REG - Panthera Resources - Kalaka Drilling Commences

Panthera ResourcesAnnouncement

09/07/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240709:nRSI6503Va&default-theme=true

RNS Number : 6503V  Panthera Resources PLC  09 July 2024

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.

 

9 July 2024

 

Panthera Resources Plc

("Panthera" or "the Company")

 

Kalaka Drilling Commences

 

Gold exploration and development company Panthera Resources Plc (AIM:PAT),
with gold assets in West Africa and India, is pleased to advise that the
Company has commenced a diamond drilling programme on the Kalaka Project in
Mali (Drilling Programme).

 

Highlights

·        Twin the historical drill holes K1AD001 and K1RC003 to verify
the historical drill results and provide material for further metallurgical
test work

·        K1AD001 reported 246.27m @ 0.55 g/t Au (inc 56m @1.02 g/t Au)

·        RC hole K1RC003 reported 161m @0.39 g/t Au and terminated in
the mineralisation

·        Support ongoing next steps to define a maiden JORC compliant
mineral resource estimation at the K1A prospect

 

Mark Bolton, Managing Director of Panthera, commented:

 

"The Kalaka Project in Mali has large scale, low-grade gold mineralisation
potential. Historical drilling consistently reported significant gold
intercepts including diamond hole K1AD002 (191.8m @ 0.52 g/t Au) and RC drill
hole K1ARC028 (117m @ 0.59 g/t Au including 41m @ 1.02 g/t Au) at the K1A
prospect.

 

The Company continues to advance its discussions regarding the potential
restructuring of its interest in its West African gold assets.  If
successful, it is anticipated that this will not only provide a path for the
Company to realise significant value from its West African gold portfolio, but
also provide funding for both the current Drilling Programme and advancing
these assets going forward."

 

About the Kalaka Project

 

The Kalaka gold project, which is operated by Panthera, is situated in
southern Mali (Figure 1), 80km south of the 8 Moz Morila gold mine and 85km
northwest of the 6 Moz Syama gold mine (Resolute). Panthera believes that the
property has large scale potential.

 

Historical drilling has intersected impressive mineralization widths at the
K1A target within a very large 0.5g/t Au mineralization envelope.  Drilling
intersections at K1A have included 249m @ 0.54g/t Au (to end of hole). The
tenement hosts some 45km of prospective geology and structures along strike
from K1A as defined from drilling, surface geochemical and geophysical
surveys.

 

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

 

Figure 1: West African Projects Location Plan

 

Current Drilling Programme

 

The current drilling programme comprises:

·        drilling two diamond core holes for 640m as detailed on
Figure 2;

·        holes will be surveyed and orientated to facilitate
measurements of structures, veining and geological contacts;

·        holes will be drilled to identify the east and west margins
of the ore body, as stylized on the diagram (Figure 2); and

·        it is also planned to undertake additional metallurgical
testing of the drill core to advance our understanding of gold recoveries
properties as follow up to the positive bottle roll tests previously completed
(RNS announcement released by the Company on 13 June 2024).

 

Fig 2: Proposed Diamond Drilling at the K1A Prospect, Kalaka

 

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 Persons

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.

 

Glossary

 

 Au:           The chemical element for Gold

 Diamond Core  Diamond core drilling uses a diamond cutting bit, which rotates at the end of

Drilling     a steel rod (tube) allowing for a solid column of rock to be recovered from

             the tube at the surface.

 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

 RC            Reverse Circulation drilling, or RC drilling, uses rods with inner and outer
               tubes, the drill cuttings are returned to surface inside the rods. The
               drilling mechanism is a pneumatic reciprocating piston known as a hammer
               driving a tungsten-steel drill bit.

 

 

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  DRLSSFSIUELSESW