Panther Metals (PALM) has appointed SRK Exploration as independent consultants to conduct a resource estimate for the Winston tailings project in Ontario, Canada.
The resource estimate will be one of a series of workstreams that will quantify, evaluate and undertake permitting for the contained high-grade gold, gallium, silver, zinc, copper and cobalt and other recoverable minerals located within the historic Winston Lake Mine tailings storage facility.
The resource estimate will be based upon the resource drilling programme, the mineralogical and metallurgical testwork and associated studies which will be conducted during the third and fourth quarters of this year.
Panther is aiming for a seamless transition from resource estimate to ore reserves in as short a time as possible, and it is envisaged that successful outcomes to the tailing resource estimate, will in turn support the declaration of ore reserves following further technical studies.
The SRK EX work will also provide inputs into the Application for Recovery of Minerals Permit process, which Panther announced on 1st September 2025.
Reprocessing the mine tailings potentially offers Panther the opportunity to unlock residual metal value, as well as contributing to the long-term environmental rehabilitation of the Winston site.
The Winston Lake Mine was operational from 1988 to 1998, and produced approximately 3.3 million tonnes of ore, yielding zinc, copper, silver, and gold. Based on historic recoveries from mining activities in the 1980s and 1990s, it is believed that a significant quantity of valuable material remains in the tailing storage facility.
View from Vox
It’s good to see this process underway against the backdrop of a revised interest in the mining sector. A feasibility study published in 2021 envisaged that Winston could generate average life of mine annual EBITDA of C$67.64 million. The net present value at that point was set at C$175.8 million, although it’s likely moved upwards since then as metals markets have firmed. The tailings recovery plan is only the first step towards realising this value, but it will be crucial in establishing Panther’s bona fides as a legitimate operator with serious intent.