Darren Hazelwood brings us an update of how things have been progressing with Panther Metals over the summer. He covers the Director’s Share Purchase, small capital raise, financing model and what to expect next.
Little Bear Mine Area Details
The Little Bear Mine vein reportedly consists a steeply dipping NW striking quartz vein varying up to 1.5m wide, which carries erratic but high-grade gold and secondary zinc, copper and lead, over an outcropping 61m strike length.
The vein is located at the sheared contact between the Ellis Lake Batholith intrusion and the Archean age greenstone host, consisting strongly foliated mafic metavolcanics.
Structurally the vein has been interpreted to represent a filling within a tension fracture cutting across a larger north-trending shear zone or fault. The host fault trends north, parallel to the intrusion, through Panther’s Little Bear North, claim package into the recently acquired Big Duck Creek claim area (announced 28 May 2019).
Mineralisation is reported to be vuggy and ferruginous quartz with some visible gold and varying amounts of sphalerite, chalcopyrite and galena.
Historical Work Summary
- 1935-41: Vein discovered in 1935. Shaft reported to be up to 7.3m deep excavated, according to unverified historical accounts a one-ton bulk sample from the shaft was assayed at 45.61 ounces/ton (equivalent to 1,564g/t) gold.
- 1950: Two shallow diamond drill holes totalling only 26.8m were reportedly drilled.
- 1970-73: Stripping and trenching was undertaken within the area with options taken out on the patented claim group by Royex Mining Ltd and Sturgex Mines Ltd.
- 1981: Westfield Minerals Ltd optioned the mine area and undertook geological mapping soil sampling and ground magnetic and electromagnetic geophysics.
- 1983: The property was optioned to Noranda Exploration Company Ltd and subsequently optioned as part of a larger claim group to United Westland. Geological and geophysical ground work was reportedly undertaken.
- Except for the shallow holes drilled in 1950 the Little Bear Mine vein or its possible subsurface strike extensions have never been explored at depth.
- Panther considers the Little Bear Mine veins offers enough prospectivity to be fast tracked as a high-priority diamond drilling target.
