Panther Metals PLC (NEX:PALM) Annaburroo Gold Project Application, Australia

Panther Metals Plc (NEX:PALM) is pleased to announce that it has put in an application for licence EL32140, named Annaburroo Gold Project by the Company, in the Northern Territory, Australia. The licence covers an area of 150km2 and is located approximately 105km southeast of Darwin.

 

 

Darren Hazelwood, Chief Executive Officer, commented:

“I’m delighted we have been able to extend our reach into Australia, and particularly the Northern Territory, so quickly following the announcement of our maiden application on 20 May 2019.

As we see the acceleration of tier one producers teaming up with exploration focused companies Panther shows the benefit a remarkably strong board brings in the identification of value adding assets.”

 

Highlights:

  • Annaburroo Project Exploration Licence Application (“ELA”) located in the highly-prospective Pine Creek Orogen, Northern Territory, Australia.
  • ELA covers an area of c. 150km2 and contains several highly prospective structural targets and gold geochemical anomalies, many of which require follow-up.
  • Newmont Australia identified the Donkey Hill prospect on the southern end of the Annaburroo Dome, which yielded 61.2 g/t Au and 50.8 g/t Au from grab samples and 5m @ 6.68 g/t Au in trenching.
  • Limited previous drilling at Donkey Hill provided near surface intercepts including 2m @ 3.10 g/t Au.

 

Description of Project

The Annaburroo Gold Project (“the Project”) comprises a single licence application (EL32140) covering an area of 150km2, located 105km to the southeast of Darwin, Northern Territory. The Project is well-located near infrastructure and the Toms Gully (20km away) and Rustlers Roost (27km away) deposits, which are owned by China Hanking Holdings Limited. Toms Gully is a high-grade underground mine containing 1.1Mt @ 8.9 g/t Au (0.3 Moz); operations are expected to recommence in 2019. Rustlers Roost contains 51Mt @ 1.0 g/t Au (1.6Moz) and is one of the largest gold projects in the region. It is expected that this licence area will be explored by Panther contemporaneously with the Marrakai Gold Project, which is located 32km away to the west.

The Project is located within the Palaeoproterozoic Pine Creek Orogen (“PCO”), proximal to the Mount Bundey granite and Mount Goyder syenite. The host rocks in the area are metamorphosed (greenschist facies) sandstone, siltstone, mudstones, tuffs and sulphidic/carbonaceous units of the Palaeoproterozoic South Alligator and Mount Partridge groups, which represent highly prospective but variable hosts for gold mineralisation in the Pine Creek Orogen. These units are folded throughout the region to create several doubly-plunging anticlines, some showing evidence of limb faulting. The area around these intrusive rocks is known to contain several uranium (e.g. Quest 31 to 33) and gold prospects, and may also have potential to host an unusual style of hydrothermal Au-PGE (±U) mineralisation encountered at the Coronation Hill (4.85Mt @ 4.31 g/t Au, 0.65 g/t Pd and 0.19 g/t Pt), Gold Ridge and Sargents North deposits found elsewhere in the PCO. The presence of suitable host structures and stratigraphy (particularly carbonaceous units), proximity to high-heat producing intrusions and spatially related uranium and gold mineralisation is suggestive of potential for this style of deposit.

Despite the potential for the area to host various styles of gold mineralisation, exploration since the early 1970s has been sporadic and geographically limited. Only two phases of work during the past fifty years have involved significant field activities with several other operators having conducted only cursory exploration, field reconnaissance and data review. During the late 1980s Newmont Australia identified the Donkey Hill gold prospect from several grab samples with results up to 50.8 g/t Au and 13.7 g/t Au from different veins. Follow-up trenching recorded five-metre composite chip samples up to 6.68 g/t Au. This work led to a short Reverse Circulation (“RC”) drilling programme (four RC holes totalling 244m) with a best intercept of 2m @ 3.10 g/t Au from 28m in hole RCD-3.

No further work of significance was undertaken in the area until Rum Jungle Resources proceeded with an airborne magnetic, radiometric and electro-magnetic survey in the late 2000s, which was followed up by field reconnaissance and a geochemical soil survey of 665 samples. Grab samples of up to 61.2 g/t Au from veins at the Donkey Hill prospect and 0.27 g/t Au from a large outcropping quartz vein 3.8 km to the north of Donkey Hill, highlighted the prospectivity of the broader “Annaburroo Dome”. This work was followed-up with six RC holes for a total of 666m designed to test parts of the Donkey Hill prospect and three geophysical anomalies approximately 5km to the north. The results of this drilling were equivocal, particularly given the earlier successful Newmont drilling results, with a best intercept of 5m @ 0.35 g/t Au from 86m in hole DHRC003.

Panther recognises that the Annaburroo Project is highly prospective for the discovery of orogenic gold systems. This is underpinned by the underexplored nature the licence area, which is characterised by highly prospective bedrock and potential host structures. The widespread post-mineral cover and the very limited drill testing to date suggests there is opportunity for gold deposits to have been overlooked in earlier exploration. Almost all of the previous drill-testing occurred in a limited area at the Donkey Hill gold prospect.

The Directors accept responsibility for the contents of this announcement.

 

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