REG - Panthera Resources - West African Drilling Results

Panthera ResourcesAnnouncement

08/11/2024 10:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241108:nRSH5369La&default-theme=true

RNS Number : 5369L  Panthera Resources PLC  08 November 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.

 

8 November 2024

 

Panthera Resources Plc

("Panthera" or the "Company")

 

West Africa Drilling Results

 

Gold exploration and development company Panthera Resources Plc (AIM: PAT),
with gold assets in West Africa and India, is pleased to announce the assay
results relating to the drilling programmes on the Kalaka Project in Mali and
the Bido Project in Burkina Faso (the "Drilling Programmes").

 

Kalaka Highlights

·        756 metres of reverse circulation ("RC") diamond core
drilling completed

·        Significant wide intersections returned:

KDD-24-001        71m to 106m (EOH)         (35 metres) @ 0.54
g/t Au

KDD-24-002        58m to 322m      (264 metres) @ 0.38 g/t Au

KDD-24-003        50.3m to 289m  (238.7 metres) @ 0.49 g/t Au

·        Drilling has confirmed that the Kalaka K1A prospect is at
least 150 metres wide (true width) and now drilled to 240 metres vertical
depth

 

Bido Highlights

·        2483 metres of RC drilling completed

·        At Somika Hill, Kaga vein system, significant intersections
included:

BD24-RC-051      13 m to 27 m      (14 metres) @ 0.91 g/t Au; incl.
10 m @ 1.15 g/t from 17 m

BD24-RC-054      23 m to 35 m      (12 metres) @ 0.56 g/t Au

BD24-RC-057      19 m to 28 m      (9 metres) @ 0.79 g/t Au; incl. 6
m @ 1.0 g/t from 19 m

·        At Beredo-Kiekouyou prospect, significant intersections
included:

BD24-RC-004      2m to 4m (2 metres) at 4.45g/t Au

BD24-RC-034      17 m to 20 m (3 metres) @ 1.17 g/t Au

BD24-RC-043      48 m to 53 m      (5 metres) @ 1.79 g/t Au

BD24-RC-044      64 m to 66 m      (2 metres) @ 2.16 g/t Au

 

Mark Bolton, Managing Director of Panthera, commented:

 

"The drilling results at the K1A prospect reaffirms that the Kalaka Project's
large-scale, low-grade gold mineralisation extends from
near-surface. Importantly, higher grades have been delineated on the eastern
contact from near surface to 200 metres vertical depth. The recent positive
metallurgical results and strong gold price performance in 2024 bodes well for
the development potential at Kalaka.

 

At the Bido Project, two prospects were drill tested, reporting gold
mineralisation in oxidised zones with significant alteration.  Both
Beredo-Kiekouyou and Somika are extensive gold systems which have significant
along strike and down dip potential which should be followed up with further
drill testing."

 

West African Projects Summary

 

The Company has assembled an extensive and diverse portfolio of gold projects
in West Africa (Figure 1), a region that is now the largest gold producing
region globally.

 

In Mali, the Company operates the Kalaka and the Bassala projects.  At Kalaka
a considerable gold system has been identified with prospects for a low-grade,
high-tonnage deposit within which higher-grade targets have been identified.
Exploration at the Bassala Project, also in Mali, located close to the Kalana
(Endeavour Mining, 2.8Moz) and Kodieran (Wassoul'Or, 2.4Moz) mines, has also
progressed, with the area being covered by induced polarization surveys and
two drilling programmes and at least five prospects have now been delineated
for further exploration.

 

In Burkina Faso, the Company operates the Bido Project where exploration has
identified targets to be tested in the Kwademen, Somika Hill, Beredo and
Kwademen South prospects. The Company also has a 20% holding in the Cascades
project where JORC mineral resource estimates of 264,000 oz @ 1.52 g/t Au
(Indicated) and 371,000 oz. @ 1.67 g/t Au (Inferred) have been reported thus
far.

