Obonga: Award of Wishbone Exploration Permit
No summary for this filing – the full text is below.
Select text to share a quote on X · sign in to keep highlights & notes in your PALM notes
Panther Metals plc (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to announce the receipt of Exploration Permit PR-24-000022 (the "Permit") covering the Wishbone Prospect ("Wishbone") at the Company's Obonga Project ("Obonga") located on the Obonga Greenstone Belt in northern Ontario.
The Permit is valid through to 20 June 2027 and allows for a comprehensive programme of works over the Wishbone volcanogenic massive sulphide ("VMS") base metal discovery. Awarded in association with Broken Rock Resources Ltd ("Broken Rock"), the Permit covers a planned series of up to 39 diamond core drill holes and associated down-hole geophysics surveys spread across the Wishbone VMS target area, the permitted work 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.
The Wishbone Permit 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.
Details and the location of the permitted work at Wishbone is outlined in Table 1, Figure 1 and Figure 2 below.
Darren Hazelwood, Chief Executive Officer, commented:
"Wishbone stands alone as one of the most exciting, underexplored, VMS greenfield exploration targets in Canada. Our work has defined four new sulphide lenses, zinc at commercial grade, together with anomalous copper and silver within the correct geological setting.
The dense cluster of lake sediment copper anomalies within close vicinity of Wishbone are remarkable by any metric and they stand out on both a regional and provincial basis.
The issue of this Permit will allow us to accelerate, and broaden, our ongoing discussions in Canada with potential finance partners allowing us to deliver a more detailed timeline on our plans at Wishbone, the conclusion of which, I look forward to updating the market."
Table 1: Exploration Permit and Prospect Details
| Exploration Permit Number (Administrative Area & Claim numbers) | Prospect Name (location) | Targeting & Exploration Rational | Permitted Activities |
| PR-24-000022 (Kashishibog Lake Area and Uneven Lake Area Cells: 201651, 226706, 312236, 343720, 545404, 545405, 545406, 545408, 545409, 545411, 545415, 545419, 545421, 545422, 545423, 545424, 545425, 545426 and 545431) | Wishbone Prospect (Centre-west of Obonga Project) | Delineate potential extent of the Wishbone VMS discovery. Seven drill holes for a total of 1,601m completed by the Company in 2021 and 2022. Follow-up on wide drill hole intercepts, including 27.3m of massive sulphide and 51m of sulphide-dominated mineralisation. Drill 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. Coincident magnetic and electromagnetic anomalies. | · Mechanised Drilling (up to 39 diamond core drill holes) · Down-hole Electromagnetic ("EM") Geophysics · Airborne drone magnetic high resolution survey · Ground EM, Magnetic and Induced Polarisation Geophysics Surveys · Exploration Camp for 20 persons · Bulk Samples (<1 cubic metre) · Access Trails to link with existing logging trails from the north of the Obonga Project area. |
Figure 1: Wishbone Exploration Permit PR-24-000022 Regional Map Showing Planned Access.
Figure 1: Wishbone Exploration Permit PR-24-000022 Permitted, Claim Cells, Drill Pads, Camp and Access
Obonga Project Background
- Total Area: 291 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
Dotted Lake Project
Manitou Lakes Project
Fulcrum Metals Plc
Panther Metals Australia
Conclusion
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.