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DJ Panther Metals PLC Little Bear Mine Area Transferred to Panther

 
TIDMPALM 
 
5 June 2019 
 
                              Panther Metals PLC 
 
                         ("Panther" or the "Company") 
 
        Big Bear Project - Little Bear Mine Area Transferred to Panther 
 
Panther Metals Plc (NEX:PALM) the NEX listed, London based, exploration and 
development company is delighted to announce the transfer of the Little Bear 
Mine area, previously a patented claim wholly enclosed within the recently 
acquired Little Bear North claims (announced 22 May 2019), into the Company. 
The addition of the mine area at nil cost to Panther is a significant addition 
to the Big Bear Project, in Ontario, Canada. 
 
Darren Hazelwood, Chief Executive Officer, commented: 
 
"The strategic increase of the Big Bear property announced over the last month, 
combined with the confirmation that the Little Bear Mine is now incorporated 
within Panther Metals held ground is a significant event for the business and 
its shareholders. 
 
The historically reported one-ton bulk sample equivalent to 1,564g/t Au from 
the Little Bear Mine vein and the results of recent soil sampling in Panther's 
wider Big Bear Project area, up to of 18g/t gold in soil, show the region has 
real exploration potential.  The adage of where there is smoke there is fire, 
gives credence to the potential for as an as-yet undiscovered gold vein 
plumbing system within the Big Bear Project area." 
 
Highlights 
 
  * Transfer of the Little Bear Mine area to Panther results from a tax payment 
    default by the previous patented claim holders, curtailing the previous 
    21-year claim term on the 1st June 2019. 
  * Ontario licencing authorities have confirmed that the ground over the mine 
    has now transferred to Panther as the Company is the sole holder of the 
    encompassing claims (constituting the Little Bear North claim area). 
  * The historical Little Bear Mine vein was a small-scale high-grade gold 
    working from a shallow shaft and trenching, operating between discovery in 
    1935 and 1941. It is understood that the project was optioned by Noranda 
    who undertook some exploration in 1983, but that area may have been largely 
    unworked since that time. 
  * A historical data search and compilation exercise has commenced in order to 
    plan next steps for the area. 
  * Panther considers that the Little Bear vein constitutes a high priority 
    drill target as the bonanza grade gold mineralisation reported near surface 
    has never been tested at depth. 
 
Little Bear Mine Area Details 
 
The Little Bear Mine vein reportedly consists a steeply dipping NW striking 
quartz vein varying up to 1.5m wide, which carries erratic but high-grade gold 
and secondary zinc, copper and lead, over an outcropping 61m strike length. 
 
The vein is located at the sheared contact between the Ellis Lake Batholith 
intrusion and the Archean age greenstone host, consisting strongly foliated 
mafic metavolcanics. 
 
Structurally the vein has been interpreted to represent a filling within a 
tension fracture cutting across a larger north trending shear zone or fault. 
The host fault trends north, parallel to the intrusion, through Panther's 
Little Bear North claim package into the recently acquired Big Duck Creek claim 
area (announced 28 May 2019). 
 
Mineralisation is reported to be vuggy and ferruginous quartz with some visible 
gold and varying amounts of sphalerite, chalcopyrite and galena. 
 
Historical Work Summary 
 
  * 1935-41: Vein discovered in 1935. Shaft reported to be up to 7.3m deep 
    excavated, according to unverified historical accounts a one-ton bulk 
    sample from the shaft was assayed at 45.61 ounces/ton (equivalent to 1,564g 
    /t) gold. 
  * 1950: Two shallow diamond drill holes totalling only 26.8m were reportedly 
    drilled. 
  * 1970-73: Stripping and trenching was undertaken within the area with 
    options taken out on the patented claim group by Royex Mining Ltd and 
    Sturgex Mines Ltd. 
  * 1981: Westfield Minerals Ltd optioned the mine area and undertook 
    geological mapping soil sampling and ground magnetic and electromagnetic 
    geophysics. 
  * 1983: The property was optioned to Noranda Exploration Company Ltd and 
    subsequently optioned as part of a larger claim group to United Westland. 
    Geological and geophysical ground work was reportedly undertaken. 
 
Except for the shallow holes drilled in 1950 the Little Bear Mine vein or its 
possible subsurface strike extensions have never been explored at depth. 
Panther considers the Little Bear Mine veins offers enough prospectivity to be 
fast tracked as a high-priority diamond drilling target. 
 
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 05, 2019 02:00 ET (06:00 GMT)