Panthera Resources - 10000m Drilling Programme Commenced at Cascades
13/02/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230213:nRSM6972Pa&default-theme=true
RNS Number : 6972P Panthera Resources PLC 13 February 2023
13 February 2023
Panthera Resources Plc
("Panthera" or "the Company")
10,000 Metre Drilling Programme Commenced at Cascades
Gold exploration and development company Panthera Resources Plc (AIM: PAT),
with assets in West Africa and India, is pleased to advise that its joint
venture partner DFR Gold Inc ("DFR") has commenced a 10,000 metre drilling
program (the "Drilling Program") on the Cascades Project in Burkina Faso, West
Africa.
The Drilling Programme will be in two phases. The first 5,000 metres target
extensions to the current resources and several new targets:
• Two newly defined targets immediately north and
southwest of the Daramandougou resource pit shell respectively;
• Step-out drilling on the TT13 target, a significant new
gold zone identified during 2022; and
• First-pass drilling on several other newly delineated
targets in the Wuo Land 2 licence area.
Phase two will be a results-driven follow-on program targeting the highest
priority results from the first phase.
Previously, in 2021, DFR prepared a maiden mineral resource estimate on the
property in accordance with the provisions of the Canadian National Instrument
43-101 - "Standards of Disclosure for Mineral Projects" ("NI 43-101") (see the
Company's RNS dated 25 October 2021):
Indicated mineral resource estimate: 5.41Mt @ 1.52g/t Au (264,000oz)
Inferred mineral resource estimate: 6.93Mt @ 1.67g/t Au
(371,000oz)
A PDF version of the announcement, inclusive of images, can be found on the
Company's website or by following the link below:
http://www.rns-pdf.londonstockexchange.com/rns/6972P_1-2023-2-13.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6972P_1-2023-2-13.pdf)
pantheraresources.com/news/regulatory-news/
(https://pantheraresources.com/news/regulatory-news/)
Cascades Project Exploration
The Cascades Project lies in the Banfora Birimian Greenstone Belt, one of the
three major mineralized belts in western Burkina Faso. Gold mineralization at
the Cascades Project is spatially associated with sulfides and quartz sericite
alteration. Following the addition of the Wuo Land 2 license to the project in
early-2022 an extensive mapping program has been completed with the assistance
of drone photography and multispectral remote sensing surveys. Historical
geophysics (IP and EM) surveys have helped define a 30km long mineralized
corridor. Within this corridor, historical and recent mapping and sampling
combined with the widespread activity of artisanal miners has identified at
least seven northeast-southwest trending shear structures with a mapped strike
extent of 15km to 25km.
About Cascades
The Cascades project (formerly called Labola) is owned and managed by Moydow
Holdings Ltd (Moydow). Panthera currently holds an equity interest of 20% in
Moydow with DFR earning an 80% interest and is the operator. DFR has agreed to
spend up to US$18 million (Earn-In) on Cascades and increase its ownership
interest up to 80% in Moydow. Upon completion of the Earn-In, Panthera holds
the right to increase its interest by 10%, for example, from 20% to 30%, for a
cost of US$7.2 million.
The Cascades gold exploration project is in the Banfora greenstone belt of the
West African Birimian Supergroup in southwest Burkina Faso. Cascades is
approximately 450km west-southwest of the capital, Ouagadougou, and 100km
northeast of the Wahgnion gold mine, operated by Endeavour Mining.
More than 65,500m of historical drilling (541 holes) has been completed across
multiple drilling campaigns by previous owners, High River Gold Mines Limited
("HRG"), later acquired by Nord Gold Plc, and Taurus Gold Limited ("Taurus"),
consisting of principally diamond and RC drilling (24,589m/39,339m,
respectively). Mineralisation has been intercepted by historical drilling
and outlined by previous artisanal mining in three main zones over a 10 km
strike length.
Moydow has explored the area since August 2020, including the acquisition and
compilation of all previous data into a single database, interpretation of
this data, target generation using the database and all the acquired remote
sensing information, and a Reverse Circulation (RC) drilling program involving
31 holes. This culminated in the announcement of the maiden mineral resources
estimate in 2021.
Contacts
Panthera Resources PLC
Mark Bolton (Managing
Director)
+61 411 220 942
contact@pantheraresources.com
Allenby Capital Limited (Nominated Adviser & Joint
Broker) +44 (0) 20 3328 5656
John Depasquale / Vivek Bhardwaj (Corporate
Finance)
Novum Securities Limited (Joint
Broker)
+44 (0) 20 7399 9400
Colin
Rowbury
Financial Public Relations
Vigo Consulting
Ltd
+44 (0)20 7390 0230
Oliver Clark / Chris McMahon
Subscribe for Regular Updates
Follow the Company on Twitter at @PantheraPLC
(https://twitter.com/PantheraPlc)
For more information and to subscribe to updates visit: pantheraresources.com
(http://pantheraresources.com)
Qualified Person
The technical information contained in this disclosure has been read and
approved by Ian S Cooper (BSc, ARSM, FAusIMM, FGS), who is a qualified
geologist and acts as the Qualified Person under the AIM Rules - Note for
Mining and Oil & Gas Companies. Mr Cooper is a geological consultant to
Panthera Resources PLC.
UK Market Abuse Regulation (UK MAR) Disclosure
The information contained within this announcement is deemed by the Company to
constitute inside information for the purposes of Regulation 11 of the Market
Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this
announcement via a Regulatory Information Service ("RIS"), this inside
information is now considered to be in the public domain.
Forward-looking Statements
This news release contains forward-looking statements that are based on the
Company's current expectations and estimates. Forward-looking statements are
frequently characterised by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other
similar words or statements that certain events or conditions "may" or "will"
occur. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual events or results to
differ materially from estimated or anticipated events or results implied or
expressed in such forward-looking statements. Such factors include, among
others: the actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans continue to be
refined; possible variations in ore grade or recovery rates; accidents, labour
disputes and other risks of the mining industry; delays in obtaining
governmental approvals or financing; and fluctuations in metal prices. There
may be other factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement speaks only
as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new information,
future events or results or otherwise. Forward-looking statements are not
guarantees of future performance and accordingly, undue reliance should not be
put on such statements due to the inherent uncertainty therein.
**ENDS**
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END DRLEXLBFXLLXBBZ