Dotted Lake Geophysical Modelling

Panther Metals PLC (LSE:PALM) the company focused on developing critical minerals projects in Ontario, Canada is pleased to announce the appointment of Abitibi Geophysics Ltd. ("Abitibi") a well-respected Canada headquartered international geophysical survey company, to provide geophysical modelling services for Panther's Dotted Lake Project located upon the North Limb of the Schreiber-Helmo Greenstone Belt, Ontario.

In advance of a planned ground geophysical survey Abitibi have been retained to undertake three-dimensional (3D) inversion modelling of the airborne high-resolution magnetic and time-domain electromagnetic ("TDEM") geophysical data resulting from the Prospectair Geosurvey Inc ("Prospectair") survey flown for Panther in 2020 1.

Abitibi will be undertaking 3D Inversion Modelling and advanced processing (CET Grid Analysis) of the magnetics data as well as 3D conductive plate modelling of the TDEM data.

The Abitibi Deliverables will include: complete digital files; colour levels maps of the magnetics data inversion at 3 depths of the total magnetic intensity (TMI) reduced to the pole and its derivatives (1st vertical derivative, analytic signal, tilt; colour maps of the frequency migration of the EM responses into early, mid, and late times and of the energy envelope; maps of the recommended targets, conductors, magnetic trends, and interpreted structures; maps of the structural analyses and predictive targeting; and ground geophysics follow-up and drilling recommendations.

Whilst the Abitibi work will include the entire Dotted Lake Project area, the focus of the work will be the eastern side of the project where Panther has delineated a 4.2 km long trend of high priority soil geochemical and geophysical anomalies in association with the Dotted Lake ultramafic intrusion. The soil geochemistry in this area shows very anomalous levels of multiple elements including nickel (up to 614ppm Ni), cobalt (214 ppm Co),copper (up to 861 ppm Cu) and zinc (128 ppm Zn). See Figures 1, 2, 3 and 4 below for additional context.

Darren Hazelwood, CEO, commented:

"We are now vectoring into our drill targets on possibly the most exciting undrilled geological target area in Ontario based on the successes by GT Resources on the Tyko zone to our east.

The geological model developed and executed by GT Resources won the company discovery of year for Ontario in 2020 and the north shore of Dotted Lake shows every element required for a discovery based on that model.

The quantity, abundance and grade of copper, nickel and cobalt in soils is exceptional, allowing me to remove the usual caution expressed in greenfield exploration and say it would be a huge disappoint, when factoring in all the knowns into our programme, not to make a discovery in this area.

I look forward to updating the market on our next steps once this data has been processed."

Dotted Lake Airbourne Geophysics Survey Details

Canadian airborne geophysics survey company Prospectair flew the 818 line-km survey utilising helicopter-borne sensors over a series of seven flights conducted between 9th -11th December 2020. A total of 138 geophysical anomalies were identified by the survey 1.

The survey was flown with traverse lines at 50m spacing and control lines spaced every 500m. The survey lines were oriented 162degN with control lines oriented perpendicular to traverse lines. The nominal flying height aimed by the pilot was 85m, but the active topography resulted in the average helicopter height above ground of 86m, with the mag sensor and receiver coil at 61m, and the transmitter loop at 36m above the ground. The average survey flying speed (calculated equivalent ground speed) was 31.1m/s.

Dotted Lake Project Background: Critical Mineral Potential

• Total Area: 36.9 km2
• Significant Neighbours: Barrick Gold (Hemlo Mine) to south, GT Resources (TSXV: GT) (Glencore 16.7% stake) to east.

The Dotted Lake Project encompasses a substantial 36.9 km² within the North Limb of the Schreiber-Helmo Greenstone Belt, situated 16 km north of Barrick Gold's Hemlo Gold Mine which has produced over 22 Moz of gold over 30 years to date and 9 km from GT Resources recent discovery at West Pickle Lake. The area is considered very prospective for ultramafic intrusive related nickel and base metal mineralisation as well as gold.

The Dotted area has undergone Panther's airborne electromagnetic and magnetics geophysics survey, extensive soil sampling and stratigraphic drilling, laying the groundwork for potential discoveries.

Figure 2: Location of the Dotted Lake Project, East of Thunder Bay, Ontario, Canada

Panther Metals acquired 100% of the Dotted Lake Project in July 2020. An extensive soil programme conducted in 2021 identified numerous gold and base metal targets, all within the same geological footprint as Hemlo. Following the reopening of a historical trail providing direct access to the target location, an initial drilling programme in the autumn of 2021 confirmed the presence of gold mineralisation within this system with anomalous gold continuing along strike and present within the surrounding area.

Dotted Lake sits upon 2.7 billion year old, Archaean age, rocks that form the north-eastern 'Dotted Lake Arm' of the Schreiber-Hemlo Greenstone Belt. Geology consists sequences of foliated, fine grained, dark green, amphibole rich metavolcanic rocks situated within an east-northeast trending isoclinal syncline. The metavolcanics have been intruded by granitoid rocks of the Dotted Lake Batholith in the southeast of the property whilst In the northeast an ultramafic intrusive complex flanks the two.

In June 2021, Panther Metals contracted the experienced Thunder Bay based Fladgate Exploration Consulting Corporation to commence a soil geochemistry sampling programme over a 1.60km by 0.85km target area coinciding with the Dotted Lake Exploration Permit area. The soil geochemistry survey was designed to build out and in-fill the westerly strike extensions of high grade gold mineralisation intersected by historical trenching undertaken by a previous licence holder in 2010 (Tr-10-4) and as confirmed during Panther Metals' reconnaissance sampling (gold up to 18.9g/t Au) announced 5 November 2020. The soil survey provided important geochemical coverage of target structures outlined by Panther's airborne geophysical survey.

Figure 3: Dotted Lake Geochemical Soil Sampling Anomalies

The Dotted Lake soil sampling survey results became available in early November 2021, the 480 sample survey data delineated a 1.3km long shear-related gold anomaly striking westward from the site of Panther's Dotted Lake drill hole. Other structural features were identified for a total of 18 multi-element anomalies which may provide exploration vectors towards deposits.

Nickel and Cobalt Targets

In September 2022 Panther digitised historical exploration data in conjunction with the airborne and soil survey data. This work defined a new area, in the northeast of the Dotted Lake property, which is considered very prospective zone for nickel (Ni) mineralisation (the "Ni Target") and which is underlain by an ultramafic intrusive complex. Panther has digitised historical geochemical soil survey report data based on work undertaken by Clear Mines Ltd in August 1983 (the "Clear Mines Survey"). These results show a 2.8km long linear broadly east-west striking zone of elevated nickel in soil coinciding with a mapped ultramafic / gabbro intrusive unit and a distinct geophysical anomaly.

The western end of the ultramafic intrusive is shown on government mapping to lie beneath the lake, however the geophysics survey and the Panther soil survey data indicates that the intrusive rocks extend further to the west and may underlie the soil survey Anomaly A and Anomaly C as reported 9 November 2021.

Panther's Ni Target is located 9km west of a new zone of massive nickel-copper sulphide mineralisation drilled by GT Resources (TSXV: GT) at their Tyko Project, West Pickle Lake joint venture property with First Class Metals (LSE:FCM).

Figure 4: Panther Soil Nickel Results and Clear Mines Survey Historical Soil Assay Results

Reference

1 Company announcement dated 22 February 2021

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xpp329x )

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