Panthera Resources plc share price, company news, analysis and interviews

Panthera Resources PLC (LON:PAT), the gold exploration and development company with key assets in West Africa and India, has announced its unaudited interim results for the half-year ended 30 September 2022.

Highlights

·        Total loss for the reporting period of $1,477,506 or $0.01 per share (2021: $1,943,501 loss or $0.02 per share) reflecting our ongoing commitment to our exploration activities during the period

·        Completed the agreement with Diamond Fields Resources Inc (DFR) providing up to US$18 million in exploration and development funding for the Cascades Project.

·        Moydow completed a 4975 metre RC drilling campaign at the Cascades Project which produced a significant discovery at the TT13 prospect.

·        Completion of the geophysics, together with the current geological mapping exercise at Bido identified a zone of clustered vein targets.

·        At Bassala, a 5931 metre AC drilling programme completed which defined five significant prospects – the most significant being Tabakorole, with a 2km strike length.

·        Continued to pursue the grant of the Prospecting Licence over the Bhukia project through both commercial resolution and the legal proceedings ongoing in the High Court of Rajasthan (Court). 

Mark Bolton, Managing Director of Panthera Resources, commented:

“Despite the challenging equity market conditions for gold juniors, the year to date has again been one marked by significant field activity on our extensive West African assets.   This is in part supported by the completion of the Moydow restructuring and funding agreement with DFR.

At the Cascades Project, drilling by Moydow saw a significant discovery at the TT13 prospect.  With 22 new untested drilling targets identified, the Company is confident that the existing mineral resource estimate will continue to grow with further drilling.

At Bido, an IP Geophysical Survey, geological mapping and outcrop rock sampling has identified a zone of clustered vein targets that are now ‘drill ready’.“

Events Post Balance Date

In October 2022, the Company completed an equity capital raising of £500,000.

Project Activities

Cascades (Burkina Faso)

The Cascades Project, formerly named Labola, is owned and managed by Moydow Holdings Ltd (Moydow).  Following a restructuring completed and announced on 30 June 2022, Panthera currently holds an equity interest of 20% in Moydow with DFR agreeing to spend up to US$18 million (Earn-In) on Cascades in order to maintain its ownership interest of up to 80%.

The Cascades gold exploration project is in the Banfora greenstone belt of the West African Birimian Supergroup in southwest Burkina Faso. Cascades is approximately 450km west-southwest of the capital, Ouagadougou, and 100km northeast of the Wahgnion gold mine, operated by Endeavour Mining.

More than 65,500m of historical drilling (541 holes) has been completed across multiple drilling campaigns by previous owners with Moydow exploring the area since August 2020.  Following a 2021 drilling program by Moydow, a maiden Mineral Resource Estimate (MRE) was published in October 2021 as stated in Table 1:

                   Table 1 Maiden Mineral Resource Estimate, October 2021

Indicated Mineral Resource:	5.41Mt @ 1.52g/t Au (264,000oz)
Inferred Mineral Resource:	6.93Mt @ 1.67g/t Au (371,000oz)

Between May 2022 and July 2022, a 4975 metre Reverse Circulation (RC) drilling programme was completed by Moydow.  The programme incorporated infill resource definition and step-out drilling at the Daramandougou area and first-pass exploration drilling on two new previously untested targets in the newly acquired Wuo Land 2 concession (as announced by the Company on 11 March 2022), namely the TT-13 and the Big South targets. A breakdown of the drilling by area is given in Table 1.

Table 2  RC  drilling programme, May-July 2022

Target Area	No. Holes	Metres
Daramandougou	21	2,545
TT-13	9	1,068
Big South	13	1,362
TOTAL	43	4,975

The drilling at Daramandougou is not expected to add significant new resource ounces within the existing resource envelope, however, the data will help to strengthen the geological model and potentially assist in resource classification.

Two new targets in the newly acquired Wuo Land 2 licence area, TT-13 and Big South, were tested in a first-pass drilling programme.

