TIDMPALM
RNS Number : 5570H
Panther Metals PLC
07 April 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS (SI
2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT,
THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
7 April 2022
Disposal of Big Bear Project
Panther Metals plc (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to announce the signing of a sale
agreement (the "Agreement") for the transfer of 128 mining claims
("Claims"), constituting the Company's Big Bear Project ("Big
Bear") located on the Schreiber-Hemlo Greenstone Belt. Under the
terms of the agreement the Company's Canadian subsidiary Panther
Metals (Canada) Limited has agreed to transfer the Claims,
associated data, and documentation (the "Sale") to Fulcrum Metals
(Canada) Ltd., the Canadian subsidiary of Fulcrum Metals Limited,
("Fulcrum") an Irish registered company, which is seeking an
initial public offering ("IPO") on the AIM Market of the London
Stock Exchange Group plc.
As consideration for the sale upon Fulcrum IPO Panther will be
issued with; 20% of the entire issued share capital in Fulcrum as
Consideration Shares; a payment of GBP200,000 and the grant of a 2%
net smelter return ("NSR") royalty. The Agreement is conditional
upon, inter alia, Fulcrum being admitted to trading on the AIM
Market of the London Stock Exchange Group plc The longstop date of
the Agreement completion is 31 October 2022. In the event that
completion does not occur before the longstop date Panther will be
due a payment of 50,000 Euro from Fulcrum.
The sale will supplement Panther's Dotted Lake property through
indirect exposure to early-stage gold and base metal exploration
over a further four properties on the on the Schreiber-Hemlo
Greenstone Belt; with an additional two properties on the
Dayohessarah Lake Greenstone and the Michipicoten Greenstone Belt;
whilst diversifying commodity exposure through Fulcrum's two
uranium exploration properties in the vicinity of the Athabasca
Basin in Saskatchewan(1) .
Darren Hazelwood, Chief Executive Officer, commented:
"As a private company Fulcrum Metals, backed by an experienced
and capable technical team, has already built a powerful and
diverse portfolio of eight assets, covering precious, base and
energy metals opportunities, in northern Ontario and
Saskatchewan.
The planned AIM IPO will provide Fulcrum with the necessary
capital to hit the ground running and I'm incredibly excited that
as a significant shareholder Panther Metals Plc will be part of
Fulcrum's journey.
At Panther we have a huge amount of faith in Big Bear and this
deal supplements our existing interests in the Schreiber-Hemlo
Greenstone Belt, through a listed structure at no extra capital
cost to the business. This deal will provide investment further
upside to Panther whilst allowing the Company to take advantage of
other exciting opportunities elsewhere in Ontario.
I believe we are on the cusp of an exploration boom driven by
global demand and the need to secure critical mineral supply from
politically stable and ethical jurisdictions. This strategic deal
will allow Panther Metals to grow and take advantage of emerging
opportunities as we balance the risk/reward profile of the business
."
The person who arranged for the release of this announcement on
behalf of the company was Darren Hazelwood, CEO of the company.
Reference Notes
1 Further information available on Fulcrum Metals Limited company website:
( 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
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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