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.
9 July 2024
Panthera Resources Plc
("Panthera" or "the
Company")
Kalaka Drilling
Commences
Gold exploration and development
company Panthera Resources Plc (AIM:PAT), with gold assets in West
Africa and India, is pleased to advise that the Company has
commenced a diamond drilling programme on the Kalaka Project in
Mali (Drilling Programme).
Highlights
· Twin
the historical drill holes K1AD001 and K1RC003 to verify the
historical drill results and provide material for further
metallurgical test work
·
K1AD001 reported 246.27m @ 0.55 g/t Au (inc 56m @1.02 g/t
Au)
· RC
hole K1RC003 reported 161m @0.39 g/t Au and terminated in the
mineralisation
·
Support ongoing next steps to define a maiden JORC compliant
mineral resource estimation at the K1A prospect
Mark Bolton, Managing Director of
Panthera, commented:
"The Kalaka Project in Mali has
large scale, low-grade gold
mineralisation potential. Historical drilling
consistently reported significant gold intercepts including diamond
hole K1AD002 (191.8m @ 0.52 g/t Au) and RC drill hole K1ARC028
(117m @ 0.59 g/t Au including 41m @ 1.02 g/t Au) at the K1A
prospect.
The Company
continues to advance its discussions regarding the potential
restructuring of its interest in its West African gold
assets. If successful, it is anticipated that this will not
only provide a path for the Company to realise significant value
from its West African gold portfolio, but also provide funding for
both the current Drilling Programme and advancing these assets
going forward."
About the
Kalaka Project
The Kalaka gold project, which is operated by
Panthera, is situated in southern Mali (Figure 1), 80km south of
the 8 Moz Morila gold mine and 85km northwest of the 6 Moz Syama
gold mine (Resolute). Panthera believes that the property has large
scale potential.
Historical drilling has intersected
impressive mineralization widths at the K1A target within a very
large 0.5g/t Au mineralization envelope. Drilling
intersections at K1A have included 249m @ 0.54g/t Au (to end of
hole). The tenement hosts some 45km of prospective geology and
structures along strike from K1A as defined from drilling, surface
geochemical and geophysical surveys.
At the K1A target area, the
Company's Competent Person Report (prepared by Golder Associates
Pty Ltd), which was disclosed in the Company's AIM Admission
Document, reported that drilling by past explorers defined a
potential endowment of 250,000 to 500,000 ounces. Furthermore,
Golder Associates Pty Ltd ("Golder") reported that this represents
an exploration target where further infill drilling may lead to the
estimation of a Mineral Resource.
More recently, follow-up work by
Panthera including re-examination of all available drill data at
K1A, identified a mineralised envelope that broadly conforms to the
potential endowment mentioned by Golder. This work identifies an
exploration target of between 0.5 Moz to 1 Moz gold.
Importantly, the Company is yet to drill the northern extension of
the mineralisation at K1A together with several similar targets
within the project area. Taken together this would potentially
expand the exploration target to approximately 3 Moz of
gold.
Figure 1: West African
Projects Location Plan
Current
Drilling Programme
The current drilling programme
comprises:
· drilling
two diamond core holes for 640m as detailed on Figure 2;
· holes will
be surveyed and orientated to facilitate measurements of
structures, veining and geological contacts;
· holes will
be drilled to identify the east and west margins of the ore body,
as stylized on the diagram (Figure 2); and
· it is also
planned to undertake additional metallurgical testing of the drill
core to advance our understanding of gold recoveries properties as
follow up to the positive bottle roll tests previously completed
(RNS announcement released by the Company on 13 June 2024).
Fig 2: Proposed Diamond
Drilling at the K1A Prospect, Kalaka
Contacts
|
Panthera Resources PLC
Mark Bolton (Managing
Director)
|
+61 411
220 942
contact@pantheraresources.com
|
|
|
|
|
Allenby Capital Limited (Nominated Adviser & Joint
Broker)
John Depasquale / Vivek Bhardwaj
(Corporate
Finance)
Guy McDougall / Kelly Gardiner (Sales
& Corporate Broking
|
+44 (0) 20
3328 5656
|
|
|
|
|
Novum Securities Limited (Joint Broker)
|
+44 (0) 20
7399 9400
|
|
Colin Rowbury
|
|
Subscribe for Regular Updates
Follow the Company on Twitter
at @PantheraPLC
For more information and to subscribe
to updates visit: pantheraresources.com
Qualified
Persons
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.
Glossary
|
Au:
|
The chemical element for
Gold
|
|
Diamond Core
Drilling
|
Diamond core drilling uses a diamond cutting
bit, which rotates at the end of a steel rod (tube) allowing for a
solid column of rock to be recovered from the tube at the
surface.
|
|
g/t:
|
Grammes per Tonne
(Metric)
|
|
JORC:
|
Australasian Code for Reporting of
Mineral Resources and Ore Reserves' of December 2012 ("JORC Code")
as prepared by the Joint Ore Reserves Committee of the Australasian
Institute of Mining and Metallurgy. Terms including Measured,
Indicated and Inferred Resources as defined therein
|
|
Moz:
|
Million Ounces (Troy)
|
|
Mt:
|
Million Tonnes (Metric)
|
|
NSR:
|
Net Smelter Return (NSR) is the net
revenue that the owner of a mining property receives from the sale
of the mine's metal products less transportation and refining
costs
|
|
RC
|
Reverse Circulation drilling, or RC
drilling, uses rods with inner and outer tubes, the drill cuttings
are returned to surface inside the rods. The drilling mechanism is
a pneumatic reciprocating piston known as a hammer driving a
tungsten-steel drill bit.
|
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**