December 29, 2023 (Source) — Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to announce the signing of a purchase option agreement over 35 single cell mining claims (the “Claims”) covering a total area of 7.25km2 to enlarge the Awkward Prospect area eastwards. The additional claims increase the Obonga Project area to 292.25km2 of prospective greenstone belt coverage,160km north of Thunder Bay in the Province of Ontario, Canada.
Darren Hazelwood, Panther Chief Executive Officer, commented:
“The Awkward location on Obonga has already generated industry interest and strengthening our position makes strategic sense as we look to accelerate our growth in 2024. This claim purchase agreement extends the coverage of ground prospective for critical minerals eastwards from the Obonga Project’s Awkward Prospect.”
Transaction Details
The purchase option agreement (“Purchase Option”) for the 35 Claims (as shown in Figure 1 and Table 1) allows Panther the option to purchase the Claims from the vendors for a total cash consideration of CAN$100,000 and the award of a 2.0% net smelter return (“NSR”) royalty (which has provision for Panther to reduce the royalty to 1.0% NSR royalty through a CAD$1,000,000 buy-back).
In addition, in order to complete the purchase Panther will need to have conducted exploratory drilling activities in the area covered by the Claims with a minimum aggregate expenditure of CAD$300,000 over the three year option period, such that spending on such activities is not less than (i) CAD$50,000 prior to the first anniversary of the grant of the Purchase Option; (ii) not less than CAD$100,000 between the first and second anniversaries of the grant of the Purchase Option; and (iii) not less than CAD$150,000 between the second and third anniversaries of the grant of the Purchase Option provided that any expenditure in years 1 and 2 in excess of CAD$150,000 may be carried over and offset against the minimum spend commitment in year 3.
The Purchase Option price, payable on the signing of the agreement is CAD$15,000 with a further payment of CAD$15,000 due on first anniversary of the date of signing.
Figure 1: Location of the Purchase Option Claims with the Obonga Project Outline
Projection: UTM 16N NAD83
Table 1: Claims subject to the Purchase Option
| CLAIM TENURE NUMBER |
| 638074 |
| 638075 |
| 638076 |
| 638077 |
| 638078 |
| 638079 |
| 638080 |
| 638081 |
| 638082 |
| 638083 |
| 638084 |
| 638085 |
| 638086 |
| 638087 |
| 638088 |
| 638089 |
| 638090 |
| 638091 |
| 638092 |
| 638093 |
| 638094 |
| 638095 |
| 638096 |
| 638097 |
| 638098 |
| 638099 |
| 638100 |
| 638101 |
| 638102 |
| 638103 |
| 638104 |
| 638105 |
| 638106 |
| 638107 |
| 638108 |
For further information please contact:
Panther Metals PLC:
Darren Hazelwood, Chief Executive Officer: +44(0) 1462 429 743
+44(0) 7971 957 685
Brokers:
Tavira Financial Limited
Christopher James Kipling +44(0) 203 833 3743
SI Capital Limited
Nick Emerson +44(0) 1438 416 500
Axis Capital Markets Limited
Ben Tadd
Lewis Jones +44 (0)20 3026 0449
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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