Panthera Resources Plc (LON:PAT), the diversified gold exploration and development company with assets in West Africa and India, has provided an update on its West African exploration programmes as well as the projects owned by our associated company, Moydow Holdings Limited.
Highlights
· Work continued across the West African projects through the festive season
· Preliminary results at Bassala (Mali) gold suggest a large exploration target with over 8km strike potential
· First-pass drilling at Paimasa (Nigeria) completed with initial assay results expected in Q1 2021
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/6788M_1-2021-1-24.pdf
Bassala (Mali)
· A total of 775 soil samples have been collected, with 425 samples assayed and results received to date. A further ~350 samples remain to be collected with final assay results due later in February.
· Initial inspection of results to date shows additional gold anomalism, with several consistent anomalies located outside the previously sampled area.
· The ground magnetic survey has been completed and preliminary results returned. Pending the final report, several significant structural features co-incident with gold-in-soil anomalies have been interpreted.
A total of 425 soil samples have now been assayed and results received. Approximately 250 samples are currently on route to the testing laboratory in Bamako. A further 100 samples have been collected but remain on site. In addition, approximately 350 samples remain to be collected and this work should be completed in early February, with final results due mid to end February.
Results received to date have identified several subsidiary gold-in-soil anomalies, located both to the east and west of the main north-south trending anomaly.
The ground magnetic survey has been completed but final analysis and reporting is awaited. Preliminary examination of the results suggests a plus 8km, north-south to north-northeast trending structural corridor. This is in addition to the several subsidiary northwest-trending structures, the main one intersecting the north-northeast corridor near the centre of the tenement.
When the interpreted magnetic structures are superimposed on the soil geochemistry, an excellent correlation can be seen between the main structures and the gold in soil anomalism. This will be very useful for aiding drill site selection once all results are to hand.
Kalaka (Mali)
Due to COVID-19 restrictions on people movements, the commencement of the IP programme was initially delayed but the IP survey team have now arrived on site and commenced the survey with first results due in February.
Line cutting in preparation for this work is approximately 70% complete and this will speed up the pace of the survey once the crew arrives on site. First results are expected to be received in early February.
As announced on 15 January 2021, the expected date for completion of the sale of the Kalaka project to Moydow is currently anticipated on or before 31 January 2021.
Bido (Burkina Faso)
Work is progressing well with a total of 906 samples collected to date. The remaining samples (approximately 300) are currently being collected, with completion expected around the end of January.
No samples have been despatched to the laboratory as yet and it is planned that all samples will be submitted in a single batch in early February with results expected in mid to late February.
A total of 9 samples have been collected for petrological analysis from the Tiekouyou Gold Rush area, principally from altered wall rock material, to ascertain the style of alteration and mineralisation at this prospect. The area has been mapped in outline, along with a new area of artisanal activity within the Beredo prospect area.
Labola (Burkina Faso)
Work over the last month has consisted of further data compilation and assessment including building a new combined database and validating previously obtained data. All available data has now been obtained from previous explorers.
An exploration and evaluation team has been established by Moydow including an independent consultant to manage the programme which, after drilling, aims to report a maiden mineral resource estimate for the Labola (Wuo Land) project in accordance with the JORC Code and/or NI 43-101.
Moydow has called for tenders for the confirmatory drilling programme proposed for the later in the first quarter of 2021.
A review of exploration potential has also been undertaken and several additional targets at various stages of exploration have been identified.
Paimasa (Nigeria)
First-pass drilling has been complete for a total of 294.4m diamond drilling in two drill holes and a total of 1,369m RC drilling in 17 drill holes.
In most of the drill holes preliminary logging noted significant amounts of quartz veining and associated alteration. Assay results are anticipated to be available later in Q1 2021.
The Paimasa project is held under the Joint Venture Agreement between Moydow and PW Nigeria Mining Limited. Moydow’s current holding in the joint venture company is 20% with an earn-in right to increase this to 65%.
Mark Bolton, Managing Director of Panthera, commented:
“We enter 2021 in good stead with teams having conducted extensive activity across the West African licences over the Christmas-New Year period. Panthera has a firm operational platform with which to commence the new year and to continue to grow from strength to strength on our efforts of 2020.
At Bassala, the strong correlation between the structural targets identified by the ground magnetic survey with the gold-in-soil anomaly suggests that this may be a large gold exploration target with over 8km strike potential.
At Paimasa in Nigeria, which is held under the Joint Venture Agreement between Moydow and PW Nigeria Mining Limited, the first-pass drilling programme is complete and initial assay results are expected later in the quarter.
At Labola, Moydow’s team is currently preparing detailed plans and processes for the drilling programme expected to commence in this quarter. Several further additional targets at various stages of exploration have also been identified .