The TT-13 structure has been mapped for a strike length of approximately 3,000 metres. It runs parallel and to the east of the Daramadougou/Wuo Ne structure.  The sampling campaign during 1Q 2022 confirmed ore-grade mineralisation in several artisanal workings with grades up to 25.4 g/t Au.  Three holes in particular intersected significant mineralisation in what appears to be a westerly dipping mineralisation envelope up to 20-35 metres wide with notable intersections listed below (“LW” is gold analysed by Leachwell method while “FA” is gold analysed by 50g fire assay):

·        CS22-RC027 45-55m, 10m@1.55 g/tLW (1.38 g/t FA)

·        CS22-RC028 25-29m, 4m@2.10 g/t LW (1.56 g/t FA)

·        CS22-RC028 38-54m, 16m@1.26g/t LW (1.2g/t FA)

·        CS22-RC029 27-36m, 9m @1.08 g/t LW (0.93 g/t FA)

·        CS22-RC029 56-66m, 10m@1.81g/t LW (1.39g/t FA)

Drilling at the Big South target tested an extensive artisanal zone.  Most of the drill holes in the northern half of the zone reported some low-grade mineralisation within an envelope consistent with the area of the artisanal workings.  The extent and intensity of the artisanal workings here, supported by mapping and sampling, point to a potentially importanta and large mineralised zone. However, this phase of drilling did not confirm any ore grade zones at the Big South target.  Follow-up geological mapping of the mineralised structure will be needed here before the next round of drilling is planned. 

Bassala Project (Mali)

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 June 2022 and July 2022, the Company completed a 5931 metre drilling programme to follow up results of earlier drilling across the Bassala North, Bassala Central and Bassala South Sectors, , with main findings being:

·        Five significant prospects defined from initial and follow-up geochemical drilling campaigns

·        The most significant prospect is the Tabakorole Prospect which has a 2km strike length within which drilling has identified wide zones of mineralisation

·        The 2022 drill programme comprised  2,601m reverse circulation (RC) drilling in 23 drill holes and 3,030m air-core (AC) geochemical drilling completed in 50 drill holes

·        Significant silica-chlorite-sulphide alteration and associated quartz veining were observed for most targeted intervals

·        Drill assay results (based on 5m composite sampling) include:

5 metres at 5.60 g/t Au from 40m

5 metres at 4.68 g/t Au from 10m

5 metres at 3.73 g/t Au from 35m.

Bido (Burkina Faso)

The Bido permit in Burkina Faso is located on the Koudougou quadrangle some 125km WSW of the capital Ouagadougou. The tenement lies within the Boromo greenstone belt which also hosts the Poura gold deposit (1 to 2 Moz), situated about 50 km to the SSW of the area, as well as numerous gold occurrences.

During the half year, the Company completed an IP geophysical survey and expanded its geological mapping and outcrop rock sampling, the main points arising being:

·        The geophysical survey has identified 28 strong IP anomalies;

·        Most targets correlate with outcropping mineralised vein systems and or extensive artisanal workings;

·        Survey covered the Beredo and the Somika areas with several other mineralised domains to be tested including the Kwademen prospect;

·        Recent gold in rock sample results identified several outcropping mineralised vein systems coincident with the strong IP anomalies, , best results from grab sampling being:

–  42.2g/t Au

–  20.0g/t Au

–  13.6g/t Au

–  13.4g/t Au

–  10.9g/t Au

The completion of the geophysics, together with ongoing current geological mapping is the final step ahead of future drilling campaigns.

Bhukia Project (India)

During the period, the Company continued its efforts to secure an amicable outcome with the Government of Rajasthan (GoR). In parallel, the Company has continued to seek the enforcement of its rights through the High Court of Rajasthan. 

The Company made its initial investment in Bhukia, through its 95% owned Australian subsidiary, Indo Gold Pty Limited (IGPL), in 2005.  The Company’s rights to be granted a Prospecting Licence over Bhukia, through its joint venture partner, have been consistently frustrated over an extended period by the GoR.  More recently, the Prospecting Licence Application over Bhukia was again rejected by the GoR in August 2018 on various spurious and legally untenable grounds.  The Company subsequently obtained an interim Stay Order from the Hon’ble Rajasthan High Court which remains in place subject to ongoing proceedings there.

In 2021, the Government of India (GoI) passed a new act (MMDR2021) to amend the Mines and Minerals (Development and Regulation) Act of 2015 (MMDR2015).  Under Clause 13 of the MMDR2021, any pending Prespecting Licence Applications (PLA) have lapsed, therefore, potentially impacting the Company’s rights to the Bhukia and Taregaon projects.  Furthermore, under Clause 13 of the MMDR2021, the holder of a reconnaissance permit or prospecting licence whose rights lapsed shall be reimbursed the expenditure incurred towards reconnaissance or prospecting operations in such manner as may be prescribed by the GoI.  This expenditure on account of reimbursement may increase in case any foreign investor invokes Bilateral Investment Promotion and Protection Agreements executed between India and other countries.

On 18 February 2021, the Company announced that it had appointed Fasken to advise the Company on a potential dispute with the Republic of India concerning the Bhukia Joint Venture Project (Bhukia).  Specifically, Fasken is advising the Company on its potential dispute under the Australia-India Bilateral Investment Treaty of 26 February 1999 (AIBIT) concerning Bhukia, which includes past, present and any future acts and/or omissions by India and its state entities and actors.  Fasken has advised that a potential claim under the AIBIT has legal merit.  The Company continues to engage with several potential litigation funders to support a potential claim under the AIBIT.

Diamond Fields Transaction

In August 2021, Panthera announced that it has entered into agreements to restructure its ownership interests in Moydow and underlying assets (together the “Transaction”).  Upon completion of the Transaction in June 2022, the Transaction resulted in:

·        US$18 million farm-out agreement on Cascades Project with DFR;

·        Spin-out of Kalaka and Nigeria projects from Moydow into a new entity (“Maniger”); and

·        Panthera secures 50% interest and operatorship of Maniger

The Transaction with DFR provides significant finance to progress the Cascades Project to the next stage, primarily the bankable feasibility study.  Panthera’s significant ongoing interest in Cascades of up to 30% ensures that the Company will benefit from any success, while not diluting shareholders’ exposure to the Company’s other assets including Bassala, Bido and India.  The ‘spin out’ of the Kalaka and Nigeria projects into Maniger preserves our interest in Kalaka independent of Cascades.

In summary, the DFR transaction secures significant multi-year financing for Cascades, ameliorates the potential concentration of risk and maximises shareholder exposure to the growth opportunity from our wider asset portfolio.

Funding

Based on current expenditure levels, all funds will be used within the next 6 months. Panthera Resources’ ability to continue as a going concern is dependent upon raising additional capital.

Gold exploration and development company Panthera Resources Plc (LON:PAT), with assets in West Africa and India, has announced that it has recently completed an Induced Polarisation Geophysical Survey (“IP”) and expanded its geological mapping and outcrop rock sampling at the Bido Project in Burkina Faso.

Highlights

·    The geophysical survey has identified 28 strong IP anomalies at Bido

·    Most targets correlate with outcropping mineralised vein systems and or extensive artisanal workings

·    Survey covers the Beredo and the Somika areas with several other mineralised domains to be tested including the Kwademen prospect

·    Recent gold in rock sample results identified several outcropping mineralised vein systems coincident with the strong IP anomalies:

o  42.2g/t Au

o  20.0g/t Au

o  13.6g/t Au

o  13.4g/t Au

o  10.9g/t Au

·    Results from further rock sampling in the survey area are pending

Commenting on the announcement, Mark Bolton, Managing Director of Panthera Resources said:

“The Bido project is the next in Panthera’s pipeline after Cascades and Bassala.  Covering 100 km², it contains a considerable number of mineralised gold prospects across multiple geological domains. 

The geophysical survey has identified 28 strong anomalies to date, many of these targets are coincident with extensive artisanal works and/or gold in rock sample assays.

Following these recent, very positive results, we have expanded the geological mapping and rock sampling to cover the remaining area in the north of the survey area.

The completion of the geophysics, together with the current geological mapping exercise, represents the final stage of the present work programmes in this part of the Bido licence area, which will then allow for future drilling campaigns to be planned and proposed for budget allocations.”

Summary of the Bido Project

The Bido permit in Burkina Faso is located on the Koudougou quadrangle some 125km WSW of the capital Ouagadougou. The tenement lies within the Boromo greenstone belt which is principally composed of Paleoproterozoic Birimian terrain within the West African Man Craton, consisting of volcano-sedimentary and plutonic domains metamorphosed during the Eburnean period with even younger intrusive bodies that have been intruded into both domains.  This belt also hosts the Poura gold deposit (1 to 2 Moz), situated about 50 km to the SSW of the area, as well as numerous gold occurrences. The Perkoa VMS deposit is located about 35 km to the north of the area.

Bido Geophysical Survey

The IP survey, over an area of approximately 15km², covers the Beredo and the Somika areas.  The Company targeted this volcanic centre with its maiden geophysical survey at Bido, where previous geochemical work, including recent rock sampling, had returned very promising results.  These areas also host extensive active artisanal workings.

The survey has characterised three extensive features described in the following, in which some 47 anomalies, including 28 high-priority ones, have been identified.  The Company is currently evaluating the survey results in conjunction with its extensive geoscientific information and in particular the recent mapping and rock sampling.  Preliminary analysis indicates multiple targets where the strong/moderate IP Axes defined from interpreted resistive and conductive structures defined by the IP survey are coincident with mapped vein structures, gold in rock samples and artisanal workings.

Following the completion of the data review, the Company will prioritise the targets for future drilling.

Geophysical Survey

The Company contracted SAGAX AFRIQUE SA to conduct an IP geophysical survey over several grids located in the Bido licence area before the onset of the wet season. The work consisted of approximately 200-line km of Gradient Array (100m x 25m grids) over the Beredo and Somika areas with follow-up Pole – Dipole Array IP/Resistivity Surveys (a = 50m, n =1 to 10) as appropriate to define drill targets.

The survey has characterised three extensive chargeability features, the western corridor (Zone W), the central wide corridor (Zone C) and the eastern corridor (Zone E).  Zone E incorporates the eastern section of Beredo and the Somika grid.

Zone W comprises a pervasive north-south chargeable high (2.5-6 mV/V).  Zone C comprises many well-defined chargeability individualized axes through the centre of this corridor.  Zone E displays similar characteristics as Zone C with well-defined chargeability individualized axes, particularly in the far north, far south and east.

During 2021-22, rock sampling was carried out over outcrops of sheared country rock containing quartz veining identified by our geological mapping campaigns, often located in areas associated with shallow artisanal gold diggings. At least five localities have been sampled at strike lengths of over 500 metres, returning gold values greater than 1 ppm.

It is interpreted that the central corridor may define a shear zone trending NNE (N5^o-N10^o), within which numerous broadly similar-trending, highly chargeable structures may represent altered and sheared intermediate metavolcanic or other intrusive rock.

Similar chargeable anomalies observed on other portions of the grid have broadly comparable trends.

The resistivity survey results have been superimposed on the gold in rock sampling assays.  It is speculated that the resistive zones may represent higher quartz content associated with silica flooding of altered and structural country rock.

Pole-Dipole IP Survey Data and Results

In addition to the gradient array IP survey, the Company completed Pole-Dipole survey lines at Beredo-Kiékouyou (4 lines) and Somika (2 lines). The Pole-dipole line locations were located based on previous knowledge of the occurrence of gold in artisanal workings, known areas of mineralised veining and the results of the gradient array IP that indicated interesting zones. A Pole-dipole array is commonly used for vertical investigation.

The survey measured the resistivity and chargeability properties on the cross-section of each survey line.  The data was utilised to plot the resistivity and chargeability inversion pseudo sections, the pseudo-lithology cross-section as well as the gradient chargeability contours map around the pole-dipole surveyed lines.

The depth of investigation of these Pole-Dipole surveys (a=50M, n=1 to 10) is between 200m and 250m. The anomalies pointed out with the gradient array survey are identified in these sections. The three anomalous corridor zones (Western zone, central Zone, and Eastern zone) are also identified here.

The resistivity sections (UBC Resistivity) detail the geometry (relief) of the interface between the conductive clayey covering horizon, interpreted as saprolite, and the underlying resistive bedrock, interpreted as intrusive.  The latter is affected by many syn-geological deformations (Faults/micro-faults/shearing) reflected by local thickening of the conductive covering. These faults are represented by the conductive axes on the gradient map.

Line 20400N in the Beredo area is indicative of the pole-dipole survey in this area.  The B12-13 anomaly identified by the survey corresponds to a target where rock sampling has returned multiple gold values over 1g/t Au over 1 km strike length including:

·       6.8g/t Au

·       10.9g/t Au

·       6.2g/t Au

·       13.6g/t Au

·       13.4.9g/t Au

·       20.0g/t Au

At the Somika prospect, the pole-dipole survey below has highlighted the eastern chargeability corridor. The survey infers a felsic intrusion buried under a conductive covering and affected by geo-structural deformations.

The chargeability and the resistivity inversion sections assist in determining the dip of the rock formations, thus assisting in planning drill orientation. At Somika, we consider that the survey has identified sub-vertical structures, undercover, that are on occasion slightly easterly dipping.

Line 29900N is indicative of the pole-dipole survey at the Somika prospect where the survey has identified a strong anomaly extending at depth at S1 and S4.  As mentioned earlier there is an observed conductive covering indicated by the data interpretation and in the field that is identified as laterite and saprock to the west of this zone at the Somika Hill artisanal workings (B7/10 anomaly) intermittent sheared and veined country rock (Altered felsic?) has been exposed at several locations.

Gold exploration and development company Panthera Resources Plc (LON:PAT), with assets in West Africa and India, has announced the Labola assay results from the June 2022 drilling programme completed by Moydow.  The Project has an Indicated Mineral Resource of 264,000oz @ 1.52g/t Au and an Inferred Mineral Resource of 371,000 oz @ 1.67 g/t Au.  Going forward, the Labola project has been renamed the Cascades Gold Project. 

Highlights

·        The Cascades Gold Project comprises the contiguous Wuo Land and Wuo Land 2 licences for 243 square kilometres

·        A maiden Mineral Resource estimate was announced in 2021 on Wuo Land

·        Results from the recent drilling at the Cascades Gold Project have confirmed the presence of a significant new gold zone at the TT-13 target. Assay results include: 

CS22-RC027 45-55m, 10m@ 1.55 g/t Au

CS22-RC028 25-29m, 4m@ 2.10 g/t Au

CS22-RC028 38-54m, 16m@ 1.26g/t Au

CS22-RC029 27-36m, 9m @ 1.08 g/t Au

CS22-RC029 56-66m, 10m@ 1.81g/t Au

·        Infill drilling has added definition to the geological model with high-grade mineralisation intersecting in the Western Zone.  Assay results including 3 metres @ 12.52g/t Au

·        The geology team is continuing to upgrade more than twenty new targets for future drilling

·        Environmental baseline studies have commenced, and a new CSR program launched including the drilling of the first community water well in the Project area

·        Recent metallurgical test work confirms that the gold is free milling

Commenting on the announcement, Mark Bolton, Managing Director of Panthera Resources said:

“The discovery at TT13, just one of many untested drill targets at the Cascades Project, reinforces our confidence in being able to deliver a substantial gold resource here in due course. 

The recent exploration campaign was professionally executed with the support of the local community and without incident.”

Cascades Project Drill Program

Following a 2021 drilling program in an area of historical drilling at the Daramandougou and Wuo Ne target areas within the Wuo Land licence area, a maiden Mineral Resource Estimate (MRE) was published in October 2021 as stated in Table 1:

                   Table 1 Maiden Mineral Resource Estimate, October 2021

Indicated Mineral Resource:	5.41Mt @ 1.52g/t Au (264,000oz)
Inferred Mineral Resource:	6.93Mt @ 1.67g/t Au (371,000oz)

Between May and July 2022, a 4,975 metre Reverse Circulation (RC) drilling programme was completed. The programme incorporated infill resource definition and step-out drilling at the Daramandougou area and first-pass exploration drilling on two new previously untested targets in the newly acquired Wuo Land 2 concession (as announced on 11 March 2022), namely the TT-13 and the Big South targets. A breakdown of the drilling by area is given in Table 1.

Table 2  RC  drilling programme, May-July 2022

Target Area	No. Holes	Metres
Daramandougou	21	2,545
TT