REG - Panthera Resources - Bido Drilling

Panthera ResourcesAnnouncement

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RNS Number : 6465R  Panthera Resources PLC  18 July 2025

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK Market Abuse
Regulation

 

18 July 2025

 

Panthera Resources Plc

("Panthera" or "the Company")

 

Bido Drilling Programme

 

Gold exploration and development company Panthera Resources Plc (AIM: PAT),
with gold assets in West Africa and India, announces that the Company has
commenced a drilling programme at the Bido Project in Burkina Faso (the
"Drilling Programme").

 

Highlights

·        Drilling Programme comprises 1740 metres of reverse
circulation (RC) drilling at the Kwademen prospect within the Bido Project

·        Main objective is to test for continuity of mineralisation
hit by previous drilling where intercepts included 24 m @ 1.38 g/t Au

·        Modest Drilling Programme preserves the good standing of the
licence while the Company advances the potential restructuring of its interest
in its West African gold assets

 

Mark Bolton, Managing Director of Panthera, commented:

 

"The Bido Project is an exciting gold prospect for the Company that is
maturing as the gold price pushes well above US$3000 per ounce.  The Company
has been actively exploring the licence for several years culminating in a
focused drilling campaign.  The Drilling Programme will test the continuity
of historical drilling from the 1980's period as well as exploration targets
developed by the company's experienced in country and international geological
team who have completed systematic geological mapping, data compilation,
geochemical and geophysical surveys that have led to the recommendations to
drill these priority targets.

 

As previously reported, the Company continues to advance the potential
restructuring of its interest in its West African gold assets with this modest
Drilling Programme preserving the good standing of the licence."

 

About the Bido Project

 

The Bido permit in Burkina Faso (Figure 1) is located some 125 km 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 Kwademen Prospect (Figure 1) was originally identified from a review  of
historical data from 1980s exploration work undertaken by BUVOGMI, the
national geological service of Haute Volta (former name of Burkina-Faso) under
financing from the United Nations Development Program ("UNDP").  This was a
regional programme aimed at both gold and base metal targets (the Perkoa VMS
deposit had already been discovered).  It culminated in  trenching and
diamond drilling over many targets.

In that early historical work several interesting intervals were intersected
in different holes and were not followed at the time, we understand for
different reasons, among which the more plausible is the end of the financing
of the UNDP program. Exploration was then placed on 'ice' in terms of
continuing exploration until 2014 where Mr. Sanou, the joint-venture partner
of Panthera, performed some RAB drilling and trenching.

 

The Company's experienced in country and international geological team have
completed systematic geological mapping, data compilation, geochemical and
geophysical surveys and the interpretation of these databases have identified
the drill targets to be tested. This has led to the recommendations to drill
these priority targets in this round of exploration drilling.

 

Figure 1: Bido Project Prospects and Geophysical Survey Grid Locations

 

The Company has completed the earn-in obligations at Bido in Burkina Faso and
owns an 80% interest in the Bido Project. The Company 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 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.

 

Drilling Programme

 

An RC drilling program targeting the Kwademen prospect has commenced. The
Drilling Programme aims to advance with the development of the mining
potential of the Bido tenement.

The Kwademen prospect is located on the north-western part of the Bido
tenement limits (Figure 1). Panthera started exploration work on the area
initially through performing compilation work followed by soils sampling in
2018. The soil sampling program consisted of sampling on east-west lines
spaced of 200 m with sampling repeated at 50 m interval on each line. An
Induced Polarized (IP) survey was conducted in 2023 and consisted of a
gradient survey exploring the ground at a relatively constant depth of 50 m
followed by a Pole-Dipole survey on some selected lines to help determining
the depth of the anomalies identified by gradient as long as determining the
dip of the chargeable structures. More recently and prior the finalisation of
this proposal for drilling, a program of systematic mapping of all orpailleurs
shafts as long as all eluvial workings areas was completed.

A total of sixteen reverse circulation drill holes for an advance of 1,740 m
will test the five priority targets outlined below and is planned for this
Drilling Programme with locations indicated at Figure 2 below.

Target 1: Test the continuity of historical holes where gold intervals of 24 m
@ 1.38 g/t Au from 143 m, 9 m @ 0.51 g/t Au and 10 m @ 0.57 g/t Au reported in
three holes.

 

Target 2: Test the combined geophysical (IP) and soil anomalies and coincident
historical drill results such as 16 m @ 1.07 g/t Au, 11 m @ 0.40 g/t Au and 13
m @ 0.53 g/t Au.

 

Target 3: Test an area located north-east of Target 2 and includes follow up
of a RAB hole drilled in 2014 reporting 13 m @ 22.11 g/t Au to the end of hole
(reference the Company's AIM Admission Document).

 

Target 4: Located where the axis of high chargeability IP anomalies from the
company's geophysical survey, and gold in soil anomalies are located at an
area where recently dug orpailleurs shafts were mapped and observed to have
depths to about 25 m.

 

Target 5: Test an area where a high chargeability IP anomaly is located
underneath a recently dug and extensive line of orpailleurs shafts. A high
gold in soil anomaly of 282 ppb is also recorded at this target.

 

Figure 2: Plan View of the proposed drilling at Kwademen

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)

Guy McDougall / Kelly Gardiner

 

VSA Capital Limited (Joint
Broker)
+44 (0) 20 3005 5000

Andrew Monk / Andrew Raca

 

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

 km:           Kilometres (Metric)

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

 ppb
 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.

 Pole-Dipole:  Induced polarization (IP) is a geophysical imaging technique used to identify

             the electrical chargeability of subsurface materials. Pole-Dipole relates to
               the method of configuration of the transmitting and receiving electrode
               positions

 ppb:          Parts per billion

 RAB:          Rotary Air Blast drilling, or RAB drilling is completed using a drill rod
               string providing compressed air to the drill bit face, drill sample cuttings
               are then returned to the surface via the 'open hole'. RAB drilling is
               generally completed to shallow depth of penetration.

 

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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