Dotted Lake Soil Survey

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to announce that Bayside Geoscience Inc. ("Bayside") have commenced an additional soil geochemistry sampling programme (the "Soil Survey") at the Dotted Lake Project ("Dotted Lake" or the "Project"), on the north limb of the Schreiber-Hemlo Greenstone Belt in Ontario, Canada.

The Soil Survey is running concurrently with the current Phase 1 drilling programme which comprises six planned holes for approximately 1,200m diamond core drilling and will test an initial four target areas (see announcement of 17 October 2024 1). External support will provide around 50% of the capital cost of this Soil Survey at zero dilution to the Project or the Company.

The circa 1,000 sample Soil Survey comprises an extension and infill sampling to Panther's soil survey grid completed in 2021 which yielded significant nickel (Ni), cobalt (Co), copper (Cu), gold (Au) and platinum group element ("PGE") anomalies. The Bayside work Soil will extend soil geochemistry data coverage on both the northwestern and northeastern shores of Dotted Lake (Figure 1) and is designed to provide additional targets to follow-on from the current drilling programme. Sample spacing will be on either 100m or 50m spaced grid lines with a 25m sample spacing dependant on survey area.

In the northwest the Soil Survey will extend the coverage of soil geochemical information to the north and west of Lampson Lake which contains highly anomalous 985 ppm copper together with anomalous Cd, Co, Sn ,W, Y and heavy rare earth elements ("REEs") in lake sediment, and which is located directly above an ultramafic body modelled from Panther's geophysical survey data. The Soil Survey will also extend coverage to an additional modelled ultramafic body located approximately 800m west of Lampson Lake.

On the northeastern shore of Dotted Lake, the Soil Survey will provide infill and extensional survey grids to historical soil sampling survey data which also returned highly anomalous Ni, Co, Cu, and Zn anomalies in association with the Dotted Lake mafic-ultramafic intrusive complex and areas of structural complexity.

Darren Hazelwood, CEO commented:

"Our understanding of the wider systems that surround Dotted Lake, combined with the refined MAG and EM geophysical data, allow us to accelerate our programmes on the Project.

A systematic extension of the soil survey over detailed structures before snowfall potentially offers the opportunity for further drilling over the coming months should the soil survey results supplement our targets.

Now active on the ground and with the potential for wider support, our aim is to alleviate the stop/start nature of our exploration on the Project by bringing forward this programme.

With external support providing around 50% of the capital costs of this soil programme at zero dilution to the Project, company or shareholders it makes economic sense to strike now and build out our model in more detail. I look forward to updating the market on results as they become known."

Figure 1: Dotted Lake Soil Survey Extension and Infill Areas with Phase 1 Drill Targets

References

1: Company announcement, 17 October 2024, Dotted Lake: Diamond Drilling Mobilisation,

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv32yvr )

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