TIDMPAT
RNS Number : 4090L
Panthera Resources PLC
10 September 2021
10 September 2021
Panthera Resources Plc
("Panthera" or "the Company")
Additional High-Grade Gold Mineralisation Identified at
Bassala
Panthera Resources Plc (AIM: PAT), the diversified gold
exploration and development company with assets in West Africa and
India, is pleased to announce that the next batch of assay results
from the recent air-core (AC) drilling programme at Bassala have
been received. These have confirmed the presence of additional
significant gold mineralisation including the highest grade assays
received to date comprising 5 metres at 6.59g/t Au.
Highlights
-- Significant drill intercepts from the 5m composite samples include:
o 10m @ 3.45g/t Au from 60m incl. 5m @ 6.59g/t Au from 60m
o 25m @ 0.51g/t Au from 15m incl. 5m @ 2.07g/t Au from 20m
o 5m @ 1.98g/t Au from 40m
o 5m @ 0.56g/t Au from 60m (end of hole)
-- An additional 280 assays have been received, taking the total
so far to 1,123 assays (approximately 51% of the 2,191 five metre
composite samples submitted for assay)
-- Assay results are from two of the 13 targets drilled, with
results now reported on five of 13 targets
-- Each of the targets tested to date has returned significant gold intercepts
-- Results consistent with interpretation of flat-lying
(sub-horizontal) mineralisation - similar to the nearby Kalana mine
( Endeavour Mining Corporation, LSE: EDV)
-- The remaining 49% of assays will be reported as they come to hand
-- The remaining nine of the 22 targets identified at Bassala
are planned to be drilled after the wet season
Commenting on the announcement, Mark Bolton, Managing Director
of Panthera said:
"The assays continue to be very encouraging for first-pass
air-core drilling. The high grade intercepts being returned for 5m
composite samples suggest the potential for good gold grades.
The results continue to confirm our interpretation of a flat or
shallowly dipping mineralisation zone, similar to that at the
nearby Kalana mine.
We are eagerly awaiting the remaining assay results anticipated
to be received during September 2021."
A PDF version of the announcement, inclusive of images, can be
found on the Company's website or by following the links below:
http://www.rns-pdf.londonstockexchange.com/rns/4090L_1-2021-9-10.pdf
pantheraresources.com/news/regulatory-news/
Technical Details
The Bassala project is located within the highly gold endowed
Birimian volcano-sedimentary belt in southwestern Mali,
approximately 200km south of the capital city Bamako.
The belt hosts the Kalana (Endeavour Mining, 3Moz) and Kodieran
(Wassoul'or, 2Moz) gold mines, both within a few kilometres of the
Bassala project. The adjacent belt to the west is also well endowed
with gold and hosts the Siguiri (AngloGold Ashanti ("AngloGold"),
17Moz), Tri-K (Avocet Mining, 3Moz), Kobada (African Gold Group,
3Moz), and Yanfolila (Hummingbird Resources, 2Moz) gold mines.
In the second half of 2020, the Company recommenced exploration
activity at Bassala with the results of gold in soil and ground
magnetic surveys announced on 26 March 2021 and results of an IP
survey announced in June 2021. These surveys identified 22 targets
for drill follow-up. Initial results were announced on 24 August
2021 and results continue to be reported as they are received and
compiled.
Historical Drilling
Whilst the licence hosts prolific artisanal mining activity, the
only significant previous systematic exploration was undertaken by
AngloGold Exploration (AGEX) during the period 2010-2011. That work
consisted of broad spaced soil sampling at 800m x 100m spacing with
limited infill to 400m x 50m and 200m x 50m spacing in selected
areas.
AngloGold subsequently undertook broad spaced RAB drilling over
the main soil anomalies and a total of 3,111m was completed in 113
drill holes at an average depth of 27.5m. The drilling identified
significant mineralisation beneath the laterite cover,
including:
21m @ 1.15g/t Au from 15m including 3m @ 4.52g/t Au from 33m
15m @ 0.56g/t Au from 3m to the end of the hole
3m @ 0.78g/t Au from 21m to the end of the hole
6m @ 0.49g/t Au from 39m to the end of the hole
3m @ 1.55g/t Au from 9m
3m @ 1.16g/t Au from surface
Panthera Drill Programme
In total, 9,997m air-core (AC) drilling was completed in 164
drill holes and 392m reverse circulation (RC) drilling was
completed in 4 drill holes.
The drill rig used was a Schramm-2 with a 350psi 900cfm
compressor and utilised a face sampling hammer. RC drilling also
used a face sampling hammer but with a larger diameter. Samples
were collected via cyclone.
Most holes are angled at -60 degrees from horizontal toward the
east (090 deg ) but several are oriented toward the west (270 deg )
in the central part of Target 19 due to access constraints. Table 1
shows all drill hole collars, dips, azimuths and total depths as
well as all assay results received to date above 100ppb Au.
Samples were collected directly from the cyclone and riffle
split every metre, with one sample collected and bagged for future
reference and a separate split combined into a 5m composite for
initial assay. Samples are kept in secure premises near-site and
subsequently, the 5m composites were transferred to an accredited
laboratory (SGS Bamako) for assay for gold using low-level
detection fire assay technique. QaQc checks including blanks,
duplicates and standards were inserted at regular intervals and all
results are within acceptable confidence limits. The 1m splits are
kept in secure premises near the site for future assay.
The programme had to be stopped early due to the onset of the
wet season. Drilling has been completed on targets 10 through 22.
The remaining targets, 1 through 9, primarily in the northern area,
are planned to be drilled after the wet season, later in the
current year. This northern area, which comprises the majority of
the active artisanal workings at Bassala, has 117 AC holes planned
to be drilled.
The current programme has tested all but one of the areas
previously drilled by AGEX approximately 10 years ago, as well as
the highest order gold in soil geochemical anomalies and the
highest priority chargeability highs.
The drill cuttings show the main rock types are metasediments
including sandstone, siltstone, shale and schist. Strong quartz
veining and alteration (sulphide or limonite after sulphide,
chlorite and silica) is observed at all targets tested to date.
Sulphides are generally represented by boxwork textures or limonite
replacing sulphides, but occasionally fresh pyrite and/or
arsenopyrite has been logged.
A total of 2,191 five metre composite samples have been
collected from the air-core drilling and 1123 assay results
(excluding QaQc assays) have been received to date. The remaining
assays are expected over the next few weeks. It is planned to
re-assay all gold mineralised samples at 1 metre intervals, as the
5m composites may dilute smaller, higher-grade intervals.
Results
All results greater than 100ppb Au (0.1g/t Au) received from the
current batch of assays are presented in Table 1 below. This shows
several broad intervals up to 30m downhole at plus 0.1g/t Au, plus
several 5m intercepts (smallest sampling unit) grading up to
6.59g/t Au. It is anticipated that the broad intervals will also
resolve into narrower but higher grade intervals when 1m sampling
has been completed.
The mineralisation has been confirmed to be relatively flat or
shallowly dipping, similar to the nearby Kalana mineralisation.
Although there is a possibility that this could be due to supergene
processes (spreading in the weathering zone into a flat-lying
blanket), this is not the favoured interpretation, as some of the
mineralisation is in weakly weathered material with some evidence
of fresh sulphides.
TABLE 1: Assay Intervals Received in the Latest Batch of
Assays
Hole Number North East RL Depth Dip Azi From To Int. g/t Comments
(WGS84-Z29N) (WGS84-Z29N) (m) (m) Au
------------- ------------- ------------- ---- ----- --- --- ---- ---- ---- -----------------------
BA-21-AC-073 1195400 579050 399 87 -60 90 40 45 5 1.98
incl. 5m @ 6.59g/t Au
BA-21-AC-074 1195400 579000 393 89 -60 90 60 70 10 3.45 from 60m
BA-21-AC-075 1195400 578950 386 89 -60 90 <100ppb Au
BA-21-AC-076 1195400 578900 383 65 -60 90 <100ppb Au
BA-21-AC-077 1195400 578850 380 60 -60 90 <100ppb Au
BA-21-AC-078 1195600 579050 378 61 -60 90 <100ppb Au
BA-21-AC-079 1195600 579000 378 60 -60 90 <100ppb Au
incl. 5m @ 0.42g/t Au
BA-21-AC-080 1195600 578950 377 71 -60 90 10 40 30 0.19 from 25m
incl. 5m @ 2.07g/t Au
BA-21-AC-081 1195600 578900 373 66 -60 90 15 40 25 0.51 from 20m
BA-21-AC-082 1195600 578850 380 50 -60 90 <100ppb Au
BA-21-AC-083 1195600 578800 378 51 -60 90 <100ppb Au
BA-21-AC-084 1196800 578650 397 57 -60 90 <100ppb Au
BA-21-AC-085 1196800 578600 400 71 -60 90 <100ppb Au
BA-21-AC-086 1196800 578550 400 71 -60 90 <100ppb Au
BA-21-AC-087 1196800 578500 378 61 -60 90 <100ppb Au
BA-21-AC-088 1196600 578700 393 43 -60 90 <100ppb Au
BA-21-AC-089 1196600 578650 392 51 -60 90 <100ppb Au
BA-21-AC-090 1196600 578600 387 65 -60 90 60 65 5 0.56 end of hole
BA-21-AC-091 1196600 578550 384 38 -60 90 <100ppb Au
BA-21-AC-092 1196400 578750 385 62 -60 90 <100ppb Au
BA-21-AC-093 1196400 578700 382 32 -60 90 <100ppb Au
incl. 20m @ 0.12g/t
BA-21-AC-094 1196400 578650 382 59 -60 90 0 5 5 0.15 Au from 15m
BA-21-AC-095 1196400 578600 382 55 -60 90 <100ppb Au
Both additional targets announced today (T18 and T20) have
returned significant gold mineralisation. Target T20 has returned
several high-grade drill intercepts while Target T18 has returned
significant gold mineralisation from the end of a hole situated
along the central cross-section.
The flat-lying to shallowly dipping nature of gold
mineralisation is evident at Target T20 whereas Target T18 may be
more sub-vertical attitude. A close relationship between gold
mineralisation and chargeability anomalies is evident.
A comprehensive analysis of all results will be provided upon
completion of all assayss.
Contacts
Panthera Resources PLC
Mark Bolton (Managing Director) +61 411 220 942
contact@pantheraresources.com
Allenby Capital Limited (Nominated Adviser & Broker) +44 (0) 20 3328 5656
John Depasquale / Vivek B hardwaj (Corporate Finance)
Financial Public Relations
Vigo Communications 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 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
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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