REG - Panthera Resources - West Africa Update

Panthera ResourcesAnnouncement

26/09/2024 07:00

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RNS Number : 6967F  Panthera Resources PLC  26 September 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.

 

 

26 September 2024

 

Panthera Resources Plc

("Panthera" or the "Company")

 

West Africa Update

 

Gold exploration and development company Panthera Resources Plc (AIM: PAT),
with gold assets in West Africa and India, is pleased to announce that the
Company has now completed a drilling programme on the Bido Project in Burkina
Faso (Drilling Programme).

 

Highlights

·        Programme totalled 2483 metres of reverse circulation ("RC")
drilling completed at Beredo-Kiekouyou  and Somika Hill (Kaga vein system)
prospects

·        Drilling at Beredo-Kiekouyou identified multiple low-angle
westerly dipping structures coincident with geochemical and geophysical
anomalies

·        The drill programme extended to target historical drilling
along the Kaga vein system at the Somika Hill prospect

·        Drilling at Kaga intersected quartz veins and veinlets
similar in style to mineralisation identified in earlier drilling here

·        Drill samples of the Kalaka and Bido drilling programmes have
been dispatched to the SGS laboratory with assay results expected in October
2024

 

About the Bido Project

 

The Company holds an 80% interest in the Bido Project and may acquire the
remaining 20% by expenditure of a further US$1,000,000 on exploration and
development within two years, subject to the vendor's rights of a buy-back
right of 1% interest in the Bido Project for the price of US$1,000,000. A
royalty will be payable to the vendor on all minerals produced calculated at
the rate of 1% of the net smelter returns ("NSR") capped at US$3 million in
total.

 

The Bido permit in Burkina Faso is located some 125km WSW of the capital
Ouagadougou. 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.

 

The Beredo-Kiekouyou Prospect (Figure 1) was originally identified from a
review of historical data where a 2km by 2km, anomaly with greater than 50 ppb
gold in soil anomaly was identified, that work included more than 80 samples
(5%) that returned results greater than 100 ppb Au. The Company targeted the
prospect and completed an IP geophysical survey (RNS 12/10/2022), over the
Beredo-Kiekouyou and the Somika areas. That work targeted a paleo-volcanic
centre (identified from a remote sensing spectral study conducted by the
company combined with geological mapping).  Within the target area, the IP
survey indicates multiple targets including strong/moderate IP axes defined
from interpreted resistive and conductive structures, coincident with mapped
vein structures, gold in rock samples and artisanal workings. The drill
targets to be tested in this round of exploration drilling were selected by a
combination of geological mapping, and coincidence of certain IP structures
with better surface gold results from rock sampling which included outcrop,
scree and quartz veining from old workings.

 

Figure 1: Bido Project Prospects and Geophysical Survey Grid Locations

 

Drilling Programme

 

The programme consisted of RC drilling of 2483 metres on the Beredo-Kiekouyou
prospect (2,011 m) and the Somika Hill prospect (472 m).

 

Drilling on the Beredo-Kiekouyou prospect consisted of three fence lines
targeting geophysical anomalies (IP chargeability and IP resistivity)
coincident with geochemical anomalies coincident with mapped extensive eluvial
and artisanal shallow shafts and digging.

 

Drilling of the Somika Hill, Kaga vein system was added during the programme
to follow up earlier results and in particular, PSHRC004 which intersected a
gold bearing interval between 63 m and 73 m with 10m @ 3.89 g/t Au (incl. 1 m
@ 32. g/t Au from 68 m).

 

A total of nine holes with an aggregated length of 472 m were drilled on the
Somika Hill prospect Kaga Vein (originally highlighted by historical
exploration work by Carlin Resources back in the nineties).  Following a
geochemical soil sampling program completed in 2018 by Panthera a small RC
drilling program was initiated which included one RC drill hole (PSHRC004) on
the Kaga Vein.

 

Drill hole PSHRC004 targeted a soil anomaly coincident with the Kaga exposed
quartz vein and was drilled up to a length of 139 m. This hole intersected a
gold-bearing interval between 63 m and 73 m with 10m @ 3.89 g/t Au (incl. 1 m
@ 32. g/t Au from 68 m). More recently the IP survey program was completed in
2022 by Panthera on the area had highlighted a strong IP chargeability axis
coinciding with this intersect encountered in hole PSHRC004.

 

In this current programme, a drill fence line of three holes totalizing 157 m
was drilled approx. 100 m to the north of PSHRC004 and another fence line of
four holes totaling 199 m was drilled approx. 100 to the south of PSHRC004 to
intersect the IP anomaly axis. Two additional holes were drilled on the
section of PSHRC004, one in the opposite direction, west to east, to provide a
second intersection point of the gold mineralisation and another one east of
the historical hole collar to intersect quartz veins and veinlets highlighted
on the northern and southern fences but presumably missed by PSHRC004.

 

All holes intersected quartz veins and veinlets similar in style to historical
holes that had intersected veining that had returned gold mineralisation.

 

Kalaka Project, Mali

 

Detailed logging and sampling of the diamond drill holes has been completed
and samples for analysis have been sent to the SGS laboratory in Bamako with
results expected in October 2024.

 

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

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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

 Km:           Kilometres (Metric)

 IP:           Induced polarization (IP) is a geophysical imaging technique used to identify
               the electrical chargeability of subsurface materials.

 M:            Metres (Metric)

 Moz:          Million Ounces (Troy)

 Mt:           Million Tonnes (Metric)

 NSR:          Net Smelter Return 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, and the drill cuttings are returned to the 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**

 

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