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DJ Panther Metals PLC Gold Project Application, Australia

 
TIDMPALM 
 
3 June 2019 
 
                              Panther Metals PLC 
 
                         ("Panther" or the "Company") 
 
                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. 
 
The Company 
PANTHER METALS PLC                       www.panthermetals.co.uk 
Darren Hazelwood, Chief Executive        + 44 (0)7971 957 685 
Officer                                  + 1 (604) 209 6678 
Mitchell Smith, Chief Operating Officer  info@panthermetals.co.uk 
 
NEX Exchange Corporate Adviser 
PETERHOUSE CAPITAL LIMITED                 +44 (0) 20 7469 0930 
Mark Anwyl 
Guy Miller 
 
Company broker 
SI CAPITAL LIMITED                          +44 (0) 1438 416 500 
Nick Emerson 
 
 
 
END 
 

(END) Dow Jones Newswires

June 03, 2019 02:01 ET (06:01 GMT)