REG - Panther Metals PLC - Australia: Rights Issue re 7,000m Drill Programme

Panther MetalsAnnouncement

22/08/2024 11:30

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RNS Number : 4420B  Panther Metals PLC  22 August 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)

22 August 2024

 

Australia: Rights Issue to Fund 7,000m Drill Programme

Panther Metals PLC (LSE:PALM) the company focused on developing critical
minerals projects in Ontario, Canada, informs shareholders that Australian
Securities Exchange ("ASX") listed Panther Metals Ltd ("Panther Australia",
ASX:PNT) has launched a new prospectus in respect of a renounceable rights
issue to raise up to A$1,96 million Australian dollars ("AUD") with the use of
funds focussed on 7,000m of drilling planned over 10 gold targets at their
Laverton Gold Project.

 

Full details of the Panther Australia ASX announcement and prospectus are
available to view at the following link:

 

https://www2.asx.com.au/markets/trade-our-cash-market/announcements.pnt
(https://www2.asx.com.au/markets/trade-our-cash-market/announcements.pnt)

 

Key Details:

•  Panther Australia has lodged a prospectus with the Australian
Securities and Investments Commission ("ASIC") in respect of a pro-rata
renounceable entitlement issue of three (3) Shares for every two (2) Shares
held by those Shareholders registered at the Record Date at an issue price of
$0.015 per Share together with one free Option for every four Shares applied
for and issued, exercisable at $0.030 on or before the date that is 36 months
from the date of issue (New Options) to raise up to $1,961,238 (based on the
number of Shares on issue as at the date of the Prospectus) (Entitlement
Offer). The Entitlement Offer is expected to close at 3:00pm (Australian
Western Standard Time) on Tuesday 17 September 2024.

•   The Panther Australia Prospectus also contains the following
secondary offers: (a) an offer of up to 32,687,310 New Options to Cumulus
Wealth Pty Ltd or its nominees ("Cumulus") for acting as sub-underwriter the
Entitlement Offer (Sub Underwriter Offer); and (b) an offer of 10,000,000 New
Options to Cumulus (or its nominees) for acting as lead manager to the
Entitlement Offer (Lead Manager Offer), (together with the Entitlement Offer,
the Offers). The Entitlement Offer is conditionally underwritten by Westar
Capital Limited.

•     Funds raised from the Entitlement Offer are to be used principally
to fund 7,000m of exploration drilling over 10 highly prospective gold targets
at the Laverton Gold Project, this includes:

o  Burtville East: 1,300m of drilling the bonanza gold target at Burtville
East. Intercepts from the 2022 600m RC campaign included: BVE006: 15m @
53.94g/t Au from 27m, inc. 1m@478g/t from 28m; BVE009: 10m @ 7.15g/t Au from
84m, including, 1m @ 62.80g/t Au from 91m; BVE002: 1m @ 73.3g/t Au from 93m.
Best historic intercept was 5m at 23g/t Au, including a peak intercept of 1m
at 110g/t Au (MLJC-49).

o  Ironstone Gold: 1,800m planned over two separate target areas with the
northern area targeting historic drilling that includes: CWRC013: 9m @ 46.5g/t
Au from 113m and CWRC003: 4.5m @ 5.5g/t Au from 119m.

o  Rainer: Largely untested since 1995, historic intercepts circa that period
included: LEP328: 12m @ 1.32g/t from 36m and LEP418: 4m @ 3.35g/t from 64m.
Drilling to test gold occurrences over the target.

o  Comet Well Area: 2,200m campaign planned to test the Comet Well and Comet
Well South Areas over three target areas. This includes the nugget rich Comet
Well area where over 40 ounces of gold was recovered via detecting in 2016,
and the newly identified (and largely untested) Comet Well South target area
that displays high gold anomalies.

o Funding towards Coglia Nickel-Cobalt Project will be focussed on advancing
metallurgical studies, specifically around the use of environmentally friendly
bacteria to extract nickel and cobalt via low capital cost heap leaching.

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 15% 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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