RCS - Panther Metals PLC - Fulcrum Metals: Strong Tailings Leach Results

Panther MetalsAnnouncement

06/06/2024 07:00

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RNS Number : 3237R  Panther Metals PLC  06 June 2024

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 FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

(Incorporated in the Isle of Man with company number 009753V)

6 June 2024

Fulcrum Metals: Strong Tailings Leach Results

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in
Canada, is pleased to note the Fulcrum Metals PLC ("Fulcrum", LON: FMET)
announcement detailing further results from the Phase 1 Sampling and Testing
Programme at Fulcrum's Teck-Hughes Gold Tailings Project in Ontario, Canada.

The initial tailings composite sample leaching results using Extrakt
Processing Solutions LLC ("Extrakt") non-toxic technology has achieved strong
initial gold recovery rates of up to 59.4%. On 7 May 2024 Fulcrum reported
average weighted grade derived from six site composite tailings samples is
0.717g/t Au, which is 16.9% higher than the historic weighted average of the
composites for the same six sampling sites.

Panther currently holds a total of 7,625,122 ordinary shares in Fulcrum
representing a 15.26% interest in the entire issued share capital of Fulcrum,
plus 714,286 warrants exercisable at 17.5p with a two-year life from 14
February 2023 and a further 476,190 warrants exercisable at 26.25p with a
three-year life. Panther also retains a 2% net smelter return ("NSR") royalty
over the Big Bear Project.

CEO, Darren Hazelwood, commented:

"The Extrakt Processing Solutions non-toxic leaching technology is showing
very encouraging initial results for recovering gold from historical tailings
dumps, against a backdrop of more stringent and environmentally friendly
requirements for the mining industry. Gold tailings offer the potential for
low CAPEX and high returns with the right reprocessing solution.

These initial results are extremely encouraging providing Fulcrum a solid base
from which to develop their business model. I expect the market to begin
taking serious note of what's potentially developing within this company as
the risk/reward profile decreases at the very moment the opportunities grow.

The industry is watching, whilst the market sleeps, Fulcrum are beginning to
deliver something unique to London that could have global implications."

 

Fulcrum Announcement Highlights

 

·    Proportionate mixed composite tailings sample of all six sites
grading 0.723g/t Au was submitted for batch leach testing using Extrakt
technology for gold recovery rates (*).

 

·    Preliminary leaching results from the "as-received" composite sample
achieves strong initial gold recovery rates of up to 59.4% (*).

 

·    Optimisation of operational parameters are underway to achieve
targeted recovery rates beyond 60% focussing on overall efficiency and cost
effectiveness.

 

References *: See Fulcrum announcement dated 7 May 2024

Ryan Mee, Chief Executive Officer of Fulcrum, commented:

"The success of every tailings project is dependent on the efficiency and
effectiveness of the technology used. I am thrilled with the exceptional gold
grades from our initial sampling and testing programme which are 16.9% higher
than the historical reported average grade, and with Extrakt's non-toxic
technology achieving initial leaching gold recovery rates of over 59%. It is
important to note that no metallurgical studies have been completed at
Teck-Hughes before and that recovery rates from refractory gold without
cyanide or pre-treatment are usually below 40%, so to achieve the recovery
rates that we have on samples with no pre-treatment or re-grinding is
outstanding and hugely encouraging.

"The work undertaken so far provides a compelling pathway to transform mine
tailings from an environmental liability into a sustainable resource by
extracting metals from mine waste through innovative technology.

"I look forward to providing further updates on the leaching test work
optimisation at Teck-Hughes and developing the exciting potential of Fulcrum's
tailings business in Ontario".

Phase 1 Sampling and Testing Programme Summary

 

The programme, which is designed to evaluate the efficiency of Extrakt's
processing technology in recovering gold from the tailings at the Teck-Hughes
Project, has been very successful to date. Sampling and analysis of the gold
content of the tailings produced composite samples for each of the six sites
returning an average weighted grade of 0.717g/t Au which is 16.9% higher
(announced 7 May 2024) than historic sampling of the same sites. Initial leach
tests using the Extrakt Technology has reported gold recovery rates of up to
59.4%, using the as-received composite sample with no re-grinding.

 

Further leach tests are underway to optimise the operational parameters to
achieve beyond 60% recovery focussing on overall efficiency and cost
effectiveness.

 

Licensing discussions with Extrakt

 

Fulcrum announced on 30 November 2023 that, inter alia, it had entered into a
mining option agreement to acquire the Teck-Hughes Project. Since this
announcement, Fulcrum has been advancing its discussions with Extrakt, a
sustainable technology company which uses separation technology to extract
metals from tailings without the use of cyanide, about the licensing of its
proprietary technology. On 24 January 2024, Fulcrum entered into a phased
study and testing programme for the project. Fulcrum is continuing term sheet
stage discussions in relation to a wider licencing framework in Ontario.

 

 

Further information is available in the full Fulcrum RNS announcement which is
available at: https://fulcrummetals.com/news/
(https://fulcrummetals.com/news/)

 

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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