We talk to Darren Hazelwood to get more 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.
Acquisition of Claims – Big Bear
Wednesday 22 May 2019
Darren Hazelwood, Chief Executive Officer, commented:
“We are thrilled to secure the prospective ground surrounding the historical Little Bear Mine. We believe this purchase has strategic significance as it provides strike coverage of a known gold bearing system that abuts directly to the northern boundary of our Big Bear Project where two vein samples of over 100g/t Au were taken during the reconnaissance work, announced in February of this year.”
Nick O’Reilly, Non-Executive Director, commented:
“The acquisition of these additional claims provides a very important extension over potentially significant structural corridors within the Archean greenstones on the eastern edge of the Ellis Lake granitic intrusive body. The juxtaposition of fluid conduits and heat source are thought to be important for the development of the bonanza gold grades historically reported within the Little Bear Mine.”
Highlights:
Little Bear North (“LBN”) acquisition by the Company consists 14 individual mining claims covering a total area of approximately 2.97km2. The separate Little Bear Mine patented lease area (0.13 km2) is totally contained, but excluded from, the LBN area, and not owned by the Company.
LBN claim package surrounds the historical Little Bear Mine patented mining lease.
Based on geological interpretation and available mapping there are at least four structural faults or shears, a diorite intrusive body and potential metavolcanic source rocks within the LBN area on the western fringe of the Ellis Lake Batholith.
The high-grade gold bearing Little Bear Mine quartz vein coincides with the confluence of two faults at the contact with the batholith, supporting the source rock – fluid conduit – heat driver exploration model.
Marrakai Gold Project Application
Monday 20 May 2019
Darren Hazelwood, Chief Executive Officer, commented:
“A key stated objective of Panther from its inception was to focus its business on North America and Australia. I’m delighted Panther has been able to secure such an exciting opportunity in Australia as a direct licence application.
As confidence returns and sentiment in the mineral sector grows into a recovery phase, Panther is building an exciting position for itself. Our team continues to work diligently on behalf of its shareholders to identify further opportunities. As a growth business the evaluation of prospects continues at pace.”
Highlights:
Marrakai Project Exploration Licence Application (“ELA”) located in the highly-prospective Pine Creek Orogen, Northern Territory, Australia.
ELA covers an area of 13.4km2 and contains a series of gold prospects and geochemical anomalies.
Area recorded to have been the source of over 500 ounces of gold nuggets, the largest of which was 30 ounces.
Previous drilling provided intercepts including 2m @ 9.32 g/t Au and 2m @ 5.74 g/t Au
The major source of the gold seen in the area is likely to be in an area of higher ground in an area of the magnetic disruption towards the east and south of the Chins Gully prospect. This corresponds to another NE-SW trending ridge of Burrell Creek Formation before transitioning in to Mt. Bonnie Formation and Gerowie Tuff further to the SE. This appears to be an area worthy of further attention due to the proximity of these lower stratigraphic units, which are known to host several major gold deposits in the PCO and are the most prospective formations on the basis of contained gold per square kilometre.
Company website www.panthermetals.co.uk
Twitter @PantherMetals
