TIDMPAT
RNS Number : 6382A
Panthera Resources PLC
25 May 2023
25 May 2023
Panthera Resources Plc
("Panthera" or "the Company")
Cascades Drilling Results
Gold exploration and development company Panthera Resources Plc
(AIM: PAT), with assets in West Africa and India, is pleased to
announce the completion of phase two of its approximately 10,000
metre drilling program (Drilling Program) on the Cascades Project
and has since received full analytical results from our joint
venture partner, DFR Gold Inc (DFR), as originally announced by the
Company on 2 May 2023.
Highlights of the recent drilling include:
-- 5,641 m of Reverse Circulation (RC) drilling in 57 drill
holes at five target areas (announced 2 May 2022)
-- Two significant new zones confirmed with resource potential
from first pass drilling at Sina Yar and Far East targets
-- Intersections at Sina Yar included 34m@ 1.83 g/t Au and 18 metres @ 1.13g/t Au
-- Extension of the 2022 discovery zone from step-out drilling at the TT13 target
Mark Bolton, CEO of Panthera, stated: "These very positive
results from this drilling programme are highly encouraging, as
they confirm the search models being applied in the further testing
of the extensive mineralised shear corridor at the Cascades
Project.
The results confirm the potential scale of the gold mineralised
system at the Cascades project through the discovery of new
mineralised zones and further delineation of existing zones. We are
encouraged by the consistent mineralisation across the licence area
and are working with DFR on the optimal approach for the next phase
of drilling. "
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/6382A_1-2023-5-25.pdf
pantheraresources.com/news/regulatory-news/
Background to the Drilling Programme
The recently completed programme at the Cascades Project is the
first part of a planned two-phase 10,000m programme. This first
phase targeted extensions to the current resources and several new
targets:
-- two newly defined targets immediately north and southwest of
the Daramandougou resource pit shell western Zone extension, and
Dara North respectively;
-- step-out drilling on the TT13 target, a significant new gold zone identified in 2022; and
-- first-pass drilling on three other newly delineated targets
in the Wuo Land 2 licence area at Far East, Sina Yar and
TT13-West.
Phase two of the Drilling Programme will be a results-driven
follow-on programme targeting the highest priority results from the
first phase.
Drilling Results
DFR has completed 56 drill holes for an aggregate of 5,641m
(Table 1) in the first phase of the current planned drilling
programme. Fire assay results have been received while Bottle Roll
analysis results are pending.
Holes Metres
Target Area Target Description Drilled Drilled
chargeability/resistivity anomaly;
artisanal workings; proximity
to resource; further along strike
Dara North potential to north 8 809
--------------------------------------- --------- ---------
Western Zone chargeability/resistivity anomaly;
Extn (incl no artisanal workings; extension
NPG targets) of resource structure 13 1,398
--------------------------------------- --------- ---------
Tested by first pass drilling;
aim to demonstrate continuity
over 500 strike length; could
bring the resource into the Inferred
TT13 Step-Out category 10 872
--------------------------------------- --------- ---------
Newly opened artisanal zone 800
metres west of TT13 discovery;
already 500 metres long but along
strike potential to the north;
TT13-West could be skinny 5 546
--------------------------------------- --------- ---------
Intensive artisanal workings;
broad area of shallow pits but
drilling focus on line/s deeper
pits into bedrock; geochemical
Sina Yar anomaly 9 903
--------------------------------------- --------- ---------
artisanal workings; support from
rock grab samples; geophysics
Far East-N ambiguous 5 501
--------------------------------------- --------- ---------
artisanal workings; support from
rock grab samples; geophysics
Far East-S ambiguous 7 612
--------------------------------------- --------- ---------
TOTAL 57 5,641
--------- ---------
Table 1 Details of the recently completed drilling programme at
the Cascades Gold Project
Sina Yar
Ten drill holes were drilled for an aggregate of 903 metres.
Significant mineralisation was intersected in each hole drilled. In
particular, three consecutive holes testing 250m metres of strike
length of the main north-south trending structure in metasediments
intersected significant widths of mineralisation as follows:
CS23-RC077 50-84 metres, 34 metres @ 1.83g/t and
CS23-RC077 23-29 metres 6 metres @ 1.14
CS23-RC078 53-71 metres, 18 metres @ 1.13g/t and
CS23-RC078 74-78 metres, 4 metres @ 1.25g/t and
CS23-RC078 88-96 metres, 8 metres @ 1.64g/t and
CS23-RC078 103-113 metres, 10 metres @ 1.02g/t
The mineralisation is hosted by quartz veins within a
north-south trending mineralised envelope hosted by banded
greywacke and sandstone metasedimentary sequence. Sina Yar is
currently the target of significant artisanal mining activity over
a kilometre-long strike length exploiting a north-south zone from
what appears to be a near-vertical mineralised envelope. The zone
is open to the north and possibly to the south.
Mineralisation appears open to the north of the drill-tested
area. In the more southerly holes, mineralisation was weaker and
patchier although artisanal activity remains intense. A highly
altered felsitic intrusion has been mapped towards the southern end
of the Sina Yar workings, similar to the intrusions mapped at both
the Daramandougou and Wuo Ne mineral resource areas. Follow-up
drilling is planned at Sina Yar, starting with stepping out to the
north of CS23-RC077.
