REG - Panthera Resources - Drilling Commences at Labola

Panthera ResourcesAnnouncement

26/05/2022 13:45

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RNS Number : 9639M  Panthera Resources PLC  26 May 2022

26 May 2022

 

 

Panthera Resources Plc

("Panthera" or "the Company")

 

Drilling Commences at Labola 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 Reverse Circulation (RC) drill rig has arrived on-site at
the Labola Project in Burkina Faso.

 

Highlights

·       5000 metre RC drill programme has commenced at the Labola
Project

·       The programme comprises 46 RC holes to test up to five targets

·       Drilling will focus on resource estimate expansion and several
peripheral exploration targets

·       Assay results are expected during quarter three of 2022

 

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/9639M_1-2022-5-26.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9639M_1-2022-5-26.pdf)

pantheraresources.com/news/regulatory-news/

 

Current Work Programme

 

Panthera's associated company, Moydow Holdings Limited ("Moydow") has designed
the drill programme to support an expansion of the National Instrument 43-101
("NI 43-101") resource estimate announced on 25 October 2021 and 6 December
2021.  The drilling will also test several peripheral targets which could
demonstrate the larger-scale potential of the Labola Project.

 

The Labola project comprises the two exploration licence areas, Wuo Land and
Wuo Land 2.  The 2021 drilling programme of 4739 metres was completed between
May and August on the Wuo Land licence.  The primary objective of the 2021
programme was to validate the historical High River Gold and Taurus drilling
databases to estimate a maiden mineral resource estimate under NI 43-101 of:

Indicated mineral resource estimate:
5.41Mt @ 1.52g/t Au (264,000oz)

Inferred mineral resource estimate:
6.93Mt @ 1.67g/t Au (371,000oz)

 

The 2021 programme focused on the main area of historical drilling and in
particular the Daramandougou and Wuo Ne target areas.  Furthermore, the
interest in Wuo Land 2 licence was secured in March 2022, following completion
of the 2021 drilling programme.

 

Resource Expansion Drilling

 

The proposed resource estimate expansion drilling programme comprises 2000m of
infill and step-out holes targeting the Daramandougou area and is included in
Area 1.

 

The modelling of the orebody in 2021 highlighted several mineralised zones
where insufficient drill density may have resulted in breaks in continuity of
the resulting block model and ultimately gaps in the pit shells generated.
It also showed up several of zones that might have been truncated by the model
because of a lack of drilling along mineralised trends.

 

The drilling in Area 1 is designed to provide clarity in the areas of the
resource where gaps in the drilling density occur.

 

Exploration Drilling

 

The 3,200 metre exploration drilling proposal will test additional pit
expansion targets in Area 1 and a number of new targets within the Wuo Land 1
and Wuo Land 2 licences in Areas 1 to 5.

 

The drilling in Area 1 is targeted at extending areas of known gold
mineralisation on the strike extensions of the known Labola mineral resource
estimate. In each targeted area recent artisanal activity points to
significant mineralisation potential.

 

In Area 4 the gold bearing structures are highlighted by wide and extensive
artisanal diggings with strike dimensions of plus 2 km in several sub-parallel
zones of workings; this first pass round of drilling is designed to identify
the width and strike potential of these zones at depth.

 

In area 5, also referred to as the Big South Target, at least three
sub-parallel vein sets are being exploited by fairly recent, shallow artisanal
diggings on quartz veins. Material between these veins is observed to host
veinlets and alteration and represents the initial target at this prospect.

 

In areas 2 and 3, veining has also been identified by the presence of
artisanal diggings and for the 2022 programme a series of 'standby holes' have
been identified that would be drilled should access to the priority targets
(mentioned above) be restricted due to poor access or rain events.

 

About Labola

 

The Labola project is owned and managed by Moydow Holdings Ltd (Moydow).
Panthera currently holds an equity interest of ~40% in Moydow. A proposed
restructure of Moydow and farm-in by Diamond Fields Resources Inc (DFR) was
announced on 25 August 2021 and is anticipated to be completed this 2Q 2022.
Amongst other terms and conditions:

·        DFR has agreed to spend up to US$18 million (Earn-In) on
Labola and increase its ownership interest up to 80%; and

·        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 Labola gold exploration project is in the Banfora greenstone belt of the
West African Birimian Supergroup in southwest Burkina Faso. Labola 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 10 km
strike length.

 

Moydow has explored the area since August 2020, including 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 resources
estimate in 2021.

 

Gold mineralisation at Labola is related to quartz veining, areas of silica
alteration and disseminated pyrite. A previous ground IP survey highlighted
the coincidence between mineralised zones and high chargeability (sulfides)
and resistivity (quartz veining and silicification) anomalies. This
correlation outlines many additional opportunities for resource expansion
drilling in the future.

 

The main targets are along the major interpreted central shear system
encompassing the three mineralised zones. There is also strong evidence that
there are several sub-parallel, additional structures that also host
significant gold mineralisation as shown by artisanal workings. These targets
can be considered as clearly defined for drill testing. Many of the targets
are resource expansion opportunities as they are obvious extensions to
identified resources and include areas with only widely spaced historical
drilling. Additional targets include untested zones with artisanal workings
and new zones as defined by soil geochemistry and/or Induced Polarisation
surveys. Labola, therefore, represents an advanced exploration project with
clearly defined drill targets that provide opportunities for exploration and
resource expansion.

 

In March 2022, the Company announced that Moydow secured an interest in the
Wuo Land 2 licence, substantially expanding the strategic land position. Since
the acquisition of Wuo Land 2, several new targets, both along strike and
parallel have been identified by Moydow.

 

The Labola gold project is in southern Burkina Faso, approximately 380km
southwest of the capital city Ouagadougou

 

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
(http://pantheraresources.com)

 

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.

 

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