Business
Panther Minerals Enters Into Definitive Agreement To Acquire The Huber Heights Uranium Property, Elko County, Nevada
VANCOUVER, BC, July 18, 2024 /CNW/ - Panther Minerals Inc. ("Panther Minerals" or the "Company") (CSE: PURR) (OTC: GLIOF) (FWB: 2BC) is pleased to announce that
About this update from Panther Minerals Inc.
[{"type":"text","content":" VANCOUVER, BC, July 18, 2024 /CNW/ - Panther Minerals Inc. (\"Panther Minerals\" or the \"Company\") (CSE: PURR) (OTC: GLIOF) (FWB: 2BC) is pleased to announce that further to it's press release on July 9th, 2024, it has entered into a definitive agreement (the \"Definitive Agreement\") with 1484506 B.C. Ltd. (\"148 BC\") dated July 18th, 2024, providing for the acquisition by the Company of 148 BC, which holds the beneficial interest in the Huber Heights Uranium property (the \"Property\"), located in northern Elko County, Nevada from the shareholders of 148 BC (the \"Transaction\"). The Property is comprised of 35 unpatented mineral claims (700 acres, 283 ha), located near the village of Mountain City, Elko County, Nevada. The Property covers known uranium prospects and showings that were discovered in the 1950s, including the Autunite and October Group prospects, and the Huber Hills Granite Ridge prospect.(1) As previously disclosed, the Property lies within the Mountain City Mining District, centered approximately 110 kilometres north of the gold mining city of Elko, Nevada. The district was founded on gold and silver in the late 1860s, but the most significant discovery was the Rio Tinto copper deposit in 1931. Mined until 1947, the Rio Tinto mine at Mountain City was the highest-grade copper mine during much of its operating life with a grade of 9.7% Cu.(2). Nevada government reports(1) and online sources indicate that there are two general types of uranium deposits on the Property and in the surrounding area. One type of uranium mineralization occurs along vertical fractures and/or shear zones in quartz monzonite (Autunite and October prospects), associated with intense alteration that tends to weather recessively. This target is expected to be largely overburden covered, requiring geophysical applications and shallow drilling. This uranium mineralization can be associated, or close to molybdenum mineralization,(1) which may be a useful geochemical pathfinder mineral. The other type of uranium mineralization is related to the contact zone between the underlying Cretaceous quartz monzonite and the overlying Tertiary volcanic sediments. At the Race Track mine, contiguous to, and south of the Property, an apparent basal tuffaceous layer with bentonite (and possibly montmorillonite) alteration, has been described as a s...