Panthera Resources PLC Labola Gold Project Successful DD Outcome (5336A)
30 May 2019 - 4:00PM
UK Regulatory
TIDMPAT
RNS Number : 5336A
Panthera Resources PLC
30 May 2019
Panthera Resources Plc
("Panthera" or "the Company")
Labola Gold Project Successful Due Diligence Outcome
Panthera Resources plc (AIM: PAT), the gold exploration and
development company with assets in India and West Africa, is
pleased to announce it has decided to move to a full Option to
Purchase agreement following its successful due diligence
investigation of the Labola Project in Burkina Faso, West
Africa.
Panthera has informed the vendor of its decision to proceed and
made the initial option fee payment of US$50,000. The agreement
allows Panthera up to five years to explore and develop the project
and it may obtain a 100% interest in the project by payment of
US$1,000,000 to the vendor at any time within this five-year
period. An additional payment of US$1,000,000 will become due if a
JORC compliant resource exceeding 1,000,000 ounces of contained
gold is defined and a 1% net smelter royalty capped at US$2M will
be payable from production.
Project Highlights
-- The Labola gold project consist of a package of approximately
65km(2) of licences that host two significant quartz vein
structures that have been mined (artisanal) over at least a 9km
strike.
-- This is the first time this package of properties has been
consolidated under one ownership and it represents an excellent
opportunity to integrate the significant amount of previous
drilling and optimise the resource potential of the project.
-- Previous explorers have announced combined JORC and 43-101
compliant resources of over 600,000oz averaging (approximately)
1.2g/t Au. Panthera has undertaken an extensive review of these
resources and believes that with limited additional exploration
work there is a high probability of being able to upgrade them
again to JORC compliance.
-- Significant potential for higher grade mineralisation can
also be seen based on previous drill results:
2m @ 130.6g/t Au from 66m
11m @ 8.2g/t Au from 147m
6.5m @ 7.26g/t Au from 318m.
Geoff Stanley, Managing Director said
"This is an exciting addition to Panthera's West African gold
portfolio with drill defined mineralisation identified over at
least 7km of the known 9km strike and previously identified
resource estimates of approximately 600,000 ounces of contained
gold. The Company is well advanced with planning programs to
confirm previous resources and define extensions to those
resources. The large strike extent of artisanal workings and the
significant amount of previous drilling has provided abundant
targets for initial exploration work and significantly de-risks the
project."
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
Market Abuse Regulation (MAR) Disclosure
The information communicated in this announcement includes
inside information for the purposes of Article 7 of Regulation
596/2014.
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END
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