Panther Metals plc has signed two options for the high-grade zinc, copper and precious metal volcanogenic massive sulphides Winston project, 50km east of Thunder Bay in Ontario, Canada.
MINE LIFE
The site comprises the two deposits of Pick Lake and Winston Lake, the Winston Lake mine site infrastructure and “highly prospective” exploration targets.
The company signed the agreements with Canadian and Australian miners First Quantum Minerals Ltd and Frontier Energy Ltd for an area of freehold patented, leased and crown land mining claims.
The life of mine is eight-and-a-half years with a “strong potential to increase” and payback within three-and-a-half years.
Resources in the indicated category are currently 2.07 million tonnes @ 18% zinc while VMS mineralisation is “well understood” by Panther.
The company said that there were “strong” prospects to increase mineral resources and reserves through exploration down-dip and along strike of the current resources.
An existing historical tailings storage facility offers potential for near-term cash-flow, subject to further studies.
“Securing this asset is transformational,” added chief executive officer Darren Hazelwood.
“By uniting First Quantum’s Winston mine with Frontier’s high-grade Pick Lake deposit, we have a de-risked brownfield project-complete with grid power, road access, and the crucial tailings facility.
“The combined infrastructure, recently updated resources, reserves, and strong exploration potential sets the project apart.
“The underlying economics are compelling, reflective of a mid-tier asset with strong margin potential.
“Our initial focus will be on extending mine life, and with fresh eyes on the asset, we believe there is a genuine opportunity to achieve this even prior to deploying new drilling.
“We now look ahead with confidence, backed by a significantly enhanced asset base and a clear pathway for near-term growth.”