 

Figure 1: West African Projects location plan

 

Drilling Results at Kalaka Project (Mali)

 

Detailed logging and sampling of the three diamond core drill holes has been
completed. The assay results returned are very encouraging (analysis at the
SGS laboratory in Bamako) with all the holes returning significant wide
intersections confirming the width of the Kalaka K1A prospect to be at least
150 metres wide (true width) and now drilled to 240 metres vertical depth.
Significant intersections from the recent drilling programme are presented in
Table 1.

 

 

TABLE 1: Kalaka Project diamond core drill programme significant intersections

 

Detailed geological logging, which included structural, geotechnical
measurements and density measurements, was undertaken on the new core drilling
prior to sampling for analysis. The work indicates that the Kalaka K1A
mineralisation is hosted within a microgranite with a composition from
granodiorite to tonalite where pervasive sericite alteration and
chloritization with development of chlorite and actinolite assemblages and
sericite alteration of feldspars suggests low grade greenschist facies or
hydrothermal alteration of the granodiorites. Previous scanning electron
microscope work indicates gold to be extremely fine in size, with no visible
gold observed. The mineralised microgranite is in contact on both the east and
west margins with meta-sediments and the contact was measured using the
orientated drill core to be dipping approximately 80° to 85° to the
west-northwest as illustrated on the section shown as Figure 2. Hole locations
are shown on Figure 3.

 

 

Figure 2: Drill section showing recent gold intersections for diamond core
drilling at the Kalaka K1A prospect

 

 

Figure 3: Plan of Kalaka K1A prospect showing drill holes with background IP
chargeability geophysical survey

 

Drilling Results at Bido Project (Burkina Faso)

 

The Bido Project permit in Burkina Faso (Figure 4) is located some 125km West
South West 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 South South West from
the area, as well as numerous gold occurrences. The Perkoa deposit is located
about 35 km to the north of the area.

 

The Beredo-Kiekouyou Prospect (Figure 4) was originally identified from an
analysis 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 a geophysical survey (as announced on 12
October2022), over the Beredo-Kiekouyou and the Somika areas.  That work
targeted this recently identified volcanic centre (identified from a Remote
Sensing Spectral Study conducted by the company), where analysis indicates
multiple targets including strong/moderate IP axes defined from interpreted
resistive and conductive structures defined by the IP survey are coincident
with mapped vein structures, gold in rock samples and artisanal workings.
Geological mapping and sampling of outcrop and veins and interpretation of the
database identified the drill targets to be tested in this round of
exploration drilling.

 

 

Figure 4: Bido Project prospects and geophysical survey grid locations

 

The recent programme completed 2483 metres of RC Drilling on the
Beredo-Kiekouyou Prospect (2,011 m) and the Somika Hill prospect (472 m).

 

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

 

Drilling on the Beredo-Kiekouyou Prospect consisted of 3 fences lines
targeting geophysical anomalies (IP chargeability and IP resistivity)
coincident with geochemical anomalies coincident with mapped extensive eluvial
and artisanal shallow shafts and digging.

 

Results for the northern drill fence have been returned and are interpreted to
show multiple low angle westerly dipping structures of low value gold results
(in range 0.1 to 6.51 g/t Au). Field observations combined with the results of
an IP pole-dipole investigation also suggested a west dipping of most of the
structures (Figure 5).

 

Figure 5: Beredo-Kiekouyou Prospect section 1331000mN interpretation

 

The logging of the RC chips supports the sectional interpretation with the
percentage distribution of the quartz content in the chips supporting this
preliminary interpretation.

 

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 the Company a small RC
drilling program was initiated which included one RC drill hole 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 10 m @ 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 the Company 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 totalizing 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 on 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 has intersected veining that had returned gold mineralisation.

 

Significant drilling intersections are provided in Table 2.

 

 

TABLE 2: Bido reverse circulation drill programme significant intersections

 

 

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)

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

 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:           Kilometre (Metric)

 M:            Metres (Metric)

 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

 Oz:           Ounce (Metric)

 PPB:          Parts per billion (Metric)

 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  DRLUPGWAGUPCUBR