Darren Hazelwood came into the London studio to give shareholders a better insight into the recent announcement on the acquisition of additional ground surrounding the former little bear mine next to your Big Bear project.
Darren explains how fundamental it is for the business and provides more information regarding the licence application in Australia, geology and how the company invests, uses cash invested by shareholders.
Big Bear Project – Acquisition of Claims
28 May 2019
Panther Metals Plc (NEX:PALM) the NEX listed, London based, exploration and development company is delighted to announce the acquisition of the Big Duck Creek claim, immediately to the north of the Company’s Little Bear North claims, extending coverage of the Big Bear Project in Ontario, Canada.
Darren Hazelwood, Chief Executive Officer, commented:
“We are delighted to announce the transfer, into Panther, of additional ground directly to the north of Panther’s Little Bear North claims and the not Company owned historical Little Bear Mine. The ground was staked directly and has been transferred to the Company on an at-cost basis. The Big Duck Creek claim offers a significant addition to the Big Bear Project at a very modest cost.”
Big Duck Creek (“BDC”) acquisition by the Company consists multi-cell mining claim number 546085, which covers an area of approximately 3.82km2.
The BDC area abuts the northern boundary of the Little Bear North claim package (acquisition announced 22 May 2019) and covers the northern extension of the fault which hosts the historical Little Bear Mine.
The prospective greenstone terrane of the BDC contains, known diorite intrusives, banded iron formation and the interpreted intersection of regional scale structures associated with the emplacement of the Ellis Lake Batholith with the interpreted northerly continuation of the Little Bear Mine structure and with the Big Duck Creek fault.
Description of Package
The Big Duck Creek claim comprises a single contiguous Multi Cell Mining Claim covering an area of approximately 3.82km2, located immediately north and adjacent to Panther’s Little Bear North Big Bear claims. The BDC constitutes a north-westerly extension to the Big Bear Project, centred 7.8km north-northeast of the town of Schreiber, in the Priske Township, Thunder Bay Mining Division of Ontario, Canada.
The BDC area has potential for high grade gold mineralisation at the intersection of shears and faults, within prospective Archean age geology. The exploration model is for metavolcanic hosted – dilation zone type quartz-carbonate gold mineralisation. The presence of known gold bearing ironstone formations within the area also supports an additional chemical sediment stratabound type gold and base metal exploration model. Known gold in the area is associated with silver, copper, zinc, lead and molybdenum.
The BDC Multi Cell Mining Claim number 546085 was directly staked by Panther non-Executive director and registered prospector Nicholas O’Reilly at a cost of Canadian $900.
The BDC has been transferred to Panther on a cost only basis, equivalent to £552 Sterling, there is no royalty, net smelter return or share deal attached to the transfer.
No work has yet been applied on the claims, and there are no work credits to carry over. The Work Requirement for the claim totals Canadian $7,200 due by 22nd March 2021. In order to extend the validity of a mining claim, past its ‘Anniversary Date’ (the renewal deadline), it is necessary to undertake an annual amount of work to the value of the Work Requirement, or where allowed make a payment in lieu of work to the Work Requirement.
The Directors accept responsibility for the contents of this announcement.
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