Teck-Hughes Tailings Update
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Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to note the Fulcrum Metals PLC ("Fulcrum", LON: FMET) announcement detailing initial results of the Phase 1 Sampling and Testing Programme at Fulcrum's Teck-Hughes Gold Tailings Project in Ontario, Canada.
Panther currently holds a total of 7,625,122 ordinary shares in Fulcrum representing a 15.26% interest in the entire issued share capital of Fulcrum, plus 714,286 warrants exercisable at 17.5p with a two-year life from 14 February 2023 and a further 476,190 warrants exercisable at 26.25p with a three-year life. Panther also retains a 2% net smelter return ("NSR") royalty over the Big Bear Project.
CEO, Darren Hazelwood, commented:
"Processing recoveries and optimisation drive the bottom line in extracting value from historical mine tailings, and these initial results are starting to show the potential that Fulcrum may derive from its relationship with Extrakt Process Solutions.
Further leach test assays are currently underway, and we look forward to those results from a technology that is very encouraging for all involved."
Fulcrum Announcement Highlights
- Representative sampling completed by local contractors, for a total of 32 samples (totalling 39 kg) from six locations within the Teck-Hughes Gold Tailings Project.
- Average weighted grade derived from six site composite tailings samples is 0.717g/t Au, which is 16.9% higher than the historic weighted average of the composites for the same six sampling sites (Table 1).
- Gold recovery testing on a composite tailings sample across all six sites, grading 0.723g/t Au, has been submitted for batch leach testing using Extrakt technology for gold recovery rates.
o First batch leach testing of 12 samples has been run and sent to an accredited assay laboratory for gold recovery rates analysis.
o Second batch leach test run with further refinement and optimisation is underway, this will then also be submitted to American Assay Laboratories for similar analysis.
- Final results from this Phase 1 Sampling and Testing Programme will feed into Phase 2 Conceptual Study.
Table 1 - Comparison of Fulcrum's 2023 sampling and gold grade analysis to reported historic grades for each site.
| 2023 | Historical (2) | |||||
|---|---|---|---|---|---|---|
| Site Location | Metres sampled | Average g/t Au | Metres sampled | Average g/t Au | Diff to 2023 Grade g/t Au | Diff to 2023 Grade % |
| 225-12 | 5.0 | 0.592 | 5.0 | 0.52 | 0.069 | 13.2% |
| 225-2 | 5.0 | 0.975 | 5.0 | 0.75 | 0.225 | 30.0% |
| 425-14 | 7.0 | 0.635 | 7.0 | 0.59 | 0.047 | 8.0% |
| 425-4 | 5.0 | 0.837 | 5.0 | 0.81 | 0.025 | 3.1% |
| 525-10 | 6.0 | 0.641 | 6.0 | 0.49 | 0.149 | 30.3% |
| 625-4 | 4.0 | 0.662 | 4.0 | 0.54 | 0.123 | 22.8% |
| Total | 32.0 | 0.717 | 32.0 | 0.61 | 0.104 | 16.9% |
Notes:-
- Subject to verification by Fulcrum
- Includes direct comparison of historic samples from 2019 and 2022
Fulcrum announced on 30 November 2023 that, inter alia, it had entered into a mining option agreement to acquire the Teck-Hughes Gold Tailings Project. Since this announcement Fulcrum has been advancing its discussions with Extrakt Process Solutions, a sustainable technology company using separation technology to extract metals from tailings without the use of cyanide, about the licensing of its proprietary technology. In addition, further to the Fulcrum announcement on 24 January 2024, they entered into a phased study and testing programme for the Teck-Hughes project and are continuing further discussions in relation to a wider licencing framework, including the Sylvanite Gold Tailings Project.
The programme is designed to evaluate the efficiency of the Extrakt processing technology in recovering gold and other by-products from the tailings at Teck-Hughes.
Ryan Mee, Chief Executive Officer of Fulcrum, commented:
"I am delighted that the results of the sampling and testing of the gold grades at Teck-Hughes have come in above expectations and at 16.9% higher than the historical reported average.
The first batch of leaching samples using Extrakt's technology is at the laboratory for assay whilst a second batch of leach testing is underway as we refine testing parameters and optimise recovery rates from the tailings. The leaching samples are essentially to find out the gold recoverable rates from the tailings material.
I look forward to updating the market on the results of the leaching test work at Teck-Hughes, progress on a programme at Sylvanite and indeed progress on the tailings business as a whole as we map out an exciting future for the company and its shareholders."
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