TIDMPALM
RNS Number : 4945V
Panther Metals PLC
05 April 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN,
THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
5 April 2023
Proposed Sale: Blue Mountain Project, Queensland
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, informs shareholders that it has entered
into a conditional agreement to sell Panther's 30% interest in the
Blue Mountain Project, Queensland, Australia, comprising the Denny
Gully Gold property, (the "Proposed Acquisition"), to ECR Minerals
PLC (LON:ECR).
If the conditions to completion are satisfied, the total
consideration under the agreement is GBPGBP200,000 of which 30% is
due to Panther, to be settled by the issue of 31,913,196 Ordinary
Shares in ECR at a price of 0.6267p.
The Proposed Acquisition is conditional, inter alia, upon ECR
obtaining Australian Ministerial approval for the transfer of the
tenements comprising the Blue Mountain Project.
Darren Hazelwood, Chief Executive Officer, Panther Metals plc
commented:
"I am delighted to see our residual holding in the Blue Mountain
Project go into ECR as they continue to build an exciting portfolio
in Queensland. The project had become isolated from the broader
Panther Metals PLC portfolio, so commercially a disposal into an
experienced team offers the greatest upside for Panther.
Panther continues to strengthen our underlying business in a
challenging market, with total disposals and cash into the business
now exceeding GBP2 million thus far in 2023. At the same time, our
confidence in our assets continues to grow; with the discovery of a
new VMS camp on the Obonga greenstone belt; and the continued
exploration success by Palladium One in whom global miner and
trader Glencore has just announced a strategic equity investment,
in close proximity to our 100% owned Dotted Lake property.
Agreed Transaction Terms:
Panther Metals PLC and Bluekebble Pty Limited (together, the
Sellers), who between them hold a 100% interest in the Queensland
exploration tenements EPM27175 and EPM27183 (the "Tenements"), have
agreed to sell the two tenements to Lux Exploration Pty Limited, a
subsidiary of ECR for a total consideration of GBPGBP200,000,
satisfied by the issue of 31,913,196 Ordinary Shares at a price of
0.6267p (being the volume weighted average price for trading in
ECR's shares on AIM in the 30 days prior to the date of the
agreement).
Under the transaction terms the amount due to Panther is
equivalent to GBP60,000.
The Proposed Acquisition is conditional, inter alia, upon
Australian Ministerial approval being granted for the transfer of
the tenements. If this condition is not satisfied or waived by 5
June 2023 (being 60 days from the date of execution of the
agreement), then either the Sellers or Lux may terminate the
agreement by written notice.
A further announcement will be made when and if the condition is
satisfied. At this stage there can be no guarantee that the
Proposed Transaction will complete.
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.
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.
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
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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