Panther Metals : Second Drill Program Commences at Burtville East

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ASX ANNOUNCEMENT	27 July 2022

Second Drill Program Commences at the

Burtville East Gold Project

Highlights:

• Second round of drilling has begun at the Burtville East Gold Project
• Follows up on outstanding results from initial program, in which:

1. Hole BVE006 returned a new shallow broad high grade gold zone of 15m at 53.94g/t gold from 27m, including bonanza assay results - 1m at 79.90g/t gold from 27m, 1m at 478.00g/tgold from 28m, 1m at 125.50g/t gold from 34m,

and 1m at 43.80g/t gold from 35m

1. Visible gold was panned in hole BVE006

• 1. Hole BVE002 returned an assay of 1m at 73.30g/t from 93m
  1. A peak grab sample of 21.70g/t gold (BE01CP) was returned
• Drilling planned over two phases:
• 1. Phase 1: Stratigraphic diamond holes designed to target BVE006 and test

multiple lodes in the main lode

1. Phase 2: Reverse Circulation ('RC') holes testing strike extents

(Refer to ASX release "Bonanza Peak Gold Assay and Visible Gold at Burtville East" (released 14 July 2022) for more information regarding assay results from the initial drill program at the Burtville East Gold Project)

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ASX ANNOUNCEMENT

27 July 2022

Summary:

Panther Metals Ltd (ASX: PNT), ('Panther' or 'the Company') is pleased to announce that a second drilling program consisting of diamond and RC holes has commenced at the Burtville East Gold Project.

Daniel Tuffin, Managing Director and CEO, commented:

"The first round of drilling at the Burtville East Project consisted of just six RC holes; results from this short program of drilling were simply stunning, particularly in the case of hole BVE006, which intercepted a new shallow high-grade zone of 15m at 53.94g/t gold.

The interception of this new high-grade gold zone in hole BVE006 challenged the accepted theory of mineralisation trends at Burtville East.

The Company has since moved fast to review the results from the first round of drilling to plan and implement a follow up drill program, with diamond holes to provide stratigraphic and structural data and RC holes to test the extents of the current theorised strike."

New Burtville East Drill Program:

In 2022 to date a total of 675 metres of RC drilling has been completed at Burtville East. This initial program was designed to confirm grades from historical drilling, but also to challenge areas of low confidence in the existing geological model. Results from the Phase 1 drilling were announced on 14 July 2022.

The Phase 2 program has now commenced and will aim to initially provide diamond core equivalents for key intercepts where significant mineralisation has recently been documented (Primarily drill holes BVE006 and BVE002). This will allow for detailed observations to be made of the structural characteristics of the various high-grade to "bonanza" intercepts.

Following this, further RC drilling will immediately commence to complete further investigation for the potential of multiple lodes to exist at relatively shallow depths (30- 100m), within the footwall and hanging wall of what has been defined as the primary lode.

Table 1: Planned drill holes

								Planned
Hole ID	Type		Northing	Easting	RL	Azimuth°	Dip°	Depth (m)
BVP002	Diamond		474753	6816369	502.2	0	80	90
BVP003	Diamond		474737	6816380	502.4	130	60	80
BVP004	RC		474729	6816390	505.5	130	65	110
BVP005	RC		474753	6816370	505.5	330	60	100
BVP006	RC		474724	6816390	505.5	155	55	110
BVP007	RC		474711	6816408	505.8	120	60	130
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ASX ANNOUNCEMENT						27 July 2022
BVP008	RC	474762	6816361	505.5	125	60		120
BVP009	RC	474763	6816377	502.3	0	60		20

Burtville East Gold Project:

The Burtville East Gold Project is located in the north-western area of the Merolia Gold Project, which contains a dominant land holding over some of the region's most prospective and under-explored ground.

Burtville East contains historical underground workings, along with mineralised stockpiles of historically rejected material ready for treatment. Historical grab samples from this altered mineralised zone have returned grades of up to 38.45g/t Au at Burtville East.

Historical drilling results include:

• 5m at 23g/t Au, including a peak intercept of 1m at 110g/t (MLJC-49)
• 8m at 6.7g/t Au (BEAC004)
• 2m at 6.7g/t Au (MLJC-34)
• 4m at 5.1g/t Au (BEAC001)
• 4m at 3.4g/t Au (BEAC002)

Initial Burtville East Drill Results:

An initial first round of drilling, consisting of six RC holes for a total 675m drilled was carried out by the Company to test what was then the current interpretation of gold mineralisation and explore for new mineralised zones and structures. Results above 0.5g/t gold assayed from this program are reported below:

• BVE001: 1m at 1.14g/t Au from 79m and 1m at 1.25g/t Au from 103m
• BVE002: 1m at 73.30g/t Au from 93m and 1m at 0.58g/t Au from 96m
• BVE003: 1m at 0.74g/t Au from 72m
• BVE004: 4m at 3.36g/t Au from 79m and 1m at 2.07g/t Au from 106m and 1m at 3.41g/t Au from 119m
• BVE005: 1m at 0.95g/t Au from 106m
• BVE006: 15m at 53.94g/t Au from 27m, including 1m intercepts >10g/t Au:

1. 1m at 79.90g/t Au from 27m o 1m at 478.00g/t from 28m o 1m at 24.30g/t Au from 29m o 1m at 125.50g/t Au from 33m o 1m at 43.80g/t from 34m
   o 1m at 14.60g/t from 35m o 1m at 11.40g/t from 40m

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ASX ANNOUNCEMENT						27 July 2022
Table 2: Drill-hole information for all assays received at Burtville East
						Planned		Drilled
Hole ID	Northing	Easting	RL	Azimuth°	Dip°	Depth (m)		Depth (m)
BVE001	6816364.034	474788.180	502.197	270	-65	120		115
BVE002	6816338.584	474708.315	501.773	90	-60	100		125
BVE003	6816379.524	474736.929	502.366	90	-60	90		90
BVE004	6816379.767	474708.015	502.404	90	-60	125		125
BVE005	6816358.702	474691.121	501.949	90	-60	145		145
BVE006	6816359.928	474745.658	502.117	25	-60	70		70

The interception of a new shallow broad high-grade gold zone in hole BVE006 posed a rethink about the accepted mineralisation trends at Burtville East. The prior interpretation of the mineralised trend was a north-south structure. It is now thought that the formation of mineralisation is more complex and likely the result of shear deformation, forming a series of northeast-southwest trending en-echelon dilations.

The Company has now progressed with a full review of the results and is following up with this second drill campaign to further test, and explore for new, mineralised trends in the area.

Figure 1 displays this new trend interpretation in plan form and Figure 2 displays the cross- section around BVE006.

Burtville East Grab Samples:

The Company has taken several confirmatory grab samples from around Burtville East to confirm the validity of historical claims. All grabs returned gold mineralisation. The assay results for each grab sample are displayed below:

• BE01CP: 21.7g/t Au
• BE02F: 0.91g/t Au
• BE03: 4.53g/t Au
• BE04: 3.55g/t Au

Refer to Figure 1 for the location of these grab samples.

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ASX ANNOUNCEMENT

27 July 2022

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Figure 1: Burtville East 2022 drilling results, showing major intercepts, new mineralisation

interpretation, DGPS stockpiles, new and historic grab samples

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