Obonga: Wishbone Exploration Permit Application

Panther Metals plc (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to announce it has submitted an Exploration Permit application for additional drilling following the discovery of volcanogenic massive sulphide ("VMS") base metal mineralisation on the Wishbone Prospect at the Company's Obonga Project ("Obonga") located on the Obonga Greenstone Belt in northern Ontario.

The Exploration Permit application has been submitted in collaboration with Broken Rock Resources Ltd ("Broken Rock"), and concerns planned work within 19 Single Cell Mining Claims ("Claims") in the Kashishibog Lake Area and Uneven Lake Area administrative regions.

The submitted application covers a planned series of up to 39 diamond core drill holes and associated down-hole geophysics surveys spread across the Wishbone Prospect in the centre-west of the Obonga area. The Wishbone application supplements Exploration Permit PR-22-000116 which covers work through to 14 July 2025 at Obonga's Survey VMS discovery, and the Ottertooth and Silver Rim prospect areas.

The planned work covered by the application follows on from drilling conducted by Panther in 2022 and 2021 whereby the Company successfully confirmed and characterised the first VMS discovery to be made on the Obonga Greenstone Belt 1, 2.

Details of the planned work is outlined in Table 1 below.

Darren Hazelwood, Chief Executive Officer, commented:

"Our exploration work has confirmed that our Obonga Project's Wishbone Target contains a VMS system, it contains mineralisation across multiple lenses. Geochemical analysis also indicates its a sub-seafloor VMS, acknowledged to have greater potential for both tonnage and grade, and an outstanding target for any explorer.

Our greenfield exploration has consisted of 5 holes in the area to date, this additional permit application is designed to allow us to step out our drilling and expand on our programme seamlessly as we move into the discovery phase at Wishbone.

With all plans firmly in place we would expect to commence drilling within a relatively short period of time post the granting of the permit. I look forward to updating the market in due course."

Table 1: Exploration Permit Application and Prospect Details

Obonga Project Background

• Total Area: 285.0 km2
• Potential: Canada's Next Mining District

Further drilling in late 2022 reaffirmed the potential 2, with intersections such as 3.6m @ 3.9% Zn, including 2m @ 6.8% Zn & 4.3 g/t Ag, indicating proximity to metal-fertile fluid flow. The discovery of the Wishbone VMS system is pivotal, boding well for the existence of additional VMS bodies in the vicinity, given their tendency to occur in clusters.

References

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x4gy0kx )

2: Company announcement, dated 18 January 2022, 'VMS Mineral System Discovered on Obonga Project'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x8kld5x )

3: Company announcement, dated 2 February 2023, 'Obonga: Flake Graphite Discovery'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xzjzl3w )

4: Company announcement, dated 11 January 2024, 'Graphite Discovery Grows Significantly at Obonga'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv484pw )

Obonga Project

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Panther Metals Australia

Conclusion