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.
26 September 2024
Panthera Resources Plc
("Panthera" or the
"Company")
West Africa Update
Gold exploration and development
company Panthera Resources Plc (AIM: PAT), with gold assets in West
Africa and India, is pleased to announce that the Company has now
completed a drilling programme on the Bido Project in Burkina Faso
(Drilling Programme).
Highlights
·
Programme totalled 2483 metres of reverse circulation ("RC")
drilling completed at Beredo-Kiekouyou and
Somika Hill (Kaga vein system) prospects
·
Drilling at Beredo-Kiekouyou identified multiple low-angle
westerly dipping structures coincident with geochemical and
geophysical anomalies
· The
drill programme extended to target historical drilling along the
Kaga vein system at the Somika Hill prospect
·
Drilling at Kaga intersected quartz veins and veinlets
similar in style to mineralisation identified in earlier drilling
here
· Drill
samples of the Kalaka and Bido drilling programmes have been
dispatched to the SGS laboratory with assay results expected in
October 2024
About the Bido
Project
The Company holds an 80% interest in
the Bido Project and 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 Bido Project for the price of US$1,000,000. A
royalty will be payable to the vendor on all minerals produced
calculated at the rate of 1% of the net smelter returns ("NSR")
capped at US$3 million in total.
The Bido permit in Burkina Faso is
located some 125km 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 Beredo-Kiekouyou Prospect
(Figure 1) was originally identified from a review 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 an
IP geophysical survey (RNS 12/10/2022), over the
Beredo-Kiekouyou and the Somika areas.
That work targeted a paleo-volcanic centre (identified from a
remote sensing spectral study conducted by the company combined
with geological mapping). Within the target area, the IP
survey indicates multiple targets including strong/moderate IP axes
defined from interpreted resistive and conductive structures,
coincident with mapped vein structures, gold in rock samples and
artisanal workings. The drill targets to be tested in this round of
exploration drilling were selected by a combination of geological
mapping, and coincidence of certain IP structures with better
surface gold results from rock sampling which included outcrop,
scree and quartz veining from old workings.
Figure 1:
Bido Project Prospects and Geophysical Survey Grid
Locations
Drilling
Programme
The programme consisted of RC drilling
of 2483 metres on the Beredo-Kiekouyou prospect (2,011 m) and the
Somika Hill prospect (472 m).
Drilling on the Beredo-Kiekouyou prospect consisted
of three fence lines targeting geophysical anomalies (IP
chargeability and IP resistivity) coincident with geochemical
anomalies coincident with mapped extensive eluvial and artisanal
shallow shafts and digging.
Drilling of the Somika Hill, Kaga vein system was
added during the programme to follow up earlier results and in
particular, PSHRC004 which intersected a gold bearing interval
between 63 m and 73 m with 10m @ 3.89 g/t Au (incl. 1 m @ 32. g/t
Au from 68 m).
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 Panthera a small RC drilling
program was initiated which included one RC drill hole (PSHRC004)
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 10m @ 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 Panthera 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 totaling 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 in 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 had intersected veining
that had returned gold mineralisation.
Kalaka Project,
Mali
Detailed logging and sampling of the diamond drill
holes has been completed and samples for analysis have been sent to
the SGS laboratory in Bamako with results expected in October
2024.
Contacts
|
Panthera Resources PLC
Mark Bolton (Managing
Director)
|
+61 411
220 942
contact@pantheraresources.com
|
|
|
|
|
Allenby Capital Limited (Nominated Adviser & Joint
Broker)
John Depasquale / Vivek Bhardwaj
(Corporate Finance)
Guy McDougall / Kelly Gardiner (Sales
& Corporate Broking
|
+44 (0) 20
3328 5656
|
|
|
|
|
Novum Securities Limited (Joint Broker)
|
+44 (0) 20
7399 9400
|
|
Colin Rowbury
|
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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
Drilling:
|
Diamond core drilling uses a diamond cutting
bit, which rotates at the end of a steel rod (tube) allowing for a
solid column of rock to be recovered from the tube at the
surface.
|
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g/t:
|
Grammes per Tonne
(Metric)
|
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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)
|
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IP:
|
Induced polarization (IP) is a
geophysical imaging technique used to identify the electrical
chargeability of subsurface materials.
|
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M:
|
Metres (Metric)
|
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Moz:
|
Million Ounces (Troy)
|
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Mt:
|
Million Tonnes (Metric)
|
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NSR:
|
Net Smelter Return 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
|
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RC:
|
Reverse Circulation drilling, or RC
drilling, uses rods with inner and outer tubes, and the drill
cuttings are returned to the 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**