Obonga: Award of Awkward West Exploration Permit
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Panther Metals plc (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to announce the receipt of Exploration Permit PR-24-000076 (the "Permit") covering the Awkward West Prospect ("Awkward") at the Company's Obonga Project ("Obonga") located on the Obonga Greenstone Belt in northern Ontario.
The Permit is valid through to 17 July 2027 and allows for a comprehensive programme of works over the Awkward West area which includes both the 730m long 'Trend 3' graphite target where Panther drilling intersected 27.2 m @ 2.25 % Total Graphitic Carbon ('TGC') from 12m downhole, including two intersections of over 5% TGC 1, 2, and the Awkward magmatic feeder conduit target focused on a nickel-copper-platinum-palladium discovery.
Awarded in association with Broken Rock Resources Ltd and Karen Siltamaki, the Permit covers a planned series of up to 31 diamond core drill hole pads and associated down-hole geophysics surveys, and up to 12 pits or trenches spread across the Awkward West target area (see Table 1 and Figure 1). The permitted work follows on from drilling conducted by Panther in 2022.
The Awkward West Permit supplements Exploration Permit PR-22-000116 which covers work through to 14 July 2025 at Obonga's Survey Volcanogenic Massive Sulphide ("VMS") discovery, and the Ottertooth and Silver Rim prospect areas; and Exploration Permit PR-24-000022 which covers the Wishbone VMS target area through to 20 June 2027.
Darren Hazelwood, Chief Executive Officer, commented:
"We are delighted to announce the award of the Awkward West drilling permit. The recent graphite discovery by Panther and the magmatic feeder conduit theory on Awkward West have independently sparked significant interest. With this comprehensive exploration permit now in place, we are positioned to significantly advance this area of Obonga.
I look forward to the positive impact this could have on our Company, stakeholders, and the broader community as we embark on this exciting new phase of exploration.
Our strategy for Obonga could only be executed with all the relevant permissions in place and with these now largely complete with this award, I'm looking forward to accelerating the business."
Table 1: Exploration Permit and Prospect Details
| Exploration Permit Application Number (Administrative Area & Claim numbers) | Prospect Name (location) | Targeting & Exploration Rational | Requested / Planned Activities |
| PR-24-000076 (Puddy Lake Area and Obonga Lake Area Cells: 503963, 503964, 503965, 503966, 503967, 503968, 503969, 503970, 503971, 503972, 503973, 503974, 564422, 564425, 564429, 564432, 672121, , 845433, 845450, 845451, 845452) | Awkward (West) (Eastern side of Obonga Project) | Targeting graphite mineralisation to north of previous drilling intersection. Plate modelling of airborne electromagnetic geophysics data shows potential targets for graphite and/or platinum group element sulphide mineralisation. | · Mechanised Drilling (up to 31 diamond core drill holes) · Down-hole Electromagnetic ("EM") Geophysics · Airborne drone magnetic high resolution survey · Ground EM, Magnetic and Induced Polarisation Geophysics Surveys · Pitting/Trenching at 12 locations · Exploration Camp for 15 persons · Access Trails to link with existing logging trails from the north of the Obonga Project area. |
Figure 1: Awkward West Exploration Permit PR-24-000076 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
1: Company announcement, dated 2 February 2023, 'Obonga: Flake Graphite Discovery'
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xzjzl3w )
2: Company announcement, dated 11 January 2024, 'Graphite Discovery Grows Significantly at Obonga'
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv484pw )
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x4gy0kx )
4: Company announcement, dated 18 January 2022, 'VMS Mineral System Discovered on Obonga Project'
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x8kld5x )
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Conclusion
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