Picks Up 1,128 Claims On The Obonga Greenstone Belt
Panther Metals PLC (AIM:PALM) acquisition of 1,128 claims, constituting an almost exclusive exploration holding over the Obonga Greenstone Belt located approximately 80km north of the Lac Des Iles Mine and 160km north of Thunder Bay in the Province of Ontario, Canada.
CEO, Darren Hazelwood, said the acquisition of claims, consolidating Panther’s new Obonga Project, results from an agreement with Broken Rock Resources Ltd (BRR) and Panther’s own claim staking strategy which provides the company with control of an important mineral belt with identified and permitted high prospectivity drill-ready base and precious metal targets.
“Panther Metal’s strategy of building an exploration business supported by a world class team, with highly prospective assets, is now firmly in place, with multiple assets that could each, on their own, transform the company,” Mr Hazelwood said.
“Structuring the company’s business in such a way that we can access the required exploration funds to make discoveries, without negatively impacting our capital structure and shareholder value is a core principle of Panther.
“The Obonga Greenstone Belt, now almost entirely controlled by Panther, would likely have yielded discoveries to BHP in the 1990s, had they not curtailed their Canadian activities. Following the extraordinary data driven geological investigation and follow-up conducted by Broken Rock Resources, the Obonga Project will now witness the exploration it deserves.
“This deal is built around drilling, the hard miles at surface are complete on our first two targets with drill permits in place. Agreeing on a deal structure that witnesses the vendor only seeing true upside on discovery, speaks volumes for the potential being seen by everyone who has reviewed the Obonga Greenstone Belt.”
Obonga Project Overview
The Project covers the Obonga Greenstone Belt which consists of a 32km long by up to 9km wide, broadly east-west striking, tract of Archean age metamorphosed volcanic, sedimentary and intrusive rocks. It is a highly prospective setting for the formation of orogenic shear-hosted gold deposits, volcanogenic massive sulphide (VMS) copper-lead-zinc-silver deposits, komatiite/ultramafic associated nickel-copper-platinum group metal (PGM) deposits and porphyry style base metal mineralisation.
Panther’s newly acquired claims constitute 88% coverage of Obonga and the Project includes seven high prospectivity targets for gold, nickel, PGM and base metals identified by Broken Rock. The remaining ground over the belt is either (i) designated as environmental reserves; or (ii) not otherwise available for exploration; or (iii) under minor landholding by third parties.
Wishbone VMS – Base Metals and Gold
The Wishbone VMS Prospect, targeting copper (Cu), lead (Pb), zinc (Zn), silver (Ag) and gold (Au), is located in the west of the Obonga Project and consists 34 claims staked by BRR over a highly magnetic geophysical anomaly that has a similar signature to Perseverance, McFaulds and other VMS deposits. The magnetic anomaly is also coincident with a strong electromagnetic (EM) geophysical anomaly.
Wishbone is situated in a similar geological environment to the nearby Mattabi VMS camp, approximately 75km due west, which reportedly produced 13.5 Mt of ore with an average grade 7.5% Zn, 0.88% Cu, 0.77% Pb and 3.10 oz/t (96.42g/t) Ag in the period 1970-1983.
Drilling in the in the 1970’s intersected massive stringer and disseminated sulphide 800 m north of the Wishbone anomaly and drilling by BHP in the 1990’s intersected massive stringer and disseminated sulphide 600 m south of the anomaly. BHP ranked the anomaly a high priority for follow up in 1992 however no further work was completed.
Permits are in place for drilling.
Awkward Conduit – PGM and Nickel-Copper
The Awkward Conduit Prospect is targeting intrusive hosted palladium (Pd), platinum (Pt), nickel (Ni) and Cu. The prospect consists of 30 claims covering an interpreted feeder conduit to the Awkward Lake zoned mafic intrusive body. The geophysical expression of this target is a strong electromagnetic anomaly which crosscuts stratigraphy coincident with mapped gabbro which feeds into the awkward intrusion. Additionally there is a very strong remnant magnetic anomaly coincident with mapped norite at the north end of the target where it feeds into the layered intrusion.
The Tommyhow Gold Prospect is targeting shear hosted orogenic gold mineralisation and consists five claims in the south-east of the Obonga Project. The gold showing is identified on a government geologic map from 1965 and is coincident with a large mapped structure at the boundary of this greenstone belt. Like much of this belt this target has seen little to no exploration and will be high priority for early follow up.
For further information please visit: https://www.panthermetals.co.uk/