REG - Panthera Resources - Completion of Drilling at Kalaka

Panthera ResourcesAnnouncement

27/08/2024 07:45

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RNS Number : 7963B  Panthera Resources PLC  27 August 2024

27 August 2024

 

Panthera Resources Plc

("Panthera" or "the Company")

 

Completion of Drilling at Kalaka Project

 

Panthera Resources Plc (AIM: PAT), the diversified gold exploration and
development company with assets in West Africa and India, is pleased to
announce that the drilling programme at the Kalaka Project in Mali has been
completed.

 

In accordance with the drill programme, two diamond drill holes for 647 metres
were completed.  Core samples will be submitted to the SGS Laboratory in
Bamako with results expected on or about end of September 2024.

 

About the Kalaka Project

 

The Kalaka gold project, which is operated by Panthera, is situated in
southern Mali (Figure 1), 80km south of the 8 Moz Morila gold mine and 85km
northwest of the 6 Moz Syama gold mine (Resolute). Panthera believes the
property has large scale potential.

 

Fig 1: West African Projects Location Plan

 

Historical drilling has intersected impressive mineralization widths at the
K1A target within a very large 0.5g/t Au mineralization envelope. Drilling
intersections at K1A have included 249m @ 0.54g/t Au (to end of hole). The
tenement hosts some 45km of prospective geology and structures along strike
from K1A as defined from drilling, surface geochemical and geophysical
surveys.

 

At the K1A target area, the Company's Competent Person Report (prepared by
Golder Associates Pty Ltd), which was disclosed in the Company's AIM Admission
Document, reported that drilling by past explorers defined a potential
endowment of 250,000 to 500,000 ounces. Furthermore, Golder Associates Pty Ltd
("Golder") reported that this represents an exploration target where further
infill drilling may lead to the estimation of a Mineral Resource.

 

More recently, follow-up work by Panthera including re-examination of all
available drill data at K1A, identified a mineralised envelope that broadly
conforms to the potential endowment mentioned by Golder. This work identifies
an exploration target of between 0.5 Moz to 1 Moz gold.  Importantly, the
Company is yet to drill the northern extension of the mineralisation at K1A
together with several similar targets within the project area. Taken together
this would potentially expand the exploration target to approximately 3 Moz of
gold.

 

Drilling Programme

Photo 1: Night Shift Drilling at Kalaka

 

The programme consisted of:

·        Drilling two diamond core holes on the section corresponding
to historical hole K1AD001 (246.27m @ 0.55 g/t Au, inc 56m @1.02 g/t Au)  as
shown on Figure 2 showing section and plan as below.

·        Programme of 640m was completed in the two planned holes
(KDD-24-002 and KDD-24-003). Note that a third hole (KDD-24-001 ) was
abandoned for technical reasons terminating at 108.75m depth but will still
provide sample materials for the upcoming metallurgical testing.

·        Each hole was drilled as HQ3 core size to 200 metres to
maximize drill core recovery for proposed metallurgical testing, then
completed to end of hole (EOH) with NQ3 core size.

·        Holes were surveyed and orientated to facilitate measurements
of structures, veining and geological contacts. Detailed geological and
geotechnical logging is currently in progress.

·        The holes have identified the east and west margins of the
ore body, as stylized on the diagram (Figure 2).  Field observations indicate
that both holes terminated in relatively unmineralized rock and that the
sub-vertical mineralised system is approximately 180m wide on this section.

·        It is also planned to complete metallurgical testing of the
drill core to advance our understanding of recovery properties as follow up to
the positive bottle roll tests completed (RNS dated 13/06/2024).

 

Fig 2: Diamond Drilling at the K1A Prospect, Kalaka

 

 

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

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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

 Moz:          Million Ounces (Troy)

 Mt:           Million Tonnes (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.

 

 

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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