The latest release from Panther Metals presents the fourth tranche of Vibracore assay results at the Winston Tailings Project, situated near Schrieber, Ontario. These assays form part of the broader mineral resource estimate (MRE) programme and aim to quantify the resource potential of the historic Winston Lake Mine tailings storage facility (the TSF). The work targets a suite of metals including gold (Au), gallium (Ga), silver (Ag), zinc (Zn), copper (Cu), indium (In) and cobalt (Co), with results designed to inform future evaluation and permitting steps.
Batch 4 comprises assays from twenty-two Vibracore collars distributed on twelve east–west profiles across the tailings footprint. The company emphasises that these results build density in the sampling grid and strengthen the dataset supporting the MRE. Laboratory returns from these cores continue to show lateral and vertical continuity in mineralization, which is an important factor when moving from exploration sampling toward a formal mineral resource classification and subsequent technical studies.
Table of Contents:
Sampling scope and methodology
The sampling programme used HQ diameter cores (63.5 mm), recovered as cylinder sections from the surface of the tailings (beneath ice and water) down to the tailings base. Each core was logged and submitted for multi-element assay to quantify contained metals. Reported assay intercepts in Batch 4 derive from total tailings thickness segments that range from 3.0 m to 16.7 m, while the maximum vertical tailings thickness encountered across the TSF was 16.8 m and the average vertical thickness measured 8.7 m. This sampling approach is intended to capture the full vertical profile of the deposited tailings material for robust tonnage and grade modelling.
In practice, Vibracore sampling provides relatively undisturbed core of soft tailings and is a preferred method for stratigraphic and grade continuity assessment in submerged or frozen tailings environments. The Vibracore technique, combined with systematic collar spacing across multiple profiles, helps to reduce uncertainty when interpolating grades and supports a defensible MRE input dataset for resource modelling and economic evaluation.
Key findings from Batch 4 assays
Results from Batch 4 demonstrate consistent metal grades both up and down the tailings column and across adjacent collar positions. The company again notes the presence of multiple recoverable metals, with assays reporting values for Au, Ag, Zn, Cu, Co, Ga and In. The assay package supports or exceeds earlier benchmarks published by Panther Metals, specifically the preliminary assay report announced on 31 July 2026 and the subsequent results released on 17 March 2026. Taken together, these successive datasets increase confidence in the scale and grade continuity of the tailings resource.
Thickness and collar coverage
Assayed intervals reflect the practical variation in tailings depth and confirm that meaningful thickness exists across the TSF footprint. With twenty-two collar locations (for example collar IDs such as WT-26-006, WT-26-024, WT-26-033 through to WT-26-091) deployed on twelve east–west profiles, Panther Metals has expanded spatial coverage compared with earlier campaigns. The resulting dataset allows for improved volume calculations and supports the upcoming stages of resource estimation and technical studies focused on recovery scenarios for the suite of contained metals.
Grade consistency and commercial implications
Across the vertical profiles and between adjacent vibracore collars, assay values show a reliable pattern rather than isolated high or low spikes. This continuity reduces geological risk when developing a resource model and is a positive signal for potential recovery process design. The persistence of multi-metal anomalism — notably gold and base metals together with specialty elements such as gallium and indium — strengthens the project’s technical interest and underpins further metallurgical testwork and economic assessment.
Management perspective and next steps
Darren Hazelwood, Chief Executive Officer, summarised the significance of the new data by highlighting continuity across the footprint and the growing technical certainty in the asset. Management states that the expanding dataset is reducing risk and adding granularity to the MRE workstream, which in turn informs future permitting, metallurgical testing and project evaluation. The company indicates ongoing sampling, analysis and modelling as the immediate priorities while preparing to update shareholders as successive workstreams are completed.
In summary, Batch 4 strengthens the evidence base for the Winston Tailings Project by adding spatial and vertical resolution to the sampling grid, confirming persistent grades for a range of metals, and supporting earlier assay releases from 31 July 2026 and 17 March 2026. These developments advance the project toward a formal MRE and further technical evaluation around potential recovery and economic viability.