REG - Panthera Resources - Bido Exploration Update

Panthera ResourcesAnnouncement

12/10/2022 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:20221012:nRSL5793Ca&default-theme=true

RNS Number : 5793C  Panthera Resources PLC  12 October 2022

12 October 2022

 

Panthera Resources Plc

("Panthera" or "the Company")

 

Bido Project Exploration Update

 

Gold exploration and development company Panthera Resources Plc (AIM: PAT),
with assets in West Africa and India, is pleased to announce that it has
recently completed an Induced Polarisation Geophysical Survey ("IP") and
expanded its geological mapping and outcrop rock sampling at the Bido Project
in Burkina Faso.

 

Highlights

 

·    The geophysical survey has identified 28 strong IP anomalies at Bido

·    Most targets correlate with outcropping mineralised vein systems and
or extensive artisanal workings

·    Survey covers the Beredo and the Somika areas with several other
mineralised domains to be tested including the Kwademen prospect

·    Recent gold in rock sample results identified several outcropping
mineralised vein systems coincident with the strong IP anomalies:

o  42.2g/t Au

o  20.0g/t Au

o  13.6g/t Au

o  13.4g/t Au

o  10.9g/t Au

·    Results from further rock sampling in the survey area are pending

 

Commenting on the announcement, Mark Bolton, Managing Director of Panthera
said:

 

"The Bido project is the next in Panthera's pipeline after Cascades and
Bassala.  Covering 100 km(2), it contains a considerable number of
mineralised gold prospects across multiple geological domains.

 

The geophysical survey has identified 28 strong anomalies to date, many of
these targets are coincident with extensive artisanal works and/or gold in
rock sample assays.

 

Following these recent, very positive results, we have expanded the geological
mapping and rock sampling to cover the remaining area in the north of the
survey area.

 

The completion of the geophysics, together with the current geological mapping
exercise, represents the final stage of the present work programmes in this
part of the Bido licence area, which will then allow for future drilling
campaigns to be planned and proposed for budget allocations."

 

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/5793C_1-2022-10-12.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5793C_1-2022-10-12.pdf)

pantheraresources.com/news/regulatory-news/
(https://pantheraresources.com/news/regulatory-news/)

 

Summary of the Bido Project

 

The Bido permit in Burkina Faso is located on the Koudougou quadrangle 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, consisting of volcano-sedimentary
and plutonic domains metamorphosed during the Eburnean period with even
younger intrusive bodies that have been intruded into both domains.  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.

 

Bido Geophysical Survey

 

The IP survey, over an area of approximately 15km(2), covers the Beredo and
the Somika areas.  The Company targeted this volcanic centre with its maiden
geophysical survey at Bido, where previous geochemical work, including recent
rock sampling, had returned very promising results.  These areas also host
extensive active artisanal workings.

 

The survey has characterised three extensive features described in the
following, in which some 47 anomalies, including 28 high-priority ones, have
been identified.  The Company is currently evaluating the survey results in
conjunction with its extensive geoscientific information and in particular the
recent mapping and rock sampling.  Preliminary analysis indicates multiple
targets where the 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.

 

Following the completion of the data review, the Company will prioritise the
targets for future drilling.

 

Geophysical Survey

 

The Company contracted SAGAX AFRIQUE SA to conduct an IP geophysical survey
over several grids located in the Bido licence area before the onset of the
wet season. The work consisted of approximately 200-line km of Gradient Array
(100m x 25m grids) over the Beredo and Somika areas with follow-up Pole -
Dipole Array IP/Resistivity Surveys (a = 50m, n =1 to 10) as appropriate to
define drill targets.

 

The survey has characterised three extensive chargeability features, the
western corridor (Zone W), the central wide corridor (Zone C) and the eastern
corridor (Zone E).  Zone E incorporates the eastern section of Beredo and the
Somika grid.

 

Zone W comprises a pervasive north-south chargeable high (2.5-6 mV/V).  Zone
C comprises many well-defined chargeability individualized axes through the
centre of this corridor.  Zone E displays similar characteristics as Zone C
with well-defined chargeability individualized axes, particularly in the far
north, far south and east.

 

During 2021-22, rock sampling was carried out over outcrops of sheared country
rock containing quartz veining identified by our geological mapping campaigns,
often located in areas associated with shallow artisanal gold diggings. At
least five localities have been sampled at strike lengths of over 500 metres,
returning gold values greater than 1 ppm.

 

It is interpreted that the central corridor may define a shear zone trending
NNE (N5(o)-N10(o)), within which numerous broadly similar-trending, highly
chargeable structures may represent altered and sheared intermediate
metavolcanic or other intrusive rock.

 

Similar chargeable anomalies observed on other portions of the grid have
broadly comparable trends.

 

The resistivity survey results have been superimposed on the gold in rock
sampling assays.  It is speculated that the resistive zones may represent
higher quartz content associated with silica flooding of altered and
structural country rock.

 

Pole-Dipole IP Survey Data and Results

 

In addition to the gradient array IP survey, the Company completed Pole-Dipole
survey lines at Beredo-Kiékouyou (4 lines) and Somika (2 lines). The
Pole-dipole line locations were located based on previous knowledge of the
occurrence of gold in artisanal workings, known areas of mineralised veining
and the results of the gradient array IP that indicated interesting zones. A
Pole-dipole array is commonly used for vertical investigation.

 

The survey measured the resistivity and chargeability properties on the
cross-section of each survey line.  The data was utilised to plot the
resistivity and chargeability inversion pseudo sections, the pseudo-lithology
cross-section as well as the gradient chargeability contours map around the
pole-dipole surveyed lines.

 

The depth of investigation of these Pole-Dipole surveys (a=50M, n=1 to 10) is
between 200m and 250m. The anomalies pointed out with the gradient array
survey are identified in these sections. The three anomalous corridor zones
(Western zone, central Zone, and Eastern zone) are also identified here.

 

The resistivity sections (UBC Resistivity) detail the geometry (relief) of the
interface between the conductive clayey covering horizon, interpreted as
saprolite, and the underlying resistive bedrock, interpreted as intrusive.
 The latter is affected by many syn-geological deformations
(Faults/micro-faults/shearing) reflected by local thickening of the conductive
covering. These faults are represented by the conductive axes on the gradient
map.

 

Line 20400N in the Beredo area is indicative of the pole-dipole survey in this
area.  The B12-13 anomaly identified by the survey corresponds to a target
where rock sampling has returned multiple gold values over 1g/t Au over 1 km
strike length including:

·       6.8g/t Au

·       10.9g/t Au

·       6.2g/t Au

·       13.6g/t Au

·       13.4.9g/t Au

·       20.0g/t Au

 

At the Somika prospect, the pole-dipole survey below has highlighted the
eastern chargeability corridor. The survey infers a felsic intrusion buried
under a conductive covering and affected by geo-structural deformations.

 

The chargeability and the resistivity inversion sections assist in determining
the dip of the rock formations, thus assisting in planning drill orientation.
At Somika, we consider that the survey has identified sub-vertical structures,
undercover, that are on occasion slightly easterly dipping.

 

Line 29900N is indicative of the pole-dipole survey at the Somika prospect
where the survey has identified a strong anomaly extending at depth at S1 and
S4.  As mentioned earlier there is an observed conductive covering indicated
by the data interpretation and in the field that is identified as laterite and
saprock to the west of this zone at the Somika Hill artisanal workings (B7/10
anomaly) intermittent sheared and veined country rock (Altered felsic?) has
been exposed at several locations.

 

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
(https://pantheraresources.com/investors/presentations)

 

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  UPDBKBBQBBDKCKD