TIDMPAT
RNS Number : 0258Y
Panthera Resources PLC
02 May 2023
2 May 2023
Panthera Resources Plc
("Panthera" or "the Company")
Operations Update
Gold exploration and development company Panthera Resources Plc
(AIM: PAT), with assets in West Africa and India, is pleased to
provide an update on its exploration and development projects.
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/0258Y_1-2023-5-2.pdf
pantheraresources.com/news/regulatory-news/
Cascades Project (Burkina Faso)
The Company advise that its joint venture partner DFR Gold Inc
("DFR") has completed phase one of a 10,000 metre drilling program
(the "Drilling Program") on the Cascades Project in Burkina Faso,
West Africa. DFR has advised that it expects full analytical
results to be returned during the first half of May 2023.
The Drilling Programme is designed in two phases. The first
phase of 5,637 metres in 55 drill holes has been completed
targeting extensions to the current resources and several new
targets:
-- Two newly defined targets immediately north and southwest of
the Daramandougou resource pit shell respectively;
-- Step-out drilling on the TT13 target, a significant new gold
zone identified during 2022 (Far East); and
-- First-pass drilling on several other newly delineated targets
in the Wuo Land 2 licence area.
The second phase of the Drilling Programme will be a
results-driven follow-on program targeting the highest priority
results from the first phase.
Previously, in 2021, DFR prepared a maiden mineral resource
estimate on the property in accordance with the provisions of the
Canadian National Instrument 43-101 - "Standards of Disclosure for
Mineral Projects" ("NI 43-101") (see RNS dated 25 October
2021):
Indicated mineral resource estimate: 5.41Mt @ 1.52g/t Au (264,000oz)
Inferred mineral resource estimate: 6.93Mt @ 1.67g/t Au (371,000oz)
Details of the first phase of the Drilling Program
The first phase of the Drilling Program is summarised in Table 1
below.
Target Area Target description Number Metres Holes Metres
of Holes Drilled Drilled
Chargeability/resistivity
anomaly; artisinal workings;
proximity to resource;
further along strike potential
Dara North to north 8 640 8 809
--------------------------------- ----------- -------- ---------- ----------
Western Zone Chargeability/resistivity
Extn (incl anomaly; no artisinal
2 x isolated workings; extension of
NPG targets) resource structure 10 1,440 13 1,398
--------------------------------- ----------- -------- ---------- ----------
Tested by first pass drilling;
aim to demonstrate contiunity
over 500 strike length;
could bring resource into
TT13 Step-Out Infered category 9 720 10 868
--------------------------------- ----------- -------- ---------- ----------
Newly opened artisinal
zone 800 metres west of
TT13 discovery; already
500 metres long but along
strike potential to north
TT13-West could be skinny 6 600 5 546
--------------------------------- ----------- -------- ---------- ----------
Intensive artisinal workings;
broad area of shallow
pits but drilling focus
on line/s deeper pits
into bedrock; geochemical
Sina Yar anomaly 8 640 10 903
--------------------------------- ----------- -------- ---------- ----------
Artisinal workings; support
from rock grab samples;
Far East-N geophysics ambiguous 5 400 5 501
--------------------------------- ----------- -------- ---------- ----------
Artisinal workings; support
from rock grab samples;
Far East-S geophysics ambiguous 7 560 7 612
--------------------------------- ----------- -------- ---------- ----------
TOTAL 55 5,000 56 5,637
----------- -------- ---------- ----------
Table 1
About Cascades
The Cascades project (formerly called Labola) is owned and
managed by Moydow Holdings Ltd (Moydow). Panthera currently holds
an equity interest of 20% in Moydow with DFR earning an 80%
interest and is the operator. DFR has agreed to spend up to US$18
million (Earn-In) on Cascades and increase its ownership interest
up to 80% in Moydow. Upon completion of the Earn-In, Panthera holds
the right to increase its interest by 10%, for example, from 20% to
30%, for a cost of US$7.2 million.
The Cascades gold exploration project is in the Banfora
greenstone belt of the West African Birimian Supergroup in
southwest Burkina Faso. Cascades is approximately 450km
west-southwest of the capital, Ouagadougou, and 100km northeast of
the Wahgnion gold mine, operated by Endeavour Mining.
More than 65,500m of historical drilling (541 holes) has been
completed across multiple drilling campaigns by previous owners,
High River Gold Mines Limited ("HRG"), later acquired by Nord Gold
Plc, and Taurus Gold Limited ("Taurus"), consisting of principally
diamond and RC drilling (24,589m/39,339m, respectively).
Mineralisation has been intercepted by historical drilling and
outlined by previous artisanal mining in three main zones over a 10
km strike length.
Moydow has explored the area since August 2020, including
acquisition and compilation of all previous data into a single
database, interpretation of this data, target generation using the
database and all the acquired remote sensing information, and a
Reverse Circulation (RC) drilling program involving 31 holes. This
culminated in the announcement of the maiden mineral resource
estimate in 2021.
Bido Project (Burkina Faso)
Panthera is pleased to advise that its 2023 field programme has
commenced with a geophysical programme of IP gradient array (for a
total of 82 km lines) and IP pole-dipole array lines (6.4 km). The
work is focusing on three prospects on the Kwademen Zone (Kwademen,
Kwademen-East and Kwademen-South).
The Company has also acquired analog historical data from the
archives of the library of the Ministry of Mines in Ouagadougouand
has commenced converting the database to a digital format to
intergrate with the Company's data. The historical works performed
on the Kwademen area included mapping, trenching, soil sampling,
drilling, and geophysics (EM). The results of these programs have
highlighted the presence of gold and base metals occurrences.
Kalaka Project (Mali)
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 owning the
balancing 20%.
The Company has recently completed a research study where
diamond drill core samples from the K1A prospect were selected for
a mineralisation characterisation study including petrographic,
X-Ray diffraction analysis (XRD) and Scanning Electron Microscopy
(SEM) techniques. As a follow up from the research, a selection of
the diamond drill core samples (from stored and prepared sample
pulps stored at Panthera's field project camp) have been submitted
to a commercial laboratory for a multielement analysis using an
Inductively Coupled Plasma (ICP) method.
Anglogold Ltd ("AGL") and Golden Spear Mali SARL ("GSM") drilled
12 diamond core holes and 17 reverse circulation drill holes over
the target area, many intersecting economic grade mineralisation.
Over 25% of the samples collected from the drilling programmes have
returned results greater than 1.0 g/t Au. While not sufficient to
declare a Mineral Resource, information available provides
preliminary data for range analysis. GSM commissioned a resource
study by Wilson, 2011 the results of which suggested an endowment
of 250k to 500k ounces. Golder's stated in their report (Panthera
Admission Document 2017) that "whilst not a JORC compliant
resource, this figure represents an initial exploration target for
the Project.
Bassala Project (Mali)
Panthera is the operator of the Bassala project and is aiming to
earn an 80% interest in Bassala. Presently Bassala is owned by the
Malian company Golden Spear Mali SARL.
Recent field work at Bassala has identified the location of new
artisanal gold diggings that highlight several zones of potential
mineralisation that had not previously been drill tested by the
Company. The Company intends to complete geological mapping and
sampling of these new zones ahead of planning for further
drilling.
Bhukia (India)
On 28 February 2023, the Company announced that Indo Gold Pty
Ltd ("IGPL"), had executed a conditional arbitration funding
agreement (the "AFA") for up to US$10.5 million in litigation
financing with LCM Funding SG Pty Ltd ("LCM Funding" or the
"Funder"). LCM Funding is a subsidiary of Litigation Capital
Management Limited ("LCM"), a firm quoted on the AIM Market of the
London Stock Exchange. LCM is a leading global litigation financier
with significant expertise in international arbitration and
cross-border dsputes, including bilateral investment treaty claims
over mineral resource assets.
Amongst other conditions precedent, LCM Funding has two months
from the date of entering into the AFA to complete its detailed due
diligence in relation to the Claim (the "LCM Funding Due
Diligence"). Following successful completion of the LCM Funding Due
Diligence, the parties can move to complete a Funding Confirmation
Notice.
The Company advises that it has agreed to a further one month
extension to end of May 2023 for LCM to complete its detailed due
diligence in relation to the Claim. There can be no assurance that
LCM's due diligence will be completed to LCM's satisfaction.
In addition to pursuing a potential claim against the Republic
of India for breaches of its obligations under the Australia-India
Bilateral Investment Treaty, the Company continues to pursue an
amicable resolution of the dispute and the grant of the Bhukia
Prospecting Licence. In this regard, the Company is in advanced
discussions with a potential joint venture partner.
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
Financial Public Relations
Vigo Consulting Ltd +44 (0)20 7390 0230
Oliver Clark / Chris McMahon
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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.
**ENDS**
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