelwood, Chief Executive Officer, commented:
"These drilling results represent a very encouraging start for
Panther Metals Ltd as they target a maiden nickel/cobalt Mineral
Resource at Coglia. Three of the five holes have reported nickel
and cobalt grades significantly in excess of the expected range
whilst the remaining two holes sit exactly within the grade range
predicted as part of the Exploration Target guidance. The discovery
of new mineralisation outside of the previous mineralised footprint
provides new and exciting further upside for the project.
The execution and delivery of drilling results within 80 days of
the ASX listing confirms this business is built to execute on its
strategy and has a board able to deliver against those milestones.
I look forward to receiving the data on the remaining 53 holes and
further understanding of the mineralised extension discovered
."
Daniel Tuffin, Managing Director, commented:
"I am exceedingly pleased with these results. This positive
outcome is well received, particularly given that it has been just
80 days since Panther listed on the ASX. In this short time at
Coglia, we have almost completed our maiden 6,000m RC programme and
discovered an extension to the historic nickel and cobalt
mineralisation zone. The significantly high grades of nickel and
cobalt encountered within thick zones of lateritic mineralisation
were intersected both inside and outside of the current Exploration
Target. We are looking forward to releasing the full results of the
Coglia drill programme in due course.
Our broader regional programme of exploration continues to
progress as planned; once drilling is concluded at Coglia the rig
and exploration team will move immediately to the Eight Foot Well
gold prospect with the intention of identifying the potential for a
shallow gold resource. This drilling adds another dimension to the
Panther portfolio, and we are excited to turn our focus to gold
exploration and take advantage of recent record gold price highs
while we look to complete a Mineral Resource estimate to JORC
guidelines at Coglia in the interim."
News Summary:
-- Initial RC drilling results include high-grade nickel and
cobalt intercepts in all holes assayed to date, including:
o Hole CGRC024:
-- 12m @ 1.27% Ni , including 1m @ 3.44% Ni & 1,460ppm
Co
o Hole CGRC001:
-- 10m @ 0.69% Ni, inc. 1m @ 1.39% Ni
o Hole CGRC002:
-- 15m @ 0.99% Ni , inc. 2m @ 1,145ppm Co
o Hole CGRC003:
-- 21m @ 1.23% Ni , inc. 2m @ 3.01% Ni; and
-- 8m @ 1,531ppm Co, inc. 2m @ 2,305ppm Co
o Hole CGRC004:
-- 17M @ 0.75% Ni inc. 2m @ 1.22% Ni
-- These initial drill results cover 5 of a total 58 initially
planned RC drill holes in the 6,000m programme.
-- New zone of mineralisation discovered outside the current
Exploration Target. Four additional drill holes have been added to
the programme in order to test extensions to the new mineralised
zone.
-- A further 3,478 samples are currently at the laboratory awaiting analysis.
-- Once the Coglia drill programme is complete, Panther Metals
Ltd intend to calculate a JORC 2012 compliant Mineral Resource
Estimate, and the drilling rig will be moved to the Eight Foot Well
Gold Prospect, with the aim of testing the potential for a shallow
gold resource.
This full announcement is available to view on the Panther
Metals Ltd website under the ASX announcements heading:
www.panthermetals.com.au
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 four prospective primary targets:
Wishbone, Awkward, Survey and Ottertooth. 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.
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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