TIDMPAT
RNS Number : 1619A
Panthera Resources PLC
28 May 2021
28 May 2021
Panthera Resources Plc
("Panthera" or "the Company")
Drilling Commences 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 that the Reverse Circulation (RC)
drill rig has arrived on site at the Labola (Wuo Land) Project in
Burkina Faso and the planned 5,000m drilling programme has
commenced.
Highlights
-- 5000 metre RC drill programme commenced at Labola (Wuo Land)
-- Drilling will primarily support a maiden resource estimate
-- Several exploration targets will also be drill tested
-- Assay results expected from quarter three of 2021
Further information on the planned work programme at Paimasa ,
inclusive of images, is available on the Company's website or by
following the links below:
http://www.rns-pdf.londonstockexchange.com/rns/1619A_1-2021-5-28.pdf
pantheraresources.com/news/regulatory-news/
Current Work Programme
Panthera's associated company, Moydow Holdings Limited
("Moydow") has designed the drill programme to support the
preparation of a resource estimate in accordance with JORC or
NI43-101 standards. The drilling will test a subset of previous
drill results obtained by High River Gold Mines Limited (later
acquired by Nord Gold SE) and Taurus Gold Limited during the period
2008-2012, which totalled 65,556m RAB/RC/DD drilling in 541
drillholes.
The drill programme will also examine the coarse gold component
of the mineralisation via the accelerated cyanide leach technique
"LeachWell". The data generated from the LeachWell programme will
complement Moydow's assessment of whether historical historical
assay results have potentially under reported the gold grades,
although there can be no certainty that this has occurred. In
addition to the resource estimate drilling, 2,600 metres of
drilling will target new exploration targets at Labola.
Other ongoing work at Labola in support of a future mineral
resource estimate includes:
-- combining of all previous data into a single database;
-- compiling and examining quality assurance and quality control
(QaQc) data for the previous drilling and locating drillhole
collars on the ground where possible;
-- re-logging of drill core from several drill-holes, designed
to establish controls on mineralisation;
-- commissioning of up to date (February 2021) 0.3m resolution
satellite imagery (Worldview 3) and production of a digital terrain
model (DTM), 1m and 0.5m topographic contours, and rectified 0.3m
resolution imagery; and
-- identification and mapping of all artisanal workings and
estimation of volumes of material moved.
The drill results from the planned work programme are
anticipated from quarter three.
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 14,000m 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 drillholes. 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. Mineral
resources have been estimated by previous explorers within these
wireframes, but they 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 in accordance with JORC or NI43-101
guidelines. The drilling programme will confirm the historic
database and support Moydow's efforts to prepare a maiden resource
estimate. The programme includes increasing drill density where
required, drilling along strike and down dip of known
mineralisation, drilling untested artisanal gold workings and their
extensions, and drill testing geophysical anomalies, in particular
combined IP chargeability and resistivity anomalies that appear to
define mineralisation very well due to the sulphidic alteration and
silicification associated with gold mineralisation.
The drill samples from the current drill programme will be
analysed both using convention fire assay techniques as well as by
the accelerated cyanide each 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. Drilling
for this purpose will focus on the two largest areas identified by
previous explorers and will twin existing drill holes.
In addition to the confirmatory drilling, two areas with no
previous drilling have been selected for drill testing designed to
identify additional mineralisation. This drilling has been designed
to test a 350 metre gap along strike in the previous drilling in
the western zone and the northern continuation of previous drilling
in the central zone. Both these areas have associated artisanal
mining activity and IP chargeability and resistivity anomalies.
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 (Corporate Finance)
Financial Public Relations
Vigo Communications Ltd +44 (0)20 7390 0230
Simon Woods / Chris McMahon
Subscribe for Regular Updates
Follow the Company on Twitter at: @PantheraPLC
For more information and to subscribe to updates visit:
www.pantheraresources.com
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.
**ENDS**
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLPPUAWAUPGUAR
(END) Dow Jones Newswires
May 28, 2021 02:00 ET (06:00 GMT)
Panthera Resources (LSE:PAT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Panthera Resources (LSE:PAT)
Historical Stock Chart
From Apr 2023 to Apr 2024