Far East
The three northernmost holes at the Far East target appear to
have found a significant zone of mineralisation albeit low grade.
Significant intersections included hole CS23-RC066 32-60 metres, 28
metres @ 0.56g/t
Although the intersections are low grade, historical drilling by
High River Gold intersected several high-grade intercepts nearby
and grab samples by DFR in 2022 returned grades up to 9.3g/t in
quartz veins being exploited by artisanal miners. The
mineralisation appears to be open north of CS23-RC066 and the
current artisanal workings appear to extend between 250 metres to
450 metres further north of CS23-RC066.
TT13 Target
The TT-13 target was tested by DFR with a first-pass drilling
programme of 9 holes in July 2022. A 1,800 metre strike length of
intermittent mineralisation has been delineated from field mapping
and drone surveys. The zone is characterised by almost continuous
artisanal workings at the surface. The 2022 drilling here
delineated a 300 metre strike length with significant
mineralisation in three holes for example CS22-RC029 27-36m, 9
metres @ 1.0g/t plus 56-66m, 10 metres @ 1.81g/t. The current
campaign targeted the northerly and southerly extensions of the
zone. Mineralisation is sporadic but several holes intersected
significant mineralisation which extends the zone. For example,
hole CS23-RC098, collared 370 metres north of CS22-RC029, returned
8 metres @ 1.21g/t (30-38 metres) plus 4 metres @ 1.81g/t (63-67
metres).
TT-13 West target
In the first pass drilling at the newly delineated TT-13 West
target five easterly inclined holes targeted a vertical shear zone
in a new orpaillage area 800 metres west of the TT13 target. The
artisans are targeting an array of thin, reportedly high-grade,
quartz veins in metasediment but the mineralisation intersected has
been sporadic. The highest grade intersected in the drilling was
CS23-RC086, 61-62 metres downhole, 1 metre @11.6g/t gold. The
broadest intercept was in CS23-RC088 63-78 metres, 15 metres @
0.88g/t.
Western Zone SW-Extension and Dara North targets
Drilling at the Dara North and the Southwestern Extension of the
Western Zone was targeted primarily at combined
resistivity/chargeability geophysics anomalies and at each target
significant mineralisation was only intersected over sub-mineable
widths. At Dara North, a pervasive linear zone of artisanal mining
confirms the northerly extension of Western Zone mineralisation
from the main Daramandougou artisanal area. However, the
mineralised zone appears to be thin and sporadic within the 750
metres of strike length tested.
About Cascades
The Cascades project (formerly called Labola) is owned and
managed by Moydow Holdings Ltd (Moydow). Panthera currently holds
an equity interest of 20% in Moydow with DFR earning an 80%
interest and is the operator. DFR has agreed to spend up to US$18
million (Earn-In) on Cascades and increase its ownership interest
up to 80% in Moydow. Upon completion of the Earn-In, Panthera holds
the right to increase its interest by 10%, for example, from 20% to
30%, for a cost of US$7.2 million.
The Cascades gold exploration project is in the Banfora
greenstone belt of the West African Birimian Supergroup in
southwest Burkina Faso. Cascades is approximately 450km
west-southwest of the capital, Ouagadougou, and 100km northeast of
the Wahgnion gold mine, operated by Endeavour Mining.
More than 65,500m of historical drilling (541 holes) has been
completed across multiple drilling campaigns by previous owners,
High River Gold Mines Limited ("HRG"), later acquired by Nord Gold
Plc, and Taurus Gold Limited ("Taurus"), consisting of principally
diamond and RC drilling (24,589m/39,339m, respectively).
Mineralisation has been intercepted by historical drilling and
outlined by previous artisanal mining in three main zones over a 10
km strike length.
Moydow has explored the area since August 2020, including the
acquisition and compilation of all previous data into a single
database, interpretation of this data, target generation using the
database and all the acquired remote sensing information, and a
Reverse Circulation (RC) drilling program involving 31 holes. This
culminated in the announcement of the maiden mineral resource
estimate in 2021 in accordance with the provisions of the Canadian
National Instrument 43-101 - "Standards of Disclosure for Mineral
Projects" ("NI 43-101") (see RNS dated 25 October 2021):
Indicated mineral resource estimate: 5.41Mt @ 1.52g/t Au (264,000oz)
Inferred mineral resource estimate: 6.93Mt @ 1.67g/t Au (371,000oz)
Note on the Laboratory Assays
All assays referenced here are for Fire Assay analyses performed
by SGS Laboratories in Ouagadougou. All samples reported here were
either one-metre primary samples or composites of three one-metre
primary samples. Splits (3kg) of one-metre primary samples from
selected mineralised intersections have been prepared for the
"Leachwell" bottle rolls. Experience from comparisons between fire
assay and bottle roll analyses from previous drilling programmes at
the Cascades Project points to a likely small percentage increase
in grade for bottle rolls versus fire assays.
This drilling report will be updated when all of the Bottle Roll
analysis results have been received.
Artisanal Miners at Cascades
DFR was notified by the relevant authorities of a recent
incident involving unlawful artisanal miners in which a ground
collapse resulted in fatalities at a location within the Cascades
304km(2) exploration licence area. The artisanal mining activity is
not sanctioned by the mining regulators, DFR or the Company. DFR
continues to support the relevant authorities in their
investigation of this tragic incident.
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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