REG - Panthera Resources - Drilling Completed at Bassala

Panthera ResourcesAnnouncement

14/01/2022 07:05

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RNS Number : 4198Y  Panthera Resources PLC  14 January 2022

14 January 2022

 

 

Panthera Resources Plc

("Panthera" or "the Company")

 

Drilling Completed at Bassala 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 been completed at the Bassala Project in Mali and
samples despatched for assay.

 

Highlights

·       8,546 metre air core (AC) drill programme completed in 152
drill holes

·       5m composite samples have been despatched for assay

·       All geochemical and chargeability targets have now been drilled
with shallow AC to the base of weathering

·       Assay results are expected on or about the end of January 2022

 

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

 

"The previous drilling at Bassala returned excellent results including 10m @
3.79g/t Au from 20m and 10m @ 3.45g/t Au from 60m, suggesting potential for
significant, moderate to high-grade gold mineralisation.  That programme only
tested the southern and central parts of the current tenement.

 

The current programme included the northern part of the tenement where most of
the artisanal mining activity occurs and where we believe drilling will
delineate further gold mineralisation.

 

The current drilling is essentially "geochemical drilling" and only targeted
the upper weathered zone with very broad line spacing.  The next step, once
the current assay results are received, will be to test the known
mineralisation with deeper and closer spaced RC drilling, aimed at defining
resource drill-out targets."

 

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/4198Y_1-2022-1-14.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4198Y_1-2022-1-14.pdf)

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

 

Project Background

 

The Bassala project is located within a highly gold endowed Birimian
volcano-sedimentary belt in southwestern Mali, approximately 200km south of
the capital city Bamako.

 

The belt hosts the Kalana (Endeavour Mining, 4Moz) and Kodieran (Wassoul'or,
2Moz) gold mines, both within a few kilometres of the Bassala project.  The
adjacent belt to the west is also well endowed with gold and hosts the Siguiri
(AngloGold Ashanti ("AngloGold"), 17Moz), Tri-K (Avocet Mining, 3Moz), Kobada
(African Gold Group, 3Moz), and Yanfolila (Hummingbird Resources, 2Moz) gold
mines.

 

In the second half of 2020, the Company recommenced exploration activity at
Bassala with the results of gold in soil and ground magnetic surveys announced
on 26 March 2021.  These surveys confirmed that two major anomalous gold
trends are present, a 9 kilometre long north-northeast trending zone and a
second, cross-cutting, 3 kilometre northwest-trending zone. These zones appear
to be continuations of significant regional mineralisation trends.

 

Following the successful gold in soil and ground magnetic surveys, the Company
initiated an IP survey, with the results announced on 10 June 2021.  The IP
survey confirmed the previous interpretations and identified:

·       Several high order chargeability highs - indicative of
disseminated sulphides at depth

·       Three of the chargeability highs can be traced over 6,000m,
4,700m and 2,200m

·       Many of the chargeability highs are associated with geochemical
anomalies and artisanal mining activity

 

Reflecting the positive results from the IP survey, the Company initiated its
maiden drilling programme at Bassala.  This was terminated in July 2021 due
to the onset of the wet season with a total of 9,997m air core (AC) drilling
completed in 164 drill holes and 392 reverse circulation (RC) drilling
completed in 4 drill holes.

 

That work resulted in widespread gold mineralisation being identified in very
widely spaced drill traverses with better intercepts from the 5m composite
sampling including:

 

·    20m @ 2.12g/t Au from 10m incl. 10m @ 3.79g/t Au from 20m

·    10m @ 3.45g/t Au from 60m incl. 6m @ 6.59g/t Au from 60m

·    5m @ 5.10g/t Au from 15m

·    5m @ 2.75g/t Au from 55m

·    45m @ 0.57g/t Au from 25m incl. 5m @ 2.53g/t Au from 40m

·    30m @ 0.88g/t Au from 20m incl. 5m @ 3.18g/t Au from 20m

·    20m @ 0.75g/t Au from 15m incl. 5m @ 1.92g/t Au from 15m

·    10m @ 0.96g/t Au from 35m incl. 5m @ 1.44g/t Au from 35m

·    25m @ 0.51g/t Au from 15m incl. 5m @ 2.07g/t Au from 20m

·    5m @ 1.98g/t Au from 40m

·    6m @ 1.59g/t Au from 70m (end of hole)

·    5m @ 1.41g/t Au from 35m (end of hole)

 

These are considered to be excellent initial results from the broad spaced,
minimum 200m x 50m, drill pattern that only penetrated to the base of
weathering.  Further details of this drilling may be found in the RNS' dated
24 August, 10 September, and 30 September 2021.

 

Overview of Current Drill Programme

 

The current programme was designed to cover the remaining untested geochemical
anomalies, artisanal mining activity, chargeability anomalies and resistivity
anomalies.

 

Similar geology (weathered meta-sediments) and alteration (silicification,
shearing and box-works after sulphides) were encountered as in the previous
Phase 1 programme.

 

The Company has despatched 5m composite samples to the assay laboratory in
Bamako and the results are anticipated on or about the end of January 2022.

 

 

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 and Vivek Bhardwaj (Corporate
Finance)

 

Financial Public Relations

Vigo Communications
Ltd
+44 (0)20 7390 0230

Simon Woods / 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: https://pantheraresources.com/ (https://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.

 

Market Abuse Regulation (MAR) Disclosure

The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse (amendment) (EU Exit)
Regulations 2019/310. Upon the publication of this announcement, 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**

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