Manitou: Glass Reef Target Update

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to provide an update for the Manitou Lakes Project where the inaugural diamond drilling has confirmed gold mineralisation in four of the five holes drilled at the Glass Reef Target (Figure 1), in Ontario, Canada. The drilling was a follow‐up on the widespread anomalous gold in soil and rock sampling values in Panther's geochemical survey 1 over the historical Glass Reef Mine area. There are over 200 known gold occurrences in the Manitou Lakes area and numerous historic gold producers in the Eagle - Manitou Lakes Greenstone Belt which is prospective for Archean age orogenic gold and associated base metal deposits.

Darren Hazelwood, Chief Executive Officer, commented:

"The Glass Reef drill programme has confirmed the presence of schist/shear zone hosted gold, a breakthrough for the team and project. With 80% of the shallow holes intersecting gold, we have a foundation as we now work towards understanding the structural and lithological controls to the gold mineralisation.

The area is witnessing an incredible amount of exploration in a previously underexplored location and every result increases the wider understanding of the geology. To be right at the heart of this gold rush with a project that contains anomalous gold is exciting for any explorer and I look forward to updating the market on future plans."

Summary

Panther's optionor partner for the Manitou Lakes Project, Shear Gold Exploration Corporation ("Shear Gold"), has completed studies and authored a technical report detailing the findings of the inaugural drill programme which completed December 2023. Interpretations show the five shallow holes (Figure 1), totalling 495m of core recovered, intersected metavolcanic schist shear zones where gold is associated with sulphides (up to 5% pyrite, pyrrhotite ± chalcopyrite) in quartz veins/veinlets. The historical Glass Reef Mine exploited a northeast trending shear zone, manifested by a narrow schist zone with strong iron carbonate alteration that is traced for several hundred metres along the strike.

Four of the five drill holes intersected low‐grade gold mineralisation over narrow widths in multiple schist zones of mafic volcanic and gabbroic protoliths. The low grade but anomalous gold (Table 1) occurs within strongly carbonatised (abundant carbonate veinlets) porphyritic gabbro units, or in highly altered and sulphide rich (pyrite, chalcopyrite, pyrrhotite) fractures and quartz veins in mafic volcanic rocks (Figure 2).

Given the structural complexity and the apparent nuggety variation in gold distribution through the system, Panther are considering follow-up work options that might help delineate possible high grade ore shoots which were not intersected by the drilling, but which are thought to exist within the proximal historical mine workings. Considerations include three dimensional induced polarisation ("IP") and magnetic inversion geophysical surveys as well as supplementary litho‐structural mapping and sampling.

Figure 1: Location of the Glass Reef Target Drilling Programme, With Drill Hole Surface Geological Traces

Figure 2: Drill Hole Plot Geological Cross Section across centre of the Glass Reef Target (see Fig. 1 for Section Line)

Table 1: Drill Hole Locations and Anomalous Gold Intercept Details

Reference

1: Company announcement, dated 21 September 2022, 'Manitou Lakes - High Grade Gold Discovered in Soils'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/rg987zx )

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