REG - Panthera Resources - Exercise of Wuo Land 2 Option

Panthera ResourcesAnnouncement

09/02/2024 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240209:nRSI6271Ca&default-theme=true

RNS Number : 6271C  Panthera Resources PLC  09 February 2024

9 February 2024

 

 

Panthera Resources Plc

("Panthera" or "the Company")

 

Exercise of Wuo Land 2 Option

 

Gold exploration and development company Panthera Resources Plc (AIM: PAT),
with assets in West Africa and India, is pleased to announce that Moydow
Holdings Limited ("Moydow") has exercised its exclusive option to acquire the
Wuo Land 2 exploration license ("Wuo Land 2") that comprises part of the
Cascades Project ("Cascades" or the "Project") in Burkina Faso (together the
"Option").

 

The Option over Wuo Land 2, which was announced on 14 March 2022, is over
243km(2) and covers approximately 30km strike length of identified
mineralization at Cascades.  Wuo Land 2 hosts significant recent discoveries,
including Far East, Sina Yar and TT13-West as well as additional targets
planned for future drilling.

 

The Option is being exercised in accordance with the terms and conditions
detailed in the Company's announcement on 14 March 2022.

 

About Cascades

 

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 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 10 km
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                                                                                                                                                                                                  +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

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.

 

**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  MSCKZGGZVLNGDZG