TIDMPALM
Panther Metals PLC
23 March 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)
23 March 2022
Further high grade Nickel and Cobalt intercepts at Coglia
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to provide an update for the
Coglia Nickel/Cobalt Project ("Coglia") in Western Australia,
following the Panther Metals Ltd ("PML") Australian Securities
Exchange ("ASX") announcement detailing significant reverse
circulation ("RC") drilling sample assay results. Panther Metals
plc holds 36.6% of Panther Metals Ltd (ASX:PNT) .
Darren Hazelwood, Chief Executive Officer, Panther Metals plc
commented:
"The latest batch of very positive drill assay results haven't
surprised the technical team in Australia, but this further set of
excellent intercepts reinforces our confidence in their ability to
deliver value from the drill bit at Coglia.
As pressure builds across the globe to secure safe supply of
commodities to drive the EV revolution, within the best practice
frameworks expected, Coglia is becoming well placed to deliver.
We look forward to receiving the results from the remaining 33
drill holes ahead of PML commencing the planned JORC compliant
maiden Mineral Resource Estimate for Coglia. "
Daniel Tuffin, Managing Director, Panther Metals Limited
commented:
"Due the amount of meticulous work and planning carried out
prior to drilling the Coglia Ni-Co deposit by our team I am not
surprised with these results. However, I remain exceedingly pleased
with these increased peaks in nickel and cobalt grades and the
continued consistency in the thickness of the mineralised zone in
which they reside.
We have now almost completed our maiden 6,000m RC programme at
Coglia, with about half of the holes having been assayed. During
this time, we have discovered an extension to the historic nickel
and cobalt mineralisation zone and encountered significantly high
grades of nickel and cobalt within thick zones of lateritic
mineralisation both inside and outside of the current Exploration
Target.
Drilling is due to complete at Coglia by the end of the month,
at which point the rig and crews will move to our Eight Foot Well
Gold project to begin a 2,500m RC infill programme."
News Summary:
-- Latest batch of Coglia RC assay results provide further
high-grade nickel (Ni) and cobalt (Co) downhole drilling
intercepts, including:
o Hole CGRC032:
-- 21m @ 1.34% Ni from 72m , including:
o 12m @ 1.87% Ni from 74m (with a peak of 1m @ 3.77% Ni from
74m); and
-- 8m @ 833ppm Co from 78m (with a peak of 1m @ 1,200pm Co from 81m).
o Hole CGRC013:
-- 10m @ 1.3% Ni from 62m, including:
o 3m @ 1.77% Ni from 65m (with a peak of 1m @2.11% Ni from
67m)
o Hole CGRC006:
-- 12m @ 1.03% Ni from 47m, including:
o 7m @ 1.14% Ni from 49m; and
-- 5m @ 1,812ppm Co from 47m, including 1m @ 3,160ppm Co from 49m.
o Hole CGRC005:
-- 24m @ 0.98% Ni from 56m, including:
o 3m @ 1.47% Ni from 61m; and
o 1m @ 2.13% Ni from 69m.
-- In total 18 of the 26 holes assayed returned results above
0.5% Ni and 500ppm Co, further results are presented in the the PML
ASX announcement referenced below.
-- The reported results batch covers drill hole numbers CGRC005
to CGRC005020 and CGRC 031 to CGRC040, with the assay results for a
further 33 holes currently awaited.
-- Once drilling is complete at Coglia the drill rig will move
to the Eight Foot Well gold prospect.
The 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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