TIDMPAT
RNS Number : 4750F
Panthera Resources PLC
10 July 2023
10 July 2023
Panthera Resources Plc
("Panthera" or "the Company")
Kalaka Drilling Programme
Gold exploration and development company Panthera Resources Plc
(AIM:PAT), with gold assets in West Africa and India, is pleased to
advise that the Company and its joint venture partner, DFR Gold Inc
(DFR) has commenced a drilling programme on the Kalaka Project in
Mali (Drilling Programme).
The Drilling Programme will target extensions of the K1A
prospect together with several new targets that extend to the
north.
-- Two drill holes will complement existing diamond and reverse
circulation (RC) drilling at the K1A mineralisation and be utilised
for resource estimation and metallurgical testing; and
-- Step-out drilling on the northern two thirds of strike
potential of this prospect targeting the untested interpreted
geophysical mineral trend.
A broad soil anomaly above 30 parts per billion (ppb) Au covers
most of the metasediments on the tenement area and is estimated to
offer significant opportunity for further discovery and extension
to known mineralisation.
The programme of in-fill drilling at the K1A prospect, may, if
results are positive, provide sufficient data to report a maiden
Mineral Resource estimate under either JORC or NI43-101.
Mark Bolton, Managing Director of Panthera, commented:
"The Kalaka Project has large scale, low-grade gold
mineralisation potential. Historical drilling consistently reported
significant gold intercepts including Diamond hole K1AD002 (191.8m
@ 0.52 g/t Au) and Reverse Circulation drill hole K1ARC028 (117m @
0.59 g/t Au including 41m @ 1.02 g/t Au) at the K1A prospect.
The programme of in-fill drilling at the K1A prospect may also
provide sufficient data to report a first Mineral Resource
estimate. The drilling programme is expected to be completed this
month with assay results expected in September 2023."
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/4750F_1-2023-7-10.pdf
pantheraresources.com/news/regulatory-news/
Background
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, Golden
Spear Mali SARL, owning the balancing 20%.
The Kalaka gold project is located in southeast Mali some 260 km
from Bamako, between the Morila and Syama mines. It lies
approximately 80 km south of the Morila 8 Moz gold and some 85 km
northwest of Resolute's Syama mine (6 Moz gold). It is situated
adjacent and to the east of the regional Banifin Shear Zone where
the strike direction of the foliation is approximately N40deg with
a dip of 60deg to the northwest.
Modern exploration has included airborne geophysical surveys,
soil sampling, structural interpretations, geological mapping, and
preliminary drilling activities focussed on the metasediments. This
has included diamond, air core (AC), reverse circulation (RC) and
Rotary Air Blast (RAB) drilling. During 2021 Panthera completed
2,430m of shallow AC drilling. On the K1A prospect multiple
intersections exceeding 150m at 0.5 g/t Au have been identified by
Diamond and RC drilling.
The primary mineralisation at the K1A prospect, is associated
with an intrusive tonalite/micro granodiorite with metasediments in
contact with the intrusive. The alteration envelope is dominantly
characterised by silica-feldspar flooding and sulphide
mineralisation . Elsewhere there are also numerous artisanal
workings within the Kalaka tenement, mainly targeting eluvial
gold.
Drilling Programme
Data from airborne VTEM and magnetic surveys flown by Fugro for
previous tenement holders, AngloGold Limited (AGL), formed the
basis for a recent detailed lithological and structural
interpretation of the Kalaka Permit. The interpretation, especially
of the deeper EM Channel data, indicates several splay style
structures can be mapped.
Panthera has interpreted that where these structures intersect
the conductive unit (interpreted as graphitic schists by AGL), the
conductivity and to a lesser extent the magnetism has been lowered
or destroyed. Panthera postulate that hydrothermal fluids passing
along the splay structures have reacted with sulphidic and
graphitic schists causing sulphide or magnetic destruction (i.e.
alteration). Hydrothermal fluids are typically considered to be a
medium for transport of gold in solution and gold may be deposited
in locations where structural or chemical conditions are
suitable.
The RC drilling programme has been designed to test the induced
polarization (IP) and electromagnetic (EM) geophysical targets at
the K1A prospect (see table below). The proposed work tests the
interpretations of the Pole-Dipole data and a late channel EM
anomaly that provides some insight into the depth dimension. The
granitoid signature is high resistivity and low chargeability,
flanked by high chargeability sediments. The setting of the gold
mineralisation appears to be the intersection of the intrusions
with high chargeability sediments. Also budgeted are twin holes
between the existing holes K1ADD002 and K1ARC028 to be used for
verification of those historical holes and metallurgical
testing.
Recommended holes at K1A Prospect as listed below:
mE mN BH_ID AZ DIP RL EOH TYPE
------ ------- ------- --- --- ------ ------ ----
743540 1233576 KRC_7 120 -60 335.9 120 RC
743583 1233525 KRC_9 120 -60 334.9 120 RC
743669 1233499 KRC_10 120 -60 335 120 RC
743832 1233868 KRC_13 120 -60 335.1 120 RC
743875 1233842 KRC_14 120 -60 334.8 120 RC
743918 1233816 KRC_15 120 -60 334.8 120 RC
743764 1234142 KRC_16 120 -60 335.2 120 RC
743807 1234116 KRC_17 120 -60 335.2 120 RC
743849 1234091 KRC_18 120 -60 333.3 120 RC
743015 1232840 KRCN-01 120 -60 334 150 RC
743077 1232804 KRCN-02 120 -60 334 150 RC
TOTAL: 1,380m
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
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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.
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