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11 Aug 2020 07:00
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PANTHER METALS PLC
(Incorporated in the Isle of Man with company number 009753V)
11 August 2020
Big Bear Gold Project Exploration Update
Panther Metals PLC (LSE:PALM) ("Panther" or the "Company"), the company focused on mineral exploration in Canada and Australia, is pleased to provide an update on the exploration activity at the Big Bear Project on the Schreiber-Hemlo Greenstone Belt in Ontario Canada. The final processed data and interpretation report for the airborne geophysics survey has now been received, reinforcing existing targets with exciting new geophysical anomalies.
Highlights:
• Processed data, mapping and report received for the high-resolution airborne electromagnetic ("AEM") and magnetics ("Mag") geophysics survey (announced 17 June 2020).
• A total of 253 geophysical anomalies have been identified and classified by the survey, with 39 designated for priority investigation.
• Panther's groundwork which includes Phase 1 soil geochemical sampling grids, outcrop sampling, geological mapping and prospecting has been ongoing based on the preliminary AEM and Mag data, regional geophysics and previous exploration results.
• Preliminary geochemical assay data from the first batch of results has identified new hitherto unknown gold in soil anomalies coincident with favourable structural settings interpreted from the Mag data.
• With the Phase 1 soil sampling programme complete, Panther awaits the bulk of the soil and outcrop assay results ahead of commencing a programme of high priority AEM and Mag anomaly ground truthing, with follow-on stripping, mapping, ground geophysics and sampling with the objective of defining drill ready targets.
• Whilst fieldwork will now start to focus on a select number of high priority target areas, the wealth of geophysical data obtained from the airborne survey means Panther has a ongoing pipeline of anomalies which can be investigated alongside the main work focus.
Darren Hazelwood, Chief Executive Officer, commented:
"I am delighted to report that the airborne survey has proved to be very worthwhile, focusing the groundwork efforts of the geological team in what is challenging tree covered terrain. With a total of 253 geophysical anomalies identified and 39 designated for high priority ground truthing, Panther will be starting an exciting new phase of work when the field team return from their scheduled break later this month.
The processing and interpretation of first batch soil assay results is very encouraging with significant, new, gold in soil anomalies coincident with favourable structural settings identified by the Mag survey. We look forward to providing further updates once the outstanding soil and outcrop sampling assay data has been received and interpreted."
Panther Metals PLC:
Darren Hazelwood, Chief Executive Officer: +44(0) 1462 429 743 and +44(0) 7971 957 685
Mitchell Smith, Chief Operating Officer: +1(604) 209 6678
Brokers:
SI Capital Limited
Nick Emerson +44(0) 1438 416 500
Peterhouse Capital Limited
Guy Miller and Duncan Vasey +44(0) 20 7469 0930
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