Appointment of drilling contractor
Panther Metals Plc has appointed Platinum Diamond Drilling Inc. to conduct a mineral resource-focused drilling program at its Winston Tailings Project in Ontario, Canada, a crucial step towards quantifying high-grade gold, gallium, silver, zinc, copper, and cobalt. This program, alongside work by SRK Exploration Ltd for a Mineral Resource Estimate (MRE), is designed to validate historical production data and produce a CIM-compliant MRE, which is essential for the project's permitting process and advancing towards near-term production and cash flow. The company anticipates a seamless transition from MRE to Ore Reserves following further technical studies, with the MRE also feeding into the Application for Recovery of Minerals Permit.
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Platinum Diamond Drilling Appointed for Mineral Resource Programme
Panther Metals Plc (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to announce that Platinum Diamond Drilling Inc. ("Platinum") has been contracted to undertake the Mineral Resource focussed drilling programme at the Winston Tailings Project in Ontario, Canada.1, 2, 3
The appointment of Platinum follows on from the appointment of SRK Exploration Ltd ("SRK EX") as independent consultants to conduct the Mineral Resource estimate ("MRE").
The MRE will be one of a series of workstreams to quantify, evaluate and permit the contained high-grade gold (Au), gallium (Ga), silver (Ag), zinc (Zn), copper (Cu) and cobalt (Co) and other recoverable minerals located within the historic Winston Lake Mine tailings storage facility ("TSF").
Darren Hazelwood, Chief Executive Officer commented:
"The appointment of a drilling contractor for the Winston Tailings Project marks a pivotal step forward for the Company. This programme is designed to validate the historic recovery production and produce a CIM compliant Mineral Resource estimate, a key milestone in taking the project through the recovery permitting process.
The historical Winston Lake mine processing data indicates that the tailings have the potential to host commodities in quantities significant enough to fundamentally transform our business.
Quantifying the grade and tonnage of recoverable minerals in the TSF will provide a clear pathway to near-term production and meaningful cash flow, supporting our strategy to rapidly advance Winston from an historic asset into a modern, cash-generating operation.
We look forward to updating shareholders as work progresses."
The MRE programme is an integral part of the process to advance the Winston Tailing Project through permitting towards a cashflow proposition and will be based upon the resource drilling programme, mineralogical and metallurgical testwork and associated studies which will be conducted during winter 2025/26.
Panther is aiming for a seamless transition from MRE to Ore Reserves in as short a time as possible, and it is envisaged that successful outcomes to the tailing MRE, will in turn support the declaration of Ore Reserves following further technical studies. The MRE work will also provide inputs into the Application for Recovery of Minerals Permit (the "Recovery Permit") process as announced 1 September 2025.3, 4
The MRE will be reported in compliance with the standards and best practices set out by the Canadian Institute of Mining, Metallurgy and Petroleum's ("CIM") for reporting Mineral Resources, Ore Reserves, and related exploration information. This will also facilitate future NI 43-101 reporting, as required.
Background
The Winston Tailings Project entails a series of workstreams to quantify, evaluate and permit the contained high-grade gold (Au), gallium (Ga), silver (Ag), zinc (Zn), copper (Cu) and cobalt (Co) and other recoverable minerals located within the historic Winston Lake Mine tailings storage facility. Reprocessing the mine tailings, potentially offers Panther the opportunity to unlock residual metal value and contribute to the long-term environmental rehabilitation of the Winston Project site.1, 2
Figure 1: Existing Infrastructure at Winston Tailings Storage Facility
References
- Panther Metals PLC, announcement, Tailings Sampling Programme Underway at Winston Project, dated 15 July 2025 (https://polaris.brighterir.com/public/panther_metals/news/rns/story/w606ngw )
- Panther Metals PLC, announcement, Winston Tailings: Gold & Critical Mineral Reprocessing, Evaluation and Permitting Workstreams Commencing, dated 8 August 2025
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/rm7movr )
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x20od6r )
July 2024 saw Panther awarded an Exploration Permit for Awkward West, supporting an aggressive exploration program including up to 31 drill holes. Historic drilling here revealed notable graphite mineralisation-27.2m at 2.25% Total Graphitic Carbon (TGC) with zones exceeding 5% TGC-alongside promising signs of nickel, copper, and platinum group elements, aligning with Panther's strategic focus on critical minerals.
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