Panther Metals Plc (NEX: PALM) the NEX listed, London based, exploration and development company is delighted to announce the acquisition of additional claims surrounding the Company’s Big Bear Project in Ontario, Canada.
Darren Hazelwood, Chief Executive Officer, commented:
“The early identification of an area containing numerous historically worked adits, showing reported mined grades in excess of 1,500 g/t gold, and upon which we have worked diligently to consolidate a previously fragmented area, defines our business model and reflects the quality of our Company. Previous approaches to the exploration of this area prevented serious investigation by any single entity. Now that this area has been consolidated into a substantial land holding controlled 100% by Panther Metals, we have created an exceptionally prospective property that extends over 42sq km, representing an increase in area of over 230% from our original land package.
The recent rock-chip samples which yielded in excess of 100g/t gold from a limited initial work programme, is already creating significant interest among our exploration peers. We have the foundations in place to progress the Big Bear project to the next level and I look forward to updating the market on our progress. I take this opportunity to thank our shareholders for their continued support and for the confidence they have shown while allowing us the freedom to execute our strategy.”
Additional ground acquired for the Big Bear Project, increasing Panther’s holding over prospective greenstone lithology to over 42.4km2.
Ground acquired consists of four packages of mining claims; the Worthington Property; the Cook Lake Group; the Worthington Extension Group; and Hays Lake Group.
Worthington Property, consisting 28 Single Cell Mining Claims covering 5.96km2 has been purchased from a third party for C$6,000.
Cook Lake Group and Worthington Extension Group of Licences have been acquired on behalf of Panther from the Ministry of Northern Development and Mining.
Worthington Project is prospective for gold, copper and molybdenum and contains five named historic mineral occurrences or prospects along the contact between the volcanogenic greenstones and granitic Terrace Bay Batholith.
Cook Lake Group contains three gold and base metal occurrences and is considered under explored.
Worthington Extension Group of claims consists three single cell mining claims and one multi-cell mining claims abutting the western and western ends of the Worthington Property.
Hay Lake Group is underexplored containing untested geophysical anomalies and a known banded iron formation.
Description of Worthington Property
Known mineral occurrences within the Worthington Property
Samples collected from a vein in 1991 returned assays up to 45.5 g/t gold and 68.0 g/t silver. A quartz vein to the north of the main Singleton-Gray occurrence returned 19.6 g/t gold.
Consists of granite hosted mineralised quartz veins and stockworks. The veins contain 2-3% pyrite with molybdenite and chalcopyrite, pyrite and pyrrhotite. Historical sampling had yielded assays up to 1.03% moly, 5.9 g/t silver and 0.25% copper.
Consists a NE-trending 15 m wide sulphide zone in a quartz-feldspar porphyry at the margin of the Terrace Bay Batholith. A stockwork of quartz veins within the sulphide zone contain molybdenite and chalcopyrite. Historical samples have returned up to 3.25% molybdenum.
The Downey East Prospect
The Prospect is a 18m wide iron formation striking east-northeast. The iron formation is deformed, folded and sheared and secondary sulphide replacement is evident. Grab samples collected in 1939 were reported up to 10.9 g/t gold. One adit, 18 m long, has been driven into the iron formation (circa 1920).
In 1923 a 2.1 m x 3.4 m shaft was sunk on a mineralised quartz vein. The shaft was eventually increased to a depth of 152 m with approximately 160 m of crosscutting and 58 m of drifting, all on the 73 m level. A shear zone in the shaft area can be traced approximately 300 meters. The Prospect consists of a quartz vein between a quartz porphyry (footwall) and altered mafic metavolcanic rocks (hangingwall). The vein achieves widths up to 1.2 m. Sampling from the vein at the shaft has returned values of 5.0 g/t Au, 116.0 g/t Ag and 14% Cu over 1.22 m (1971). Sampling in 1970 returned assays of up to 23.1% Cu, and values up to 7.2% Cu and 2,333 g/t Ag in 1983.
Panther acquired the twenty-eight Single Cell Mining Claims comprising the Worthington Property from a private vendor for a total consideration of Canadian $6,000 cash. There is no royalty or net smelter return attached to the transfer. No work has yet been applied on the claims, and there are no work credits to carry over.
The fifty-six Single Cell Mining Claims and two Multi-Cell Mining Claims were acquired directly from the licencing authorities on behalf of Panther for approximately Canadian $7,200.
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