TIDMPAT
RNS Number : 8162R
Panthera Resources PLC
08 July 2022
8 July 2022
Panthera Resources Plc
("Panthera" or "the Company")
Completion of Drilling at Bassala Project
Gold exploration and development company Panthera Resources Plc
(AIM: PAT), with assets in West Africa and India, is pleased to
announce the drilling programme, as announced on 6 June 2022 at the
Bassala Project in Mali has now ended with all samples delivered to
the assay laboratory.
Highlights
-- The drill programme follows highly encouraging results from
the drilling programmes reported in 2021 and early 2022
-- 2,601m reverse circulation (RC) drilling completed in 23 drill holes
-- 3,030m air-core (AC) drilling completed in 50 drill holes
-- Significant silica-chlorite-sulphide alteration and
associated quartz veining were observed for most targeted
intervals
-- The samples have been submitted to the SGS laboratory in
Bamako with results expected during July 2022
Commenting on the announcement, Mark Bolton, Managing Director
of Panthera said:
"The continued and rapid progress at Bassala is a credit to our
operations team in Mali. The project has been accelerated from a
grassroots prospect through a gold in soil and geophysics survey,
and two drilling programmes in 2021 for 18935 metres. The June 2022
AC drilling programme, comprising 5631 metres, was again completed
on time and within budget with no safety incidents reported .
The Basala project has a large number of mineralised targets
with three areas prioritised for follow-up AC/RC drilling in this
programme. Logging of drill cuttings has observed strong quartz
veining and alteration (sulphide or limonite after sulphide,
chlorite and silica). We look forward to the assay results expected
later in the quarter."
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/8162R_1-2022-7-8.pdf
pantheraresources.com/news/regulatory-news/
June 2022 Drill Programme
The June 2022 drill programme was designed to follow up results
of the earlier drilling in the three separate prospect areas in the
Bassala project, these being named 'Bassala North', 'Bassala
Central 'and 'Bassala South'. Panthera is pleased to report the
current program was completed ahead of schedule, on budget and
without any safety incidents.
Bassala South Prospect
In the Bassala South prospect at least two subparallel zones
trending NNW - SSE have been highlighted with:
-- artisanal workings
-- gold in soil anomalies
-- structures identified from the geophysical survey; and
-- significant gold anomalism in the 2021 air core drilling programme.
These structures or targets have now been drill tested with
deeper RC drilling and further AC geochemical testing and downhole
logging suggest zones of quartz veining may represent depth
extensions of mineralisation seen in surface geochemistry and the
shallower air core drilling.
Bassala Central Prospect
Exploration in the Bassala Central prospect is targeting the
deeper structures identified in earlier work and highlighted by
several artisanal zones of workings that are also located on the
north-south structures as interpreted from the gradient array IP
survey.
Bassala North Prospect
In the Bassala North prospect, several RC holes were drilled to
test the southern strike of areas of artisanal workings while AC
drilling followed up on the 2021 drilling anomalies, geophysical
structure, and artisanal digging targets.
In total, 3,030m of air-core (AC) drilling was completed in 50
drill holes and 2,601m of reverse circulation (RC) drilling was
completed in 23 drill holes.
The current programme has successfully identified that
sub-vertical quartz veining occurs and subject to positive
analytical results will be the basis for target planning in the
next phase of targeted exploration.
Logging of drill cuttings has supported our targeting rationale
for this phase of drilling with strong quartz veining and
alteration (sulphide or limonite after sulphide, chlorite and
silica) observed at the targets tested. Sulphides are generally
represented by boxwork textures or limonite replacing sulphides,
but occasionally fresh pyrite and/or arsenopyrite have been
logged.
A total of 1,350 composite samples have been collected from the
air-core and RC drilling (including standards, duplicates and
blanks) have been despatched to SGS Laboratory in Bamako and are
currently being assayed for gold via low-level detection (1ppb Au)
fire assay. It is planned to re-assay gold mineralised
intersections at 1 metre intervals.
It is expected that the assay results will be received during 3Q
2022.
Project Overview
The Bassala project is located within the highly gold-endowed
Birimian volcano-sedimentary belt in southwestern Mali,
approximately 200km south of the capital city Bamako.
The belt hosts the Kalana (Endeavour Mining, 4Moz) and Kodieran
(Wassoul'or, 2Moz) gold mines, both within a few kilometres of the
Bassala project. The adjacent belt to the west is also well endowed
with gold and hosts the Siguiri (AngloGold Ashanti ("AngloGold"),
17Moz), Tri-K (Avocet Mining, 3Moz), Kobada (African Gold Group,
3Moz), and Yanfolila (Hummingbird Resources, 2Moz) gold mines.
In the second half of 2020, the Company recommenced exploration
activity at Bassala with the results of gold-in-soil and ground
magnetic surveys announced on 26 March 2021. These surveys
confirmed that two major gold anomalous trends are present, a
9-kilometre long north-northeast trending zone and a second,
cross-cutting, 3-kilometre northwest-trending zone. These zones
appear to be continuations of significant regional mineralisation
trends.
Following the successful gold-in-soil and ground magnetic
surveys, the Company initiated an IP survey with the results
announced on 10 June 2021. The IP survey confirmed the previous
interpretations and identified:
-- Several high-order chargeability highs - most probably
indicative of disseminated sulphides at depth
-- Three of the chargeability highs can be traced over strike
lengths of 6,000m, 4,700m and 2,200m
-- Many of the chargeability highs are associated with
geochemical anomalies and artisanal mining activity
Reflecting the positive results from the IP survey, the Company
accelerated its drilling programme at Bassala, with an AC drilling
program in 2021.
Historical Drilling
Whilst the licence hosts prolific artisanal mining activity, the
only significant previous systematic exploration was undertaken by
AngloGold Exploration (AngloGold) during the period 2010-2011. That
work consisted of broad spaced soil sampling at 800m x 100m spacing
with limited infill to 400m x 50m and 200m x 50m spacing in
selected areas.
AngloGold subsequently undertook broad-spaced RAB drilling over
the main soil anomalies and a total of 3,111m was completed in 113
drill holes at an average depth of 27.5m. The drilling identified
significant mineralisation beneath the laterite cover,
including:
-- 21m @ 1.15g/t Au from 15m including 3m @ 4.52g/t Au from 33m
-- 15m @ 0.56g/t Au from 3m to the end of the hole
-- 3m @ 0.78g/t Au from 21m to the end of the hole
-- 6m @ 0.49g/t Au from 39m to the end of the hole
-- 3m @ 1.55g/t Au from 9m
-- 3m @ 1.16g/t Au from surface
June 2021 Drilling (Panthera)
Reflecting the positive results from the IP survey (announced on
10 June 2021), the Company initiated its maiden drilling programme
at Bassala. This was terminated in July 2021 due to the onset of
the wet season with a total of 9,997m air core (AC) drilling
completed in 164 drill holes and 392m reverse circulation (RC)
drilling completed in 4 drill holes.
That work resulted in widespread gold mineralisation being
identified in very widely spaced drill traverses with better
intercepts from the 5m composite sampling including:
-- 20m @ 2.12g/t Au from 10m incl. 10m @ 3.79g/t Au from 20m
-- 10m @ 3.45g/t Au from 60m incl. 6m @ 6.59g/t Au from 60m
-- 5m @ 5.10g/t Au from 15m
-- 5m @ 2.75g/t Au from 55m
-- 45m @ 0.57g/t Au from 25m incl. 5m @ 2.53g/t Au from 40m
-- 30m @ 0.88g/t Au from 20m incl. 5m @ 3.18g/t Au from 20m
-- 20m @ 0.75g/t Au from 15m incl. 5m @ 1.92g/t Au from 15m
-- 10m @ 0.96g/t Au from 35m incl. 5m @ 1.44g/t Au from 35m
-- 25m @ 0.51g/t Au from 15m incl. 5m @ 2.07g/t Au from 20m
-- 5m @ 1.98g/t Au from 40m
-- 6m @ 1.59g/t Au from 70m (end of hole)
-- 5m @ 1.41g/t Au from 35m (end of hole)
These were excellent initial results from the broad-spaced,
drill pattern that only penetrated to the base of
weathering. Further details of this drilling may be found in the
RNS' dated 24 August 2021, 10 September 2021 and 30 September
2021.
December 2021 Drilling (Panthera)
Given the excellent results from the June 2021 drilling
programme, the Company continued the drilling programme after the
wet season and the phase 2 programme (mainly situated in the
northern part of the license area), consisting of 8,546m drilling
in 152 AC drill holes, was completed in late 2021. Further details
of this drilling may be found in the RNS' dated 9 December 2021, 14
January 2022 and 17 February 2022.
Assay results from this drilling included the following
intercepts:
-- 25m @ 0.87g/t Au from surface incl. 5m @ 2.96g/t Au from 10m
-- 30m @ 0.25g/t Au from 15m incl. 10m @ 0.50g/t Au from 20m
-- 2m @ >8.00g/t Au from 55m at end of hole (re-assays at 3.01, 8.40 and 1.06g/t Au)
-- 5m @ 1.10g/t Au from 5m
-- 15m @ 0.40g/t Au from 10m incl. 5m @ 0.77g/t Au
-- 5m @ 0.89g/t Au from 30m
-- 16m @ 0.90g/t Au from 40m at end of hole incl. 5m @ 2.58g/t Au from 40m
-- 55m @ 0.29g/t Au from 5m at end of hole incl. 5m @ 1.05g/t Au from 30m
-- 5m @ 2.45g/t Au from 5m
-- 1m @ 0.42g/t Au from 50m at end of hole
-- 5m @ 0.92g/t Au from 55m at end of hole
-- 3m @ 0.68g/t Au from 15m at end of hole
-- 5m @ 0.44g/t Au from 55m at end of hole
-- 5m @ 1.19g/t Au from 35m
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)
Novum Securities Limited (Joint Broker) +44 (0) 20 7399 9400
Colin Rowbury
Financial Public Relations
Vigo Consulting Ltd
+44 (0)20 7390 0230
Oliver Clark
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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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