Panther Metals Ltd. announced that a second drilling program consisting of diamond and RC holes has commenced at the Burtville East Gold Project. 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. 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: 1m at 79.90g/t Au from 27m - 1m at 478.00g/t from 28m - 1m at 24.30g/t Au from 29m - 1m at 125.50g/t Au from 33m - 1m at 43.80g/t from 34m - 1m at 14.60g/t from 35m - 1m at 11.40g/t from 40m. 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.