Obonga Undertaking: Wishbone VMS Replace

Panther Metals Plc (LSE: PALM), the exploration firm centered on mineral initiatives in Canada, is happy to supply an replace for the Obonga Undertaking’s Wishbone Prospect which is an rising and extremely potential base metallic volcanogenic large sulphide (“VMS”) system in Ontario, Canada.

Following the completion of the 2025 excessive decision drone primarily based airborne magnetic geophysics survey (“Magnetics Survey”) over the Wishbone Prospect, the geophysical information has topic to three-dimensional inversion modelling (Figures 1 & 2) with a view to refining the parameters of the permitted drill holes forward of a diamond drilling programme.

A video illustrating the outcomes of the Magnetic Survey inversion modelling and the scale and morphology of the Wishbone VMS Goal and the connection with extremely anomalous copper in lake sediments is offered to view on the Panther Metals PLC YouTube channel at https://youtube.com/shorts/POMgfQuSc44?characteristic=share¹

Figures of the magnetics inversion and structural mannequin are set out beneath in Figures 1 and a pair of, while the map the processed First Vertical By-product of the Magnetic Survey information is proven in Determine 3. Determine 4 exhibits the extremely anomalous copper in lake and stream sediments that are situated above, and which drain off the positioning of the Wishbone VMS Prospect. Particulars of the Magnetic Survey are supplied in Desk 1.

The work being deliberate is roofed by Exploration Allow PR-24-000022, which is legitimate by means of to twenty June 2027 (Determine 5). This allow authorises a complete exploration programme, together with as much as 39 diamond core drill holes and down-hole electromagnetic geophysics.

Darren Hazelwood, Chief Govt Officer commented:

“As transfer in the direction of and interval of intense work exercise on the thrilling Wishbone VMS Prospect, we wish to present an replace on our geological and magnetic inversion modelling actions which illustrate the dimensions of the Wishbone system that we’ll be drill concentrating on within the coming quarter.

Panther Chairman Nick O’Reilly and I shall be on the PDAC Convention in Toronto subsequent week the place we shall be assembly with varied Wishbone stakeholders, and we look ahead to offering additional updates as our plans advance.”

Wishbone VMS Goal Background

The Wishbone Drone Magnetic Survey work adopted on from the 2022 drill programme to focus on a number of excessive precedence electromagnetic (“EM”) and magnetic geophysical anomalies potential for volcanogenic large sulphide (“VMS”) hosted copper / base metallic mineralisation. Panther’s two gap 600m drilling programme in autumn 2021 had confirmed Wishbone as a VMS base metals goal and the 2022 drilling sought to follow-up on the large sulphide and zinc / copper intersections in addition to to check additional coincident magnetic and electromagnetic conductor geophysical anomalies recognized by regional airborne surveys.

Historic drilling within the Nineteen Seventies intersected large stringer and disseminated sulphide 800m north of the Wishbone anomaly and drilling by BHP within the Nineties intersected large stringer and disseminated sulphide 600m south of the anomaly.

BHP ranked the Wishbone anomaly a excessive precedence for observe up in 1992, nonetheless no additional work was accomplished previous to 2021. Airborne geophysics datasets compiled since that point have proven that the historic drilling did not intersect the most important anomalies.

Wishbone is located in an analogous geological setting to the close by Sturgeon Lake VMS mining camp, on the Wabigoon Greenstone Belt, roughly 75km due west. The Sturgeon Lake VMS Camp is host to 5 historic zinc-copper-lead-silver producing mines, with a mixed whole manufacturing of: 19.8Mt @ 8.50% Zn, 1.06% Cu, 0.91% Pb & 119.7g/t Ag.

In 2021 Panther’s two gap, 600m diamond drilling programme, intercepted a number of lenses of sulphide mineralisation together with in drill gap BBR21_WB_001 a 27.3m vast intercept of large sulphide mineralisation and in gap BBR21_WB_002 51m of sulphide-dominated mineralisation.

Large large sulphide and semi-massive sulphide mineralisation intersections had been made in each drill holes:

• WB001: Three vast sulphide intersections:
  • 27.3m of large sulphide from 106.2m (‘Higher layer’), with fault at base;
  • 2.5m of large sulphide from 234.8m (‘Mid layer’; and
  • 1.4m of large sulphide from 256.6m (‘Decrease layer’)
• WB002: Large zoned sulphide intersection:
  • 51m from 174m comprising a large zone of sulphide dominated mineralisation, together with:
    
  • 17m from 180m of large sulphide (‘Higher zone’) and
    
  • 7m from 218m of semi-massive sulphide (‘Decrease zone’)

In Panther’s 2022 drill programme, an extra three diamond drill holes intersected additional large and semi-massive sulphides, and a zone of zinc mineralisation:

• Gap BBR22 WB-P1-2: Probably industrial grades of zinc mineralisation:
  • 3.6m @ 3.9% Zn from 120m, together with
  • 2m @ 6.8% Zn, 4.3 g/t Ag and anomalous 0.19% Cu from 120m, with
  • 0.5m @ 11.65% Zn, 4.1 g/t Ag and anomalous 0.14% Cu from 120.2m.
• Gap BBR22 WB-P2-1: Additional vast zones of large and semi-massive sulphide mineralisation intersected, interpreted to be associated to the excessive temperature pyrrhotite dominant core of the VMS system:
  • 22.4m of large and semi-massive sulphide from 127m downhole.
• Gap BBR22 WB-P3-1 :
  • 3.8m of semi-massive sulphide from 163.2m downhole.

The Wishbone discovery was the primary important VMS-style mineralisation to be made on the complete Obonga Greenstone Belt. Given the geological tendency for VMS programs to cluster and repeat and given the presence of extremely anomalous copper in lake and stream sediments close by (see Determine 4).

An necessary attribute of VMS deposits is that they sometimes show a zonation of metals inside the large sulphide physique from Fe+Cu on the base to Zn+Fe±Pb±Ba on the high and margins, associated to differing temperature and chemical circumstances at mineral deposition. The main noticed mineral part of the Wishbone large sulphide mineralisation is pyrrhotite with much less widespread pyrite and minor sphalerite and chalcopyrite in distinct zones.

The Wishbone assay end result suite, together with uncommon earth ingredient (“REE”) analyses, has yielded necessary geochemical data permitting the classification of the mineralisation, alteration ratios and the event of exploration vectors in the direction of zones of potential financial curiosity. Wishbone has been categorised as a bimodal kind deposit, the identical kind as Canada’s Kidd Creek (Ontario) and Noranda (Quebec) VMS deposits.

Desk 1: Wishbone VMS Prospect UAV Magnetic Survey Particulars

References

1. Panther Metals PLC, YouTube channel video: Wishbone VMS Goal

( https://youtube.com/shorts/POMgfQuSc44?characteristic=share )

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Obonga Undertaking – Advancing a Excessive-Influence VMS and Crucial Minerals District

Panther Metals’ Obonga Undertaking in Ontario continues to display sturdy potential as a district-scale exploration alternative concentrating on base and significant minerals. Since buying the Obonga Greenstone Belt in July 2021, the Firm has superior a number of high-priority targets together with Wishbone, Awkward, Survey, Ottertooth, and Silver Rim.

On 9 February 2026 Panther introduced plans for an roughly 2,000-metre diamond drilling program on the Wishbone Prospect, following the grant of an Exploration Allow in June 2024 legitimate by means of 2027. Earlier work confirmed compelling VMS-style mineralisation, together with 27.3m of large sulphide and 51m of sulphide-dominated mineralisation throughout a number of lenses, supported by high-grade copper anomalies in lake sediments.

In July 2024, Panther secured an Exploration Allow for Awkward West, enabling as much as 31 drill holes. Historic drilling returned 27.2m at 2.25% TGC, with zones exceeding 5% TGC, alongside indications of nickel, copper, and platinum group components, aligning with the Firm’s vital minerals technique.

Excessive-resolution magnetic and electromagnetic surveys proceed to refine drill concentrating on throughout Obonga. Survey and Ottertooth stay extremely potential, internet hosting a number of untested geophysical anomalies and historic large sulphide intercepts.

Winston Undertaking – Tailings Analysis and MRE Pathway

Panther Metals’ Winston Undertaking represents a near-term, development-focused alternative centred on the analysis of historic mine tailings and has been the topic of prior technical and industrial evaluation involving Extrakt.

Present work is concentrated on tailings sampling, metallurgical testing, and information validation to outline metallic content material, recoverability, and help the preparation of a Mineral Useful resource estimate (MRE). This strategy supplies a transparent value-creation pathway with decrease geological threat than greenfield exploration and aligns with fashionable reprocessing and significant mineral’s themes.

Dotted Lake Undertaking – Hemlo-Adjoining Polymetallic Alternative

Panther Metals’ Dotted Lake Undertaking, acquired in July 2020, is situated roughly 16km from the Hemlo Mining Corp.’s Hemlo Mine, inside a well-established mining area.

Early exploration recognized a number of gold and base metallic anomalies, with preliminary drilling confirming gold mineralisation. In early 2025, follow-up drilling materially superior the challenge, confirming nickel and magnesium mineralisation inside an ultramafic intrusion and figuring out a VMS-style system, considerably increasing the challenge’s polymetallic potential.

The programme refined structural controls, prolonged mineralisation, and recognized a number of new drill targets, positioning Dotted Lake as a high-upside, multi-commodity exploration asset.

Industrial Technique – Targeted Worth Creation