REG - Panthera Resources - Drilling Commences at Kalaka

Panthera ResourcesAnnouncement

19/11/2021 09:25

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211119:nRSS9649Sa&default-theme=true

RNS Number : 9649S  Panthera Resources PLC  19 November 2021

19 November 2021

 

 

Panthera Resources Plc

("Panthera" or "the Company")

 

Drilling Commences 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 drilling has commenced at the Kalaka Project in Mali for a
planned 2,500 metre air-core (AC) drilling programme.  Kalaka is held by our
associated company, Moydow Holdings Ltd.

 

Highlights

·       2,500 metre AC drill programme commenced at Kalaka

·       Up to five of the twenty targets identified will be drill
tested

·       Drill targets have been selected on their potential to host
higher grades

·       Assay results expected from late December 2021

 

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

 

"Significant low grade gold mineralisation has previously been identified at
the Kalaka Project, with drill intercepts of 249.3m @ 0.54g/t Au from 52m (to
end of hole) including 8m @ 3.17g/t Au from 107m at the K1A prospect.

 

This mineralisation has a strong Induced Polarisation (IP) chargeability high
associated with it due to disseminated sulphides in the alteration zone.

 

Recent extensions to the IP survey have resulted in 20 other chargeability
anomalies being identified and up to five of these will be tested in the
current drilling programme.

 

One of the strongest chargeability responses occurs at Target 1 which is
slightly offset from a large zone of artisanal workings targeting the base of
laterite over a 1000m by 200m area.  This will be the first drilling into
either the area of workings or the chargeability high, so  results will be
eagerly awaited.

 

Target 2 is a northerly offset continuation of Target 1. The other targets
being testing will include Target 5 and possibly Targets 3 and 4 depending on
the depth of the drill holes."

 

A PDF version of the announcement, inclusive of images, can be found on the
Company's website or by following the links below:

 

http://www.rns-pdf.londonstockexchange.com/rns/9649S_1-2021-11-19.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9649S_1-2021-11-19.pdf)

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

 

Project Background

 

The Kalaka project is located over the regional scale Banifin Shear Zone in
southwestern Mali, approximately 200km southeast of the capital city Bamako.

 

The + 7Moz Morila gold mine is located approximately 70km to the north and the
plus 6Moz Syama gold mine is located approximately 100km to the southeast.

 

 

Considerable work has been undertaken on the project by previous explorers
Anglogold Exploration and Golden Spear Mali SARL (current JV partner)
including:

·        7,349 soil samples

·        909 line km airborne magnetics and EM

·        9,846m RAB drilling in 235 drill holes

·        3,095m AC drilling in 80 drill holes

·        4,258m RC drilling in 39 drill holes

·        3,753m diamond drilling in 18 drill holes

 

This work culminated in the identification of the K1A prospect, a large, low
grade gold deposit with drill intercepts over 700m of strike including:

·        249.3m @ 0.54g/t Au from 52m (to end of hole) including 8m @
3.17g/t Au from 107m

·        191.8m @ 0.52g/t Au from 9m (to end of hole) including 4m @
2.47g/t Au from 196m

·        176.4m @ 0.49g/t Au from 24m (to end of hole) including 8m @
1.83g/t Au

 

Several additional targets were also identified, generally with gold
mineralisation between 0.3 and 0.9g/t Au, suggesting very large tonnages of
low grade gold mineralisation are likely to be present.

 

Work by Panthera and its partners resulted in the realisation that the soil
sampling is only effective in a few of the areas tested, due to transported
laterite and alluvium masking the geochemical response of bedrock in much of
the area.  It was also found that the K1A prospect is defined very closely by
a chargeability high obtained in a test IP survey.  The IP survey area was
subsequently expanded twice and now covers most of the southern half of the
tenement area, where surface geochemistry is generally not very useful.

 

This work has defined twenty chargeability highs, many of higher intensity
than that over K1A.  These are all considered to be good drill targets and
the higher intensity suggests more sulphides and potentially higher gold
grades due to more intense alteration.  This shows a zone of interpreted
black graphitic shales defined by very high conductivity, with areas on either
side with lower conductivity that are interpreted as non-graphitic
metasediments and/or volcanics.  A large, roughly oval shaped zone of low
conductivity, low chargeability and generally moderate resistivity with
margins of high resistivity is interpreted as a granitoid intrusion.  The
metasediments appear to wrap around this and several areas of interpreted
pressure shadows (favourable structural sites for gold mineralisation) are
noted, particularly at Targets 1 to 5.

 

The main targets being tested by the current drill programme are summarised
below:

 

 Target 1:  A discrete, high intensity chargeability high that appears to cut across
            interpreted stratigraphy and is located within the pressure shadow of an
            interpreted granitoid intrusion.  It has low resistivity and moderate
            conductivity suggesting some graphite or more massive sulphides may be
            present.  A zone of intense abandoned artisanal mining activity consisting of
            over 1000 shafts targeting the base of laterite and top of weakly weathered
            bedrock over an area of about 1000m by 200m.  This is sub-parallel to but
            slightly offset from the chargeability high and it is interpreted that the
            mineralisation targeted by the artisanal miners was transported from the area
            of the chargeability high by an old river channel underneath the laterite or
            by creep downslope.  This will be the first target tested with drill
            traverses covering both the old workings and the chargeability high.
 Target 2:  This is a northerly, offset continuation of Target 1.

 Target 3:  A plus 500m long chargeability high in the interpreted pressure shadow of a
            granitoid intrusion.  This also appears to cut across interpreted
            stratigraphy suggesting it is not simply a sulphidic stratigraphic package.
            It has low to moderate associated resistivity and conductivity.  Previous
            shallow RAB drilling has tested the northern part of the target with
            intercepts of 9m @ 0.31g/t Au from 13m and 34m @ 0.22g/t Au from the surface
            showing broad zones of low-grade mineralisation are present.  The area closer
            to the interpreted granite may be a better structural zone and this will be
            the focus of the drilling.

 Target 4:  A very similar anomaly to Target 3, this has no previous drilling but does
            have an associated soil anomaly.  A line of RAB drilling approximately 200m
            north of the target returned 2m @ 1.19g/t Au from 1m.

 Target 5:  A 2,300m long chargeability high is located along the western contact of the
            interpreted graphitic shale package with the non graphitic metasediments where
            the package wraps around the interpreted granitoid.  The majority of the
            graphitic shale package is not highly chargeable and hence this is considered
            unlikely to have a stratigraphic origin.  There is no previous drilling into
            this Target and it is located in an area where soils are considered unlikely
            to be effective.

 

 

Contacts

 

Panthera Resources PLC

Mark Bolton (Managing
Director)
+61 411 220 942

 
contact@pantheraresources.com

 

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

John Depasquale / Vivek Bhardwaj (Corporate
Finance)

 

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: www.pantheraresources.com (http://www.pantheraresources.com/)

 

Qualified Person

The technical information contained in this disclosure has been read and
approved by Antony Truelove (BSc (Hon), MAusIMM, MAIG), who is a qualified
geologist and acts as the Competent Person under the AIM Rules - Note for
Mining and Oil & Gas Companies.  Antony Truelove is the COO of 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  DRLGCBDBRBBDGBC