RNS - should help the SP today...8 Jul 2020 08:36
Annaburroo Gold Project Update
PANTHER METALS PLC
Released 07:00:03 08 July 2020
RNS Number : 3086S
Panther Metals PLC
08 July 2020
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
(Incorporated in the Isle of Man with company number 009753V)
8 July 2020
Annaburroo Gold Project Update
Panther Metals PLC (LSE:PALM) ("Panther" or the "Company"), the company focused on mineral exploration in Canada and Australia, is pleased to announce the completion of its open-file desktop review of the wholly-owned Annaburroo Gold Project ("the Project"), situated in the Northern Territory, Australia. The Northern Territory has produced nearly 464 tonnes (t) or 14.9 million ounces (Moz) of gold (Au), and there are currently over 8,001 documented gold occurrences and a resource inventory of a further 530 t (17 Moz) Au.
Highlights:
· Geological review highlights potential for further delineation of gold mineralisation within the project.
· Donkey Hill Gold Prospect yielded high grades of gold mineralisation, with rock-chip assays ranging up to 9.4 g/t Au, 33.1 g/t Au, 39.4 g/t Au and 61.2 g/t Au, with up to 6.5 g/t Ag and 9.0 g/t Ag.
· Trenching at Donkey Hill provided results including 5m @ 6.7 g/t Au and 5m @ 3.5 g/t Au.
· Historical reverse circulation drilling results have yielded encouraging gold results from surface such as 7m @ 1.2 g/t Au including 2m @ 3.1 g/t Au.
· The Project remains highly underexplored, with over 95% of the current tenure area unsampled, and most of the historic exploration comprising wide-spaced sampling over the Annaburroo Dome.
· Central and western portion of the licence remain completely untested; previous exploration not considered effective in areas showing moderate to thick transported black soil cover, which potentially masks mineralisation.
· Major fault, anticlinal and synclinal structures remain completely untested in the southern portion of the licence, which remain high priority structural targets for future exploration.
Darren Hazelwood, Chief Executive Officer, commented:
"We are very pleased with the results of the first detailed data review over the Annaburroo Gold Project. The high-grade gold mineralisation encountered at surface, along with historic trenching results, warrants extensive ground exploration across the licence area. Over 95% of the current tenure remains underexplored with historical exploration having been focused almost exclusively on the Donkey Hill Gold Prospect. Major structural zones, which are known to host economic gold deposits elsewhere within the Pine Creek Orogen, remain completely untested.
"Panther has commenced the acquisition
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