TIDMPAT
RNS Number : 6788M
Panthera Resources PLC
25 January 2021
25 January 2021
Panthera Resources Plc
(Panthera or the Company)
West Africa Exploration Update
Panthera Resources Plc (AIM: PAT), the diversified gold
exploration and development company with assets in West Africa and
India, is pleased to provide an update on its West African
exploration programmes as well as the projects owned by our
associated company, Moydow Holdings Limited ("Moydow").
Highlights
-- Work continued across the West African projects through the festive season
-- Preliminary results at Bassala (Mali) gold suggest a large
exploration target with over 8km strike potential
-- First-pass drilling at Paimasa (Nigeria) completed with
initial assay results expected in Q1 2021
Mark Bolton, Managing Director of Panthera, commented:
"We enter 2021 in good stead with teams having conducted
extensive activity across the West African licences over the
Christmas-New Year period. Panthera has a firm operational platform
with which to commence the new year and to continue to grow from
strength to strength on our efforts of 2020.
At Bassala, the strong correlation between the structural
targets identified by the ground magnetic survey with the
gold-in-soil anomaly suggests that this may be a large gold
exploration target with over 8km strike potential.
At Paimasa in Nigeria, which is held under the Joint Venture
Agreement between Moydow and PW Nigeria Mining Limited, the
first-pass drilling programme is complete and initial assay results
are expected later in the quarter.
At Labola, Moydow's team is currently preparing detailed plans
and processes for the drilling programme expected to commence in
this quarter. Several further additional targets at various stages
of exploration have also been identified .
A PDF version of the announcement, inclusive of images, can be
found on the Company's website or by following the links below:
[RNS to insert link]
http://www.rns-pdf.londonstockexchange.com/rns/6788M_1-2021-1-24.pdf
Bassala (Mali)
-- A total of 775 soil samples have been collected, with 425
samples assayed and results received to date. A further 350 samples
remain to be collected with final assay results due later in
February.
-- Initial inspection of results to date shows additional gold
anomalism, with several consistent anomalies located outside the
previously sampled area.
-- The ground magnetic survey has been completed and preliminary
results returned. Pending the final report, several significant
structural features co-incident with gold-in-soil anomalies have
been interpreted.
A total of 425 soil samples have now been assayed and results
received. Approximately 250 samples are currently on route to the
testing laboratory in Bamako. A further 100 samples have been
collected but remain on site. In addition, approximately 350
samples remain to be collected and this work should be completed in
early February, with final results due mid to end February.
Results received to date have identified several subsidiary
gold-in-soil anomalies, located both to the east and west of the
main north-south trending anomaly.
The ground magnetic survey has been completed but final analysis
and reporting is awaited. Preliminary examination of the results
suggests a plus 8km, north-south to north-northeast trending
structural corridor. This is in addition to the several subsidiary
northwest-trending structures, the main one intersecting the
north-northeast corridor near the centre of the tenement.
When the interpreted magnetic structures are superimposed on the
soil geochemistry, an excellent correlation can be seen between the
main structures and the gold in soil anomalism. This will be very
useful for aiding drill site selection once all results are to
hand.
Kalaka (Mali)
Due to COVID-19 restrictions on people movements, the
commencement of the IP programme was initially delayed but the IP
survey team have now arrived on site and commenced the survey with
first results due in February.
Line cutting in preparation for this work is approximately 70%
complete and this will speed up the pace of the survey once the
crew arrives on site. First results are expected to be received in
early February.
As announced on 15 January 2021, the expected date for
completion of the sale of the Kalaka project to Moydow is currently
anticipated on or before 31 January 2021.
Bido (Burkina Faso)
Work is progressing well with a total of 906 samples collected
to date. The remaining samples (approximately 300) are currently
being collected, with completion expected around the end of
January.
No samples have been despatched to the laboratory as yet and it
is planned that all samples will be submitted in a single batch in
early February with results expected in mid to late February.
A total of 9 samples have been collected for petrological
analysis from the Tiekouyou Gold Rush area, principally from
altered wall rock material, to ascertain the style of alteration
and mineralisation at this prospect. The area has been mapped in
outline, along with a new area of artisanal activity within the
Beredo prospect area.
Labola (Burkina Faso)
Work over the last month has consisted of further data
compilation and assessment including building a new combined
database and validating previously obtained data. All available
data has now been obtained from previous explorers.
An exploration and evaluation team has been established by
Moydow including an independent consultant to manage the programme
which, after drilling, aims to report a maiden mineral resource
estimate for the Labola (Wuo Land) project in accordance with the
JORC Code and/or NI 43-101.
Moydow has called for tenders for the confirmatory drilling
programme proposed for the later in the first quarter of 2021.
A review of exploration potential has also been undertaken and
several additional targets at various stages of exploration have
been identified.
Paimasa (Nigeria)
First-pass drilling has been complete for a total of 294.4m
diamond drilling in two drill holes and a total of 1,369m RC
drilling in 17 drill holes.
In most of the drill holes preliminary logging noted significant
amounts of quartz veining and associated alteration. Assay results
are anticipated to be available later in Q1 2021.
The Paimasa project is held under the Joint Venture Agreement
between Moydow and PW Nigeria Mining Limited. Moydow's current
holding in the joint venture company is 20% with an earn-in right
to increase this to 65%.
Contacts
Panthera Resources PLC +61 411 220 942
Mark Bolton (Managing contact@pantheraresources.com
Director)
Financial Public Relations
Vigo Communications Ltd
Simon Woods
Chris McMahon +44 (0)20 7390 0230
Nominated Advisor and
Broker
RFC Ambrian
Rob Adamson
Bhavesh Patel
Charlie Cryer +44 (0) 20 3440 6800
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Qualified Person
The technical information contained in this disclosure has been
read and approved by Antony Truelove (BSc (Hon), MAusIMM, MAIG),
who is a qualified geologist and acts as the Competent Person under
the AIM Rules - Note for Mining and Oil & Gas Companies. Antony
Truelove is the COO of Panthera Resources PLC.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
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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