Winston Project: Mine Tailings Investigation Collaboration
Panther Metals Plc (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to announce it has agreed a collaboration with London AIM market listed Fulcrum Metals Ltd (AIM: FMET, “Fulcrum”) to investigate the potential commercialisation of the historical mine processing tailings storage facility located on the Winston Project (“Winston” or the “Project) in Ontario, Canada.
Fulcrum is a company focussed on the pioneering the use of innovative technology to recover precious metals from mine tailings at their Teck-Hughes Gold Tailings Project, in Ontario, Canada.
The collaboration underscores both companies’ shared vision to responsible resource management, innovative recovery technologies, and strategic value creation and is a precursor to an exciting opportunity for both companies to assess the viability of extracting value from the historical mine processing tailings located at the Project’s Winston Lake Mine site (Figure 1), where the required access and power infrastructure is already in place (Figure 2).
A modern, sustainable approach to mine waste reprocessing and precious metal capture potentially offers Panther a shorter pathway to significant cashflow, which could be deployed towards extending the 8.5 year mine life envisaged in the 2021 mine redevelopment Feasibility Study.1
Past Production
The development of the Winston Lake Mine was commenced in 1986 by Inmet Mining Limited, and subsequently acquired by First Quantum Minerals Limited. Between 1988 and 1998, a reported 3.3 million tonnes (Mt) of ore was mined and processed with an average head grade of 14.6% Zn, 1.0% Cu, 32.2g/t Ag and 1.4g/t Au, producing 900 million pounds (Mlbs) or 408 thousand tonnes (kt) of zinc, 54 Mlbs (24 kt) copper, with over 1.1 Moz silver and 51,168 oz gold at reported recoveries of 93% zinc and 78% copper. The operation was finally closed in February 1999 due to a very low zinc price at the time (US$0.42/lb). 1,2
Darren Hazelwood, Chief Executive Officer, commented:
“This collaboration is the first step in investigating a potential early source of positive cashflow for Panther at the Winston Project. The infrastructure is well maintained on the brownfield Winston Lake mine site allowing for the potential rapid evaluation and monetisation of the historical mine processing tailings.
Working with Fulcrum Metals, who are advancing mine-tailings reprocessing project elsewhere in Ontario, we intend to explore innovative ways to generate additional value and potentially extend the life of our flagship project. It’s a strong step forward in our mission to build a sustainable and profitable future for our shareholders.“
Ryan Mee, CEO of Fulcrum Metals Ltd, added:
“We’re excited to be collaborating with Panther Metals on this promising opportunity. Fulcrum brings advanced extraction and separation technology to the table through its relationship with Extrakt Process Solutions, which offers cyanide free and environmentally sensitive hydrometallurgical techniques designed to recover critical and precious metals from legacy tailings. This aligns perfectly with our focus on unlocking overlooked value and accelerating resource recovery in a responsible way.”
The collaboration envisages setting out a formal agreement for an initial phase of a partnership which would focus on technical and economic assessments of the tailings material. Subject to the results of that evaluation, Panther and Fulcrum would formalise a commercial agreement to advance a tailings pre-processing project.
Key Highlights:
· The collaboration to agree terms for a strategic partnership between Panther Metals and Fulcrum Metals to evaluate the Winston tailings storage facility.
· Application of modern hydrometallurgical extraction technology to maximise recovery while minimising environmental impact
· Low-cost, high-impact opportunity with upside potential for both parties.
· Supports long-term sustainability goals through reprocessing of legacy materials
· All infrastructure well maintained and in place for rapid execution of the opportunity should it exist.
This development underscores both companies’ shared commitment to responsible resource management, innovative recovery technologies, and strategic value creation.
Figure 1: Location of Winston Lake Project, Ontario, Canada
Figure 2: Winston Lake Minesite Infrastructure including Plant Site, Tailings and Water Storage Facilities 2
Technical References
1. NI 43-101 Technical Report Feasibility Study for the Superior Zinc and Copper Project, dated 13 October 2021, prepared for Metallum Resources Inc by DRA Global (“DRA”).
2. Ontario Ministry of Mines Record ID MDI42D14NW00015. Schnieders et al, 1999. OFR5989, Report of Activities 1998, p. 5 ( https://www.geologyontario.mines.gov.on.ca/persistent-linking?mineral-inventory=MDI42D14NW00015 )
Competent Person Statement
Technical information in this announcement has been reviewed by Nicholas O’Reilly BSc (Hons) MSc DIC MIMMM QMR MAusIMM FGS, a director of the Company. Mr O’Reilly is principal geologist and a director of Mining Analyst Consulting Ltd. He has over 20 years’ experience in mining, exploration and development across all major commodities. As a qualified geologist, he can act as Competent Person for JORC Code and UK Listing Rules purposes.
The person who arranged for the release of this information is Darren Hazelwood, the Company’s Chief Executive Officer.
For further information, please contact:
Panther Metals PLC:
Darren Hazelwood, Chief Executive Officer: +44(0) 1462 429 743
+44(0) 7971 957 685
