REG - Panthera Resources - Bido Drilling

Panthera ResourcesAnnouncement

17/07/2024 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:20240717:nRSQ7323Wa&default-theme=true

RNS Number : 7323W  Panthera Resources PLC  17 July 2024

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.

 

 

17 July 2024

 

Panthera Resources Plc

("Panthera" or "the Company")

 

Bido Drilling Programme

 

Gold exploration and development company Panthera Resources Plc (AIM:PAT),
with gold assets in West Africa and India, is pleased to advise that the
Company has commenced a drilling programme on the Bido Project in Burkina Faso
(Drilling Programme).

 

Highlights

·        Programme comprises 2000 metres of reverse circulation ("RC")
drilling

·        Targeting coincident geochemical and geophysical anomalies on
the Beredo-Kiekouyou prospect

·        Northern drill fence testing the Bido vein, a quartz vein
with current orpailleurs activity to 30 metre depths

·        Central drill fence of holes is targeting a valley between
two hills with evidence of past eluvial mining activity along strike to
exposed quartz veining

·        Southern drill fence will test an exposed quartz vein that
returned anomalously high gold values from the systematic rock and soil
sampling programmes

 

Mark Bolton, Managing Director of Panthera, commented:

 

"The Bido Project is an exciting gold prospect for the Company that is
maturing as gold prices push through US$2400 per ounce.  The Company has been
actively exploring the licence for several years culminating in a focused
drilling campaign.  The three drill fences will test targets selected by
their coincident geophysics, visible quartz veining and orpailleurs activity.

 

As previously reported, the Company continues to advance the potential
restructuring of its interest in its West African gold assets inclusive of
funding for both this drilling programme and advancing these assets going
forward."

 

About the Bido Project

 

The Company has now completed the earn-in obligations at Bido in Burkina Faso
and now owns an 80% interest in the project. The Company may acquire the
remaining 20% by expenditure of a further US$1,000,000 on exploration and
development within two years, subject to the vendor's rights of a buy-back
right of 1% interest in the Tenements and Associated Rights for the price of
US$1,000,000. A royalty will be payable to the vendor on all minerals produced
by exercise of rights under the tenements which shall be calculated at the
rate of 1% of the net smelter returns (NSR) on all minerals extracted from the
properties pursuant to the tenements, inclusive of any withholding tax (if
any) payable in respect of those royalties and shall be paid quarterly.
Payments via the NSR will be capped at US$3 million in total.

 

The Bido permit in Burkina Faso (Figure 1) is located some 125km WSW of the
capital Ouagadougou. The tenement lies within the Boromo greenstone belt which
is principally composed of Paleoproterozoic Birimian terrain within the West
African Man Craton.  This belt also hosts the Poura gold deposit (1 to 2
Moz), situated about 50 km to the SSW of the area, as well as numerous gold
occurrences. The Perkoa VMS deposit is located about 35 km to the north of the
area.

 

The Beredo-Kiekouyou Prospect (Figure 2) was originally identified from an
analysis of historical data where a 2km by 2km anomaly with greater than 50
ppb gold in soil anomaly was identified, that work included more than 80
samples (5%) that returned results greater than 100 ppb Au. The company
targeted the prospect and completed a geophysical survey (RNS 12/10/2022),
over the Beredo-Kiekouyou and the Somika areas. That work targeted this
recently identified volcanic centre (identified from a Remote Sensing Spectral
Study conducted by the company), where analysis indicates multiple targets
including strong/moderate IP axes defined from interpreted resistive and
conductive structures defined by the IP survey are coincident with mapped vein
structures, gold in rock samples and artisanal workings. Geological mapping
and sampling of outcrop and veins and interpretation of the database
identified the drill targets to be tested in this round of exploration
drilling.

 

 

Fig 1: West African Projects Location Plan

 

Figure 2: Bido Project Prospects and Geophysical Survey Grid Locations

 

Drilling Programme

 

The proposal is to drill a total of 48 shallow reverse circulation (RC) drill
holes along three drill traverses (drill fences), totalling 2,000 m that will
target geochemical and geophysical anomalies at the Beredo-Kiekouyou prospect.

 

Specifically, the targets include areas of alteration and stockwork veining
interpreted from surface mapping, geochemical sampling and geophysical
interpretation. The plan is designed to increase coverage in the shallow
sub-surface zones within each of the targets by drilling fences of inclined,
40 m deep overlapping holes.

 

The northern drill fence of holes will test a combination of surface expressed
quartz vein (Bido vein), IP chargeability and IP high resistivity as long as
an area with current orpailleur (Photo 1) activities consisting with eluvial
workings and shallow shafts (0 to 30 m). In this area gold in rock sampling of
the outcropping mineralised vein systems that were coincident with the strong
geophysical anomalies returned assays including 42.2g/t Au, 20.0 g/t Au, 13.6
g/t Au, 13.4 g/t Au and 10.9 g/t Au (reported in the Company's announcement
released on 12 October 2023.

 

The central drill fence of holes is targeting both IP chargeability and IP
high resistivity anomalies that may indicate zones of rock alteration with
bulk mineralisation potential. The drill fence traverses a valley between two
hills where evidence of past eluvial workings is visible in the field (Photo
2) and where several good gold occurrences aligned along the strike direction
of exposed quartz veining have been identified in the geochemical sampling
programs.

 

The southern drill fence of holes will test an exposed quartz vein that
returned occurrences of high gold content in systematic rock and soil sampling
programmes and is along strike and coincident to an IP high resistivity
anomaly. The target is also the intersection of structures identified in
satellite imagery and in the geophysical data that trend NNW-SSE and NNE-SSW,
and as such may be a focal point of structural preparation that may host rock
alteration with bulk mineralisation potential.

 

 Photo 1: Eluvial workings ("orpailleur ") on proposed fence line 1  Photo 2: Two close artisanal workings on fence line 2 with opposite dipping
                                                                     vein sets

 

 

Contacts

 

 Panthera Resources PLC                                                                                                                                                                                                  +61 411 220 942

 Mark Bolton (Managing Director)                                                                                                                                                                                         contact@pantheraresources.com

 Allenby Capital Limited (Nominated Adviser & Joint                                                                                                                                                                      +44 (0) 20 3328 5656
 Broker)

 John Depasquale / Vivek Bhardwaj (Corporate Finance)

 Guy McDougall / Kelly Gardiner (Sales & Corporate Broking

 Novum Securities Limited (Joint Broker)                                                                                                                                                                                 +44 (0) 20 7399 9400
 Colin Rowbury

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 Persons

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.

 

Glossary

 

 Au:           The chemical element for Gold

 Diamond Core  Diamond core drilling uses a diamond cutting bit, which rotates at the end of

Drilling     a steel rod (tube) allowing for a solid column of rock to be recovered from

             the tube at the surface.

 g/t:          Grammes per Tonne (Metric)

 JORC:         Australasian Code for Reporting of Mineral Resources and Ore Reserves' of
               December 2012 ("JORC Code") as prepared by the Joint Ore Reserves Committee of
               the Australasian Institute of Mining and Metallurgy. Terms including Measured,
               Indicated and Inferred Resources as defined therein

 Km:           Kilometres (Metric)

 IP            Induced polarization (IP) is a geophysical imaging technique used to identify
               the electrical chargeability of subsurface materials.

 M:            Metres (Metric)

 Moz:          Million Ounces (Troy)

 Mt:           Million Tonnes (Metric)

 Ppb:          Parts-per-billion (Metric)

 NSR:          Net Smelter Return (NSR) is the net revenue that the owner of a mining
               property receives from the sale of the mine's metal products less
               transportation and refining costs

 RC            Reverse Circulation drilling, or RC drilling, uses rods with inner and outer
               tubes, the drill cuttings are returned to surface inside the rods. The
               drilling mechanism is a pneumatic reciprocating piston known as a hammer
               driving a tungsten-steel drill bit.

 VMS           Volcanogenic massive sulfide ore deposits, also known as VMS ore deposits, are
               a type of metal sulphide ore deposit.

 

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  DRLUBUVRSWUBARR