Obonga: Progress Update

Panther Metals PLC (LSE:PALM) the company focused on developing Canada's next base metal volcanogenic massive sulphide ("VMS") camp and graphite deposit, is pleased to provide an update for both the VMS and graphite focussed work streams at the Obonga Project in Ontario, Canada.

Darren Hazelwood, Chief Executive Officer, commented:

"The high resolution, low altitude 25m line spacing, magnetic geophysical drone survey over the Survey, Ottertooth and Silver Rim prospect areas will greatly enhance our drill targeting on these three highly prospective systems. The digital data is currently being processed and we eagerly await the 3D inversion models and mapping products.

Panther's metallurgical work has already confirmed that the single hole drilled into the 3km long Survey anomaly, intersected another VMS system and this new magnetic geophysics data will help refine the potential size of this deposit over which we have a current drill permit. We also have drill permits for the Ottertooth and Silver Rim prospects, both of which represent areas of high interest that will be targeted in the same aggressive manner we conducted at Survey.

I'm delighted with the feedback from the geological team who have been working on the ground in the Awkward area of Obonga; the fact we are sending a host of samples to the laboratory for total graphitic carbon assays speaks volumes for the potential of the area post our graphite discovery announced earlier this year. I look forward to sharing the results once known."

VMS Targeting: High Resolution Magnetic Geophysics Survey

Geophysical survey experts Pioneer Exploration Consultants Ltd. ("Pioneer") have completed the unmanned aerial vehicle ("UAV" or "Drone") high resolution airborne magnetic geophysical surveys over three high prospectivity areas at Obonga. The Survey, Ottertooth and Silver Rim prospect areas flown are covered by Exploration Permit PR-22-000116. Whilst the Survey Prospect comprises a VMS discovery, as determined by the 2022/23 drilling results 1, the Ottertooth and Silver Rim prospects remain exciting regional geophysical anomalies which have yet to be drill tested.

Pioneer are currently processing the data sets to prepare a suite of magnetic mapping products as well as a three dimensional ("3D") inversion model that will help refine planned drill hole orientations to target high-grade base metal zones at depth, as well as providing inputs for the mineral system modelling. Given the apparent success of this work to date Panther are extending the magnetic survey work over additional target areas including the Wishbone VMS, following the recent award of the new Wishbone Exploration Permit (PR-24-000022), and will incorporate the Awkward graphite and conduit target areas into a survey in the near future.

Graphite Workstream

Concurrent to the completion of the geophysical survey work, further to the Company announcement of 30 May 2024 2, the Bayside Geoscience Inc ("Bayside") field team has made good progress on the graphite focussed ground exploration work on the Awkward prospect areas during the month of June.

Over the course of two separate visits, interspersed by a week-long period of bad weather which prevented helicopter access, the Bayside team successfully traversed and mapped five separate regions along strike and parallel to Panther's graphite drill discovery3,4, and the conductive plate modelling targets based on the regional electromagnetic geophysical data.

The Bayside work has mapped out metavolcanic and metasedimentary rock packages constrained by gabbroic intrusives that are orientated strike parallel to the conductive plates. Encouragingly more competent rock units at a number of localities displayed distinct tourmaline veining, a metamorphic hydrothermal mineral that often forms in association with graphite and with gold.

A representative collection of 19 samples from a total 66 outcrop areas have now been submitted to ALS laboratories for graphite, precious metal and 61 element assay methods. The results of this work will help refine the graphite targets. Further information will be provided once the results are available.

References

1: Company announcement, dated 22 February 2023, 'Obonga: New VMS Camp Discovered & High Grades Intersected'

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

2: Company announcement, dated 30 May 2024, 'Obonga: Graphite Exploration Update'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/rmdyv8r )

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 )

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Conclusion