TIDMPAT
RNS Number : 6666U
Panthera Resources PLC
16 July 2018
16 July 2018
Panthera Resources Plc
("Panthera" or "the Company")
Drilling Programme at Naton Project, Burkina Faso
Panthera Resources PLC (AIM: PAT), the gold exploration and
development company with assets in India and West Africa, is
pleased to provide an update on its drilling activities at the
Naton Project in southern Burkina Faso.
Highlights:
-- 1077 metres ("m") of Reverse Circulation ("RC") drilling has
been completed over eight holes as part of a preliminary evaluation
of four targets from three different areas
-- Most drill holes intersected zones of quartz veining and/or
sulphide bearing altered lithologies
-- Samples are currently being prepared for despatch for
metallurgical analysis, including necessary quality assurance and
quality control ("QAQC") procedures: results should be received,
analysed and reported within the next four weeks
-- A significant new high tenor soil geochemical anomaly has
also been identified at the Kwademan prospect, which will be
drilled during the second half of 2018
The initial drilling program at the Naton project has focused on
four targets in three key areas; Somika Hill, Bido Vein and Old
Orpailleur. The company has focused on the Somika Hill prospect,
which during previous exploration produced rock chip samples of up
to 7.14 grammes per tonne ("g/t").
Geoff Stanley, Panthera Resources Managing Director,
commented;
"I am delighted to provide an update on our recent drill
programme at the Naton Project in southern Burkina Faso. Our team
has worked tirelessly to define drill targets, plan the drilling
and complete the 1077m that will provide an important understanding
of the geological makeup and geochemistry of the four targets.
"It has been highly encouraging to see that the holes have
intersected altered lithologies and that we have been able to
identify a new geochemical anomaly at the Kwademan prospect. We aim
to drill this target in the second half of the year.
"We are excited by the progress at the Naton project and look
forward to updating the market on further developments and
results".
Enquiries
Panthera Resources PLC
Geoff Stanley (CEO) +1 (917) 941 7704
Nominated Advisor and Broker
RFC Ambrian +44 (0) 20 3440 6800
Rob Adamson
Bhavesh Patel
Charlie Cryer
Financial Public Relations
Blytheweigh +44 (0) 20 7138 3204
Camilla Horsfall
Julia Tilley
James Husband
Technical Information
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 has visited the Naton Project site and reviewed the
drilling and sampling protocols and procedures. Antony Truelove is
the COO of Panthera Resources PLC.
Background:
The Naton project is located approximately 120km west-southwest
of the capital Ouagadougou and is situated within a Birimian
Greenstone Belt that hosts significant known gold mineralisation at
Bissa-Bouly (Nordgold, 8.9Moz gold endowment), Kalsaka (Amara,
1.2Moz gold endowment), Poura (Cluff, 0.9Moz gold endowment), Gaoua
(B2 Gold, 3.4Moz gold endowment plus considerable copper) and
Konkera (Centamin, 3.2Moz gold endowment) as well as significant
zinc mineralisation at Perkoa (Trevali, 5.5Mt @ 13 per cent
Zn).
Work by Panthera has included the compilation and assessment of
all previous exploration results from within the tenement area,
extensive soil sampling, rock chip sampling, geological mapping and
surveying of all current and past artisanal mining areas. This work
has delineated multiple areas of interest, and three of these,
Somika Hill, Bido Vein and Old Orpailleur have been the subject of
this first pass RC drilling programme. These targets were selected
based largely on the previous exploration work and Panthera's soil
and rock chip sampling.
A total of 1077m Reverse Circulation drilling has been completed
in eight drill-holes. All samples have been split and bagged and
will be despatched to the laboratory with the next few days
following addition of various QAQC samples (standards, blanks,
duplicates).
Somika Hill Targets:
The Somika Hill prospect was the main area selected for drill
testing in the current programme. This area has previously been
subjected to semi-mechanised artisanal mining activities in three
locations on the main trend. It has also had extensive eluvial
artisanal workings and is currently being mined on a small scale at
depths up to 20m below surface by artisanal underground miners.
Panthera's soil sampling defined an open ended 1,800m by 100-200m
gold (Au) soil anomaly that is associated with the main artisanal
workings. Peak anomalous values up to 272ppb Au in soils were
recorded. A Rock chip sampling programme completed by Panthera on
this trend identified gold grading up to 7.14g/t.
Previous shallow drilling has been undertaken in the vicinity of
the main semi-mechanised artisanal pits intersecting multiple zones
of gold mineralisation including 1.5m @ 1.99g/t Au from 7.5m
downhole, 1.5m @ 0.71g/t Au from 31.5m downhole, 1.5m @ 1.08g/t Au
from 34.5m downhole and 3m @ 0.93g/t Au from 52.5m downhole. As
this drilling data is only available from old publically available
reports from over 20 years ago, it is considered to be unreliable,
and hence one of Panthera's drill-holes (PSHRC001) was designed to
test in the general vicinity of this old drilling. This drillhole
was completed at a depth of 144m and intersected diorite with local
sulphide (pyrite) alteration. Within the weathered zone, quartz
veining was intersected over multiple intervals.
Two other drill-holes were completed within this main trend:
PSHRC002 approximately 290m to the northwest and PSHRC003
approximately 480m to the southeast.
PSHRC002 was designed to test beneath an area of intensive
active artisanal activity (including shafts up to 20m deep) with an
associated low-level soil anomaly (59ppb Au). It was completed at a
total depth of 135m and intersected multiple zones of quartz
veining from surface to a depth of around 67m followed by fresh
variably sulphide (pyrite) altered diorite.
PSHRC003 tested a moderate order soil anomaly (83ppb Au) along
strike to the southeast. It was completed at a depth of 100m and
intersected diorite with minor patchy sulphide (pyrite)
alteration.
A single drill-hole was designed to test a subsidiary zone of
mineralisation known as the Kaga Vein. Panthera's soil sampling has
confirmed a gold anomalous trend over about 900m (open to the
south) corresponding to this trend. This was previously explored by
a single RC drill hole in the mid-1990s that returned drill
intercepts of 1.5m @ 2.35g/t Au from 9m downhole, followed by 7.5m
@ 1.18g.t Au from 22.5m downhole. Rock chip samples grading up to
2.0g/t Au have been collected from the vein by Panthera's
geologists. PSHRC004 (139m) was designed to test this trend where
it has an associated plus 100ppb Au soil anomaly. The drill-hole
intersected diorite with some felsic dyke intrusions with minor
sulphide (pyrite) mineralisation.
Panthera's soil sampling returned the highest order of soil
anomalism (488ppb Au) from a separate trend approximately 300m east
of the main Somika Hill trend. This was tested by a single
drill-hole, PSHRC005, which was terminated at a total depth of
135m. This drill-hole intersected diorite with multiple zones of
quartz veining between surface and 33m. Weak sulphide (pyrite)
alteration was also noted within unweathered diorite.
Bido Vein Target:
A single drill-hole was designed to test an area of known
mineralisation associated with a north-south trending quartz vein
with associated artisanal mining that can be traced over
approximately 700m strike. Previous drilling in this area had
returned up to 1.5m @ 21.0g/t Au from 24m to the end of the hole.
As this is derived from old public domain reports it cannot be
verified and hence Panthera's drill-hole PBVRC001 (153m) was
designed to examine the mineralisation in the general area of this
intercept.
PBVRC001 intersected potassic and epidote-chlorite altered mafic
volcanics with multiple zones of sulphide (pyrite) alteration and
also some minor quartz veining between 101m and 106m.
Old Orpailleur Target:
Compilation of previous exploration data identified deep
artisanal shafts over an areal extent of 1,600m x 150m. Previous
drilling does not appear to have adequately tested this zone and
hence two drill-holes were designed as a first pass test.
POPRC001 was designed to test the western part of the area. It
was terminated at a depth of 139m and intersected unaltered granite
beneath lateritic saprolite. It appears the artisanal shafts were
targeting an eluvial or alluvial concentration of gold at the base
of the laterite.
POPRC002 was designed to test the central part of the area, near
the interpreted intersection of a trend of mineralisation within
granite that was mapped to the north. The hole was terminated at a
depth of 132m and intersected granitic rock beneath the lateritised
saprolite with several zones of disseminated sulphide (pyrite)
alteration between 80m and 120m depth.
New Targets Identified at Kwademen Prospect:
At the Kwademen prospect, ongoing exploration has identified a
new soil geochemical anomaly of markedly higher tenor than those
tested to date. This anomaly is aerially very extensive and
requires refining by RAB/Aircore drilling prior to RC testing due
to its large size. Most previous work was undertaken to the west of
the highest tenor areas of the soil anomaly but, even so, has
delineated a large strike of significant gold mineralisation in the
broad spaced drilling. This high value anomaly will be tested by
RAB/Aircore drilling in the second half of 2018, after the current
wet season.
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END
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