Panther Metals Ltd. announced that it has completed new geological modelling at the Burtville East Gold Project (`Burtville East'), where recent drilling confirmed the existence of multiple gold-rich quartz lodes. A combined review of historic surface soil anomalies has also revealed an expanded zone which will be the target of further exploration at the project. New geological modelling primarily influenced by Panther's drilling completed through 2022 at Burtville East has confirmed the existence of multiple gold-rich quartz lodes within the prospect and near peripheral zones.

This has been proven by multiple very high and bonanza grade intercepts in both historic holes and Panther's 2022 drilling. Key intercepts residing outside of the main mineralisation zone and supporting the new multi-lode model includes: BVE009: 10m @ 7.15g/t Au from 84m, including, 1m @ 62.80g/t Au from 91m. BVE002: 1m @ 73.3g/t Au from 93m.

BVE004: 1m @ 3.41g/t Au from 119m. The new gold lodes identified have been confirmed at greater depths within the deposit (i.e., >80m), from which it is inferred that mineralisation broadens at depth. This a significant observation for future exploration planning; further exploration of these broader zones has accordingly been included in future drill planning.

Gold bearing quartz lodes at Burtville East are now interpreted to have formed as a series of sigmoidal tension gashes associated with a regional NW-NNW trending shear zone. The full extent of these gold-bearing structural zones is currently unknown; they remain open both at depth and along strike. To date, Panther Metals is the first company to evaluate the historic Burtville East drilling data utilising modern three-dimensional software (Leapfrog GEO and EDGE).

Conceptual models designed from this data have been at the forefront of the 2022 drilling programme, which has allowed the Panther team to assess multiple geological interpretations. These interpretations have now largely been tested and are undergoing further evaluations with the integration of detailed historic surface geochemistry (approximately 300 assayed soil samples), highlighting an anomalous 10­600ppb NW-SE zone spanning approximately 800m over the Burtville East prospect area. Further to the geological modelling, interpolations of composited gold assay data at 0.2, 0.5 and 1g/t Au cut-offs were evaluated to identify natural data trends and mineralisation continuity between each drill hole.

Down dip continuity of mineralisation was confirmed under basic isotropic interpolation, confirming that the drilling density and orientation was sufficient to extrapolate mineralisation to a depth of approximately 100m. Below this depth, data density becomes sparse. Where drill holes have gone sufficiently deep, gold grade continuity remains strong at depths exceeding 100 metres, highlighting that mineralisation remains open, with key intercepts including: BVE004: 1m @ 3.41g/t Au from 119m (new lode).

BVE007: 1m @ 4.21g/t Au from 99m (base of primary lode). BVE001: 1m @ 1.25g/t Au from 103m (new lode). Strike continuity of mineralisation at Burtville East was assessed from contoured surface soil geochemistry and experimental interpolation trends of drill data.

From this work, two primary structural orientations have been established. The first trend drill tested during the 2022 campaign was a NE-SW orientation, which from the geological modelling showed the greater connection of mineralised intercepts through interpolation modelling. This orientation also worked well with historic records documenting extensive zones of mineralised quartz excavated during the sinking of the old main shaft.

However, when testing for strike extensions of known mineralisation zones in this orientation, few holes returned with expected results. The second structural orientation tested is a NW-SE trend (the new and preferred trend), which compliments surface geochemistry. This orientation also returned positive results for interpolation modelling between mineralised intercepts.

However, when modelling in the NW-SE orientation, it becomes increasingly difficult to connect drill defined mineralisation with the poorly documented mineralisation from the workings of the historic main shaft. To date, none of the 2022 drilling conclusively tests the potential for the NW-SE orientation and therefore the testing of this remains the Company's most important exploration objective for Burtville East. Intercepts of historic mine workings from Panther's latest diamond drill hole results have indicated that the extent of underground historic mining and stoping of the Burtville East mineralisation is more advanced than records show.

New modelling of the various voids has helped identify the primary mineralisation trend, which provides some support to a NW-SE orientation. Additional detailed modelling of voids and mineralised composites exceeding 1.0g/t Au have shown that there are sub-variations of trend within a generally interpreted NW-SE model orientation, suggesting that there is further complexity to the mineralisation than previously expected. To build a better geological model, manual polylines on 10 metre spacing were constructed between the known mineralised intercepts.

These were then used to construct an undulating plane representing the core of known mineralisation. This was then used to create a variable structural model, which, in turn, was used to create a variable interpolation model. The result is a generally NW-SE trending interpolation model, which considers local variability between intercepts, giving an overall more solid and geologically reasonable interpretation of the mineralisation.