REG - Panthera Resources - Kalaka and Bido Project Update

Panthera ResourcesAnnouncement

06/02/2024 09:30

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RNS Number : 1824C  Panthera Resources PLC  06 February 2024

6 February 2024

 

Panthera Resources Plc

("Panthera" or "the Company")

 

Kalaka and Bido Project Update

 

Panthera Resources Plc (AIM: PAT), the diversified gold exploration and
development company with assets in West Africa and India, is pleased to
announce assay results for follow up Leachwell testing of selected samples
from the 2023 drilling programme at the Kalaka Project in Mali (as announced
on 9 October 2023).

 

Highlights

·        Leachwell analysis(1) of 23 samples from the 2023 Reverse
Circulation (RC) drilling programme on the K1A mineralisation target at the
Kalaka Project are consistent with previous fire assay(2) results

·        The Leachwell technique provides a preliminary indication of
excellent leachability by conventional processing

·        Results are an essential milestone to advance the K1A target
area as a potential bulk volume, low grade gold development project

·        At the Bido project in Burkina Faso, the Company has now
completed its earn in to hold an 80% interest in the project

 

Kalaka Project

 

At the Kalaka Project, Panthera and DFR Gold Inc (DFR) each have 40% interest,
held through their shareholdings in Maniger Ltd. The remaining 20% interest is
owned by a local partner, Golden Spear Mali SARL. Panthera is the operator of
the project.

 

The project is located in southeast Mali, between Morila and Syama gold mines
and is approximately 260 km southeast of Bamako. It lies approximately 80 km
south of the Morila gold mine (8m oz) and 85 km northwest of Resolute's Syama
gold mine (6m oz) and is situated adjacent and to the east of the regional
Banifin Shear Zone.

 

Leachwell Test work Results for Kalaka

 

Panthera has completed Leachwell analysis of 23 samples from 3 of the RC
drilled holes completed in 2023 at the K1A Prospect at the Kalaka Project in
Mali. The work was carried out to identify if Kalaka's mineralisation would
respond to conventional metallurgical processing. With this positive test-work
returning cyanide ("CN") extractable gold of at least 89%, the Company has
identified a potential pathway to advance the project as a bulk volume low
grade gold project.

 

Leachwell results have been received for all samples submitted to the SGS
Laboratory located in Bamako, who for operational reasons sent the samples to
their laboratory in Ouagadougou, Burkina Faso, for processing. The Leachwell
analytical technique is formulated for treating large samples, typically
weighing 2kg or greater, by fast cyanide leach gold assaying. The technique
provides a preliminary indication of the CN leachability of pre-metallurgical
sample testing.

 

The test work indicated that CN extractable gold for the:

·        near surface oxide samples reported on average 87% recovery
(samples from Drill hole KRC-23-005)

·        transitional zone samples reported on average 90% recovery
(samples from Drill hole KRC-23-006); and

·        unoxidized, sulphide-bearing samples reported on average 89%
recovery (samples from Drill hole KRC-23-007).

 

Table 1 below details the Leachwell (CN extractable gold) gold results and
analysis.

 

Table 1

 

The Company has also noted that when the one high grade 'outlier' pair sample
is removed, the total Leachwell and Tails increases the average gold grade
from 0.57g/t to 0.66g/t, representing a 16% increase.

 

As reported previously on 9 October 2023 significant mineralisation was
intersected in the 2023 drilling campaign at the K1A prospect, including in
KRC_23_007 with 12 m @ 1.62 g/t Au extending to the end of the hole.
 Mineralisation from this drilling campaign (in the three holes sampled) is
comparable to that identified by historical drilling.

 

Update on Potential

 

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 on the project area. Taken together this
would potentially expand the exploration target to approximately 3 Moz of
gold.

 

The very positive Leachwell test results provide support to the strategy of
continuing and expanding work at Kalaka, and in particular at the K1A target
and extensions. One of the principal elements in being able to report a JORC
compliant mineral resource estimate is that the competent person must be
reasonably assured at each step in the estimation process, that such a
resource will over time, prove to be commercially viable. The Leachwell
results give encouragement to that proposition, even at the expected low grade
level (of the order of 0.5 g/t Au) of the bulk tonnage target.

 

Bido Project

 

The Company is also pleased to advise that it has now completed the earn in
obligations at Bido in Burkina Faso and now owns an 80% interest in the
project.

 

The Company may acquire the remaining 20% by expenditure of a further
US$1,000,000 on exploration and development within a period of two years,
subject to the vendor's rights of a buy back right of 1% interest in the
Tenements and Associated Rights for the price of US$1,000,000.

 

A royalty will be payable to the vendor on all minerals produced by exercise
of rights under the Tenements which shall be calculated at the rate of 1% of
the net smelter returns (NSR) on all minerals extracted from the Properties
pursuant to the Tenements, inclusive of any withholding tax (if any) payable
in respect of those royalties and shall be paid quarterly. Payments via the
NSR will be capped at US$3 million in total.

 

The tenement lies within the Boromo greenstone belt which is principally
composed of Paleoproterozoic Birimian terrain within the West African Man
Craton.  This belt also hosts the Poura gold deposit (1 to 2 Moz), situated
about 50 km to the SSW of the area, as well as numerous gold occurrences. The
Perkoa VMS deposit is located about 35 km to the north of the area.

 

Multiple priority drilling targets have now been identified by Panthera for
testing.

 

Notes:

1.         The Leachwell analytical technique is formulated for
treating large samples, typically weighing 2kg or heavier, by fast cyanide
("CN") leach gold analysis. The technique provides a preliminary indication of
the CN leachability of pre-metallurgical sample testing. As Leachwell analysis
is carried out on larger samples (typically 2 kg or more in weight it can be
considered representative of gold content especially when particle gold may
occur. After the CN gold leaching cycle has been completed the CN solution is
analysed. The 'tails' after the gold extraction by the CN method are then
processed using fire assay technique to identify the residual content of gold
in the sample.

2.         Fire assay method has been practiced for millennia and has
been considered the benchmark for gold analysis since the mid-twentieth
century. This well-understood technique provides accurate results across
geological sample types. However, practiced skill is essential to achieving a
successful fire assay. A range of fire assay methods are available with 30g or
50g sample aliquots taken after a larger representative sample has been
crushed and pulverised for homogenisation. Multiple options for detection
ranges to suit the needs of the project.

 

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.

 

Glossary

 

 Au:      The chemical element for Gold

 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

 

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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