TIDMPALM
Panther Metals PLC
15 November 2023
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PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN,
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FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
15 November 2023
Australia: Coglia Nickel-Cobalt Project Update
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to note the Panther Metals Ltd
("Panther Australia", ASX:PNT) Australian Securities Exchange
announcement that they have received all assays from the recent
5,320 metre infill and extensional reverse circulation ('RC')
drilling programme of 56 holes on the periphery of the current
Inferred 70.6 Mt Nickel-Cobalt laterite Mineral Resource estimate
at the Coglia Project in Western Australia.
They have also successfully completed Stage 1 metallurgical test
work to identify the optimal leaching reagent for a heap leaching
operation, where sulphuric acid emerged as the preferred agent due
to its cost-effectiveness and efficiency in leaching. Heap leaching
is used in many nickel-laterite deposits. Stage 2 metallurgical
test work has now commenced, including various leach testing
methods and agglomeration, percolation and slump testing.
Panther Australia will now progress to updating the Coglia
Mineral Resource estimate and then initiate a Scoping Study to
provide an economic valuation of the project.
Panther Metals Plc hold 23.54% of the outstanding shares in
Panther Metals Ltd.
Announcement highlights are set out below with further details,
illustrative figures and maps available to view in the ASX
Announcement via the Panther Australia website:
https://www.panthermetals.com.au
Darren Hazelwood, Chief Executive Officer, commented:
"We are very excited to see Panther Metals have lodged an
application to convert the entire Coglia exploration licence into a
mining lease, positioning themselves on the first steps towards
mining one of the largest nickel-cobalt laterite resources in
Western Australia.
The commencement of a Scoping Study for Coglia is the next stage
towards mining and will help determine a framework around the
mining and processing options for the economic exploitation of the
deposit and will help to determine a potential value of the
project."
Announcement Highlights
-- All assays from the recent Coglia drill programme of 5,320
metres received; infill and extensional holes were drilled to
better define the extent of the mineralisation.
-- Panther Australia will now progress to updating the Coglia
Mineral Resource; once complete it will initiate a Scoping Study to
provide a high level economic valuation of the project.
-- Application for a mining lease; made in anticipation of
future requirements and any potential progression to a
Pre-Feasibility Study.
-- Deep exploration hole into the Eastern Target area
encountered first robust evidence of in-situ nickel-sulphide style
mineralisation within ultramafic units: 144m @ 0.15% Ni + 90ppm Co
from 20m downhole.
-- Key downhole intercepts within the lateritic horizons of greater than 0.5% nickel included:
o Hole 23CGRC023: 6m @ 0.98% Ni + 370ppm Co from 52m
o Hole 23CGRC023: 6m @ 0.95% Ni + 220ppm Co from 69m
o Hole 23CGRC017: 2m @ 0.87% Ni + 680ppm Co from 84m
o Hole 23CGRC056: 15m @ 0.60% Ni + 500ppm Co from 25m
o Hole 23CGRC053: 13m @ 0.56% Ni + 320ppm Co from 41m
-- Stage 1 Metallurgical Test Work completed to determine the
best reagent for heap leaching at Coglia; CPC Engineering were
commissioned for the test work.
-- Heap leaching is commonly applied to lateritic nickel
deposits, examples include the Piaui Nickel Project in Brazil and
nearby Alliance Nickel NiWest Nickel-Cobalt Project.
-- Sulphuric acid outperformed in leach tests; it is also the
preferred extraction reagent due to having the best
cost-effectiveness.
-- The Company has commenced Stage 2 metallurgical test work;
including sighter vat and column leach testing, along with
agglomeration, percolation and slump testing.
For further information please contact:
Panther Metals PLC:
Darren Hazelwood, Chief Executive Officer: +44 (0)1462 429 743
+44 (0)7971 957 685
Broker:
Tavira Financial Limited
Christopher James Kipling +44 (0)20 3833 3743
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 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.
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
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.
FMET currently holds a beneficial 100% interest in highly
prospective gold and base metals projects in Ontario and Uranium
projects in Saskatchewan.
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 20% of the issued share capital of
Fulcrum Metals Plc and a 2% NSR on the Big Bear project.
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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