TIDMPAT
RNS Number : 6427L
Panthera Resources PLC
14 September 2021
14 September 2021
Panthera Resources Plc
("Panthera" or "the Company")
High-Grade Exploration Results at Labola Project
Panthera Resources Plc (AIM: PAT), the diversified gold
exploration and development company with assets in West Africa and
India, is pleased to announce assay results for the exploration
drilling programme at the Labola (Wuo Land) Project in Burkina Faso
by its associate company, Moydow Holdings Limited (Moydow).
Highlights
-- Four exploration holes along strike of known mineralisation
have returned excellent mineralisation including fire assay
intercepts of:
- 4m @ 19.7g/t Au from 92m
- 3m @ 3.46g/t Au from 48m followed by 4m @ 3.09g/t Au from
57m
-- Results anticipated to be incorporated into the maiden
resource estimate currently being prepared
Commenting on the announcement, Mark Bolton, Managing Director
of Panthera said:
"The high-grade intercepts being returned from exploration
targets defined by artisanal workings, geophysical anomalies and
previous drilling are very encouraging. The results reaffirm our
confidence in the potential to materially expand the mineralisation
already identified by the historical drilling.
We eagerly await the maiden resource estimates for the previous
explorer drilling as part of the NI43-101 report currently being
compiled."
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/6427L_1-2021-9-14.pdf
pantheraresources.com/news/regulatory-news/
Background
The Labola project is owned and managed by Moydow Holdings Ltd
(Moydow). Panthera currently holds an equity interest of 44.1% in
Moydow. A proposed restructure of Moydow and farm-in by Diamond
Fields Resources Inc (DFR) was announced on 25 August 2021.
The Reverse Circulation (RC) drilling programme at Labola which
was completed in August comprised two parts: first, confirmatory
"twin" drilling (21 holes for 3118 metres), including one redrill,
focused on the two better-defined zones of gold mineralisation
identified by previous explorers; and second, redrilling a series
of holes for which no assay data is available (5 holes for 900
metres), and third, exploration drilling (5 holes for 721m) in two
areas with no previous drilling, targeted to identify additional
mineralisation.
Results of the twin drilling and re-drills will be reported once
all data has been compiled and assessed.
Technical Details
The Labola (Wuo Land) gold project is located in southern
Burkina Faso, approximately 380km southwest of the capital city
Ouagadougou. The area is located within the Banfora Greenstone
Belt, comprised dominantly of Birimian-aged metasediments with
lesser metavolcanics and felsic intrusions. It contains numerous
artisanal workings over at least 15,000m strike within the tenement
area. These workings appear to be targeting high-grade shoots
within individual quartz veins that are located within an extensive
zone of shearing, sheeted to stockwork quartz veining and
silica-sulphide alteration.
Previous explorers have completed 65,556m RAB/RC/DD drilling in
541 drill holes. That work has outlined numerous extensive zones of
gold mineralisation over the entire 9km of strike tested. This
mineralisation has been wireframed by previous explorers and
mineral resources have been estimated within these wireframes.
However, these cannot be reported under JORC or NI43-101 guidelines
at this stage, largely due to their historical nature. Some of the
previous drilling is quite broad spaced and, although gold
mineralisation has been intersected, additional drilling is
required to firm-up the mineralisation outlines.
Work by Panthera and Moydow has shown that excellent potential
exists to convert the historical resource estimates to a maiden
resource estimate by Moydow under JORC or NI43-101 guidelines. The
recently completed drilling programme was designed to confirm the
historic database and support Moydow's efforts to prepare a maiden
resource estimate as well as to test two high priority exploration
targets.
The drill cuttings from this programme have now been analysed
using both a conventional fire assay technique as well as by the
accelerated cyanide leach technique "LeachWELL" that uses a much
larger sample (2-5kg) and hence minimises the statistical effects
of coarse gold, which is known to be common in this area and is the
main target of the artisanal miners.
The confirmatory "twin" drilling has focussed on the two largest
areas identified by previous explorers. Mineralisation has
generally been intersected in the locations predicted from the
previous drilling, and grades are comparable. This suggests the
historical drill information is of good quality and can be used for
future mineral resource estimates. More details of this work will
be provided once the compilation and assessment are complete.
In addition to the confirmatory drilling, two areas with no
previous drilling have been targeted, designed to identify
additional mineralisation. This drilling was designed to test a
350m gap in the previous drilling along the western zone, and the
possible northern extensions of mineralisation along the central
zone. Both these areas have associated artisanal mining activity
and IP chargeability and resistivity anomalies.
The exploration drilling returned significant gold drill
intercepts as shown in Table 1 below.
Easting Northing Azimuth Dip g/t g/t
UTM WGS84 UTM WGS84 RL Depth ( deg ( deg From To Int. Au Au
Hole Number Z30N Z30N (m) (m) T) ) (m) (m) (m) (FA) (LW)
DRA-21-014 326961 1191551 356 127 105 -60 49 67 18 0.54 0.58
----------- ----------- ----- ------ -------- ------- ----- ----- ----- ------ ------
incl 64 67 3 1.11 1.22
----------- ----------- ----- ------ -------- ------- ----- ----- ----- ------ ------
DRA-21-015 327000 1191617 357 156 105 -60 76 79 3 1.02 1.06
----------- ----------- ----- ------ -------- ------- ----- ----- ----- ------ ------
92 96 4 19.7 20.9
----------- ----------- ----- ------ -------- ------- ----- ----- ----- ------ ------
111 117 6 0.54 0.69
----------- ----------- ----- ------ -------- ------- ----- ----- ----- ------ ------
DRA-21-016 327221 1191443 359 126 105 -60 18 20 2 1.11 1.18
----------- ----------- ----- ------ -------- ------- ----- ----- ----- ------ ------
58 60 2 0.66 0.72
----------- ----------- ----- ------ -------- ------- ----- ----- ----- ------ ------
DRA-21-017 327248 1191546 360 150 105 -60 28 32 4 0.43 0.61
----------- ----------- ----- ------ -------- ------- ----- ----- ----- ------ ------
40 42 2 1.34 0.63
----------- ----------- ----- ------ -------- ------- ----- ----- ----- ------ ------
48 51 3 3.46 2.17
----------- ----------- ----- ------ -------- ------- ----- ----- ----- ------ ------
57 61 4 3.09 2.81
----------- ----------- ----- ------ -------- ------- ----- ----- ----- ------ ------
82 84 2 2.39 2.59
----------- ----------- ----- ------ -------- ------- ----- ----- ----- ------ ------
116 117 1 1.21 na
----------- ----------- ----- ------ -------- ------- ----- ----- ----- ------ ------
It is anticipated that this drilling will add to the total
resource inventory as it will aid in continuity and add extensions
to the known mineralisation.
Results of the twin drilling will be reported once all data has
been compiled and assessed.
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
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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