REG - Panthera Resources - Kalaka Drilling Programme

Panthera ResourcesAnnouncement

10/07/2023 07:00

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RNS Number : 4750F  Panthera Resources PLC  10 July 2023

10 July 2023

 

Panthera Resources Plc

("Panthera" or "the Company")

 

Kalaka Drilling Programme

 

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 and its joint venture partner, DFR Gold Inc (DFR) has commenced a
drilling programme on the Kalaka Project in Mali (Drilling Programme).

 

The Drilling Programme will target extensions of the K1A prospect together
with several new targets that extend to the north.

•          Two drill holes will complement existing diamond and
reverse circulation (RC) drilling at the K1A mineralisation and be utilised
for resource estimation and metallurgical testing; and

•          Step-out drilling on the northern two thirds of strike
potential of this prospect targeting the untested interpreted geophysical
mineral trend.

 

A broad soil anomaly above 30 parts per billion (ppb) Au covers most of the
metasediments on the tenement area and is estimated to offer significant
opportunity for further discovery and extension to known mineralisation.

 

The programme of in-fill drilling at the K1A prospect, may, if results are
positive, provide sufficient data to report a maiden Mineral Resource estimate
under either JORC or NI43-101.

 

Mark Bolton, Managing Director of Panthera, commented:

 

"The Kalaka Project 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 Reverse Circulation
drill hole K1ARC028 (117m @ 0.59 g/t Au including 41m @ 1.02 g/t Au) at the
K1A prospect.

 

The programme of in-fill drilling at the K1A prospect may also provide
sufficient data to report a first Mineral Resource estimate.  The drilling
programme is expected to be completed this month with assay results expected
in September 2023."

 

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/4750F_1-2023-7-10.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4750F_1-2023-7-10.pdf)

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

 

Background

 

Kalaka is a joint venture which the Company and DFR are directly interested in
through a joint 50:50 ownership interest in Maniger Ltd, a British Virgin
Islands holding company. Kalaka is operated by the Company. Panthera and DFR
both respectively hold 40% indirect interests in Kalaka with a local Mali
company, Golden Spear Mali SARL, owning the balancing 20%.

 

The Kalaka gold project is located in southeast Mali some 260 km from Bamako,
between the Morila and Syama mines.  It lies approximately 80 km south of the
Morila 8 Moz gold and some 85 km northwest of Resolute's Syama mine (6 Moz
gold).  It is situated adjacent and to the east of the regional Banifin Shear
Zone where the strike direction of the foliation is approximately N40° with a
dip of 60° to the northwest.

 

Modern exploration has included airborne geophysical surveys, soil sampling,
structural interpretations, geological mapping, and preliminary drilling
activities focussed on the metasediments.  This has included diamond, air
core (AC), reverse circulation (RC) and Rotary Air Blast (RAB) drilling.
 During 2021 Panthera completed 2,430m of shallow AC drilling. On the K1A
prospect multiple intersections exceeding 150m at 0.5 g/t Au have been
identified by Diamond and RC drilling.

 

The primary mineralisation at the K1A prospect, is associated with an
intrusive tonalite/micro granodiorite with metasediments in contact with the
intrusive. The alteration envelope is dominantly characterised by
silica-feldspar flooding and sulphide mineralisation. Elsewhere there are also
numerous artisanal workings within the Kalaka tenement, mainly targeting
eluvial gold.

 

Drilling Programme

 

Data from airborne VTEM and magnetic surveys flown by Fugro for previous
tenement holders, AngloGold Limited (AGL), formed the basis for a recent
detailed lithological and structural interpretation of the Kalaka Permit. The
interpretation, especially of the deeper EM Channel data, indicates several
splay style structures can be mapped.

 

Panthera has interpreted that where these structures intersect the conductive
unit (interpreted as graphitic schists by AGL), the conductivity and to a
lesser extent the magnetism has been lowered or destroyed.  Panthera
postulate that hydrothermal fluids passing along the splay structures have
reacted with sulphidic and graphitic schists causing sulphide or magnetic
destruction (i.e. alteration).  Hydrothermal fluids are typically considered
to be a medium for transport of gold in solution and gold may be deposited in
locations where structural or chemical conditions are suitable.

 

The RC drilling programme has been designed to test the induced polarization
(IP) and electromagnetic (EM) geophysical targets at the K1A prospect (see
table below). The proposed work tests the interpretations of the Pole-Dipole
data and a late channel EM anomaly that provides some insight into the depth
dimension.  The granitoid signature is high resistivity and low
chargeability, flanked by high chargeability sediments. The setting of the
gold mineralisation appears to be the intersection of the intrusions with high
chargeability sediments. Also budgeted are twin holes between the existing
holes K1ADD002 and K1ARC028 to be used for verification of those historical
holes and metallurgical testing.

 

Recommended holes at K1A Prospect as listed below:

 

 mE      mN       BH_ID    AZ   DIP  RL      EOH     TYPE
 743540  1233576  KRC_7    120  -60  335.9   120     RC
 743583  1233525  KRC_9    120  -60  334.9   120     RC
 743669  1233499  KRC_10   120  -60  335     120     RC
 743832  1233868  KRC_13   120  -60  335.1   120     RC
 743875  1233842  KRC_14   120  -60  334.8   120     RC
 743918  1233816  KRC_15   120  -60  334.8   120     RC
 743764  1234142  KRC_16   120  -60  335.2   120     RC
 743807  1234116  KRC_17   120  -60  335.2   120     RC
 743849  1234091  KRC_18   120  -60  333.3   120     RC
 743015  1232840  KRCN-01  120  -60  334     150     RC
 743077  1232804  KRCN-02  120  -60  334     150     RC
                                     TOTAL:  1,380m

 

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)

Kelly Gardiner / Stefano Aquilino (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.

 

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