REG - Panthera Resources - Commencement of Cascades Feasibility Study

Panthera ResourcesAnnouncement

04/08/2025 07:00

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RNS Number : 8039T  Panthera Resources PLC  04 August 2025

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK Market Abuse
Regulation

 

4 August 2025

 

Panthera Resources Plc

("Panthera" or "the Company")

 

Commencement of Feasibility Study at Cascades

 

Gold exploration and development company Panthera Resources Plc (AIM: PAT),
with assets in West Africa and India, notes that its joint venture partner,
DFR Gold Inc ("DFR") has announced the commencement of a feasibility study at
the Cascades Gold Project in Burkina Faso (the "Cascades Project").

 

Highlights

·        Feasibility study commenced at the Cascades Project

·        Completion of the option to acquire 100% of the Wuo Land
licence

 

Feasibility Study

 

The Feasibility Study at the Cascades Project, to be fully funded by DFR, will
incorporate;

·        reserve definition drilling for the delineation of a starter
pit(s)

·        metallurgical testwork to determine the optimal process
circuit design

·        determination of the optimal locations for plant, waste dumps
and tailings

·        completion of the Environment and Social Impact Assessment

 

Subject to a positive feasibility study, DFR intends to apply for a mining
permit on the Wuo Land and Wuo Land 2 exploration permits. The feasibility
study is anticipated to be completed later in 2026.

 

Exercise of the Wuo Land Option

 

On 9 February 2024, the Company announced that Moydow Holdings Limited
("Moydow") exercised its exclusive option to acquire the Wuo Land exploration
licence (the "Wuo Land Option").  In 2024, DFR paid US$500,000 to the licence
holder and it was subsequently agreed by DFR that an additional deferred
payment of US$500,000 will be paid to the licence holder in 2025.

DFR has now paid the remaining US$500,000 consideration in relation to the Wuo
Land Option, and subject to satisfying certain administrative requirements,
the Wuo Land permit is expected to be transferred to DFR's subsidiary's name,
Moydow, on behalf of the joint venture partners.

 

About the Cascades Project

 

The Cascades project (formerly called Labola) is owned and managed by Moydow.
Panthera currently holds an equity interest of 20% in Moydow with DFR Gold Inc
("DFR") earning an 80% interest and is the operator. DFR has agreed to spend
up to US$18 million (Earn-In) on Cascades on or before 30 September 2026 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 10km
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 resource
estimate in 2021 in accordance with the provisions of the Canadian National
Instrument 43-101 - "Standards of Disclosure for Mineral Projects" ("NI
43-101") (see 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)

 

 

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)

Guy McDougall / Kelly Gardiner

 

VSA Capital Limited (Joint
Broker)
+44 (0) 20 3005 5000

Andrew Monk / Andrew Raca

 

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)

 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.

 RAB:          Rotary Air Blast drilling, or RAB drilling is completed using a drill rod
               string providing compressed air to the drill bit face, drill sample cuttings
               are then returned to the surface via the 'open hole'. RAB drilling is
               generally completed to shallow depth of penetration.

 

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**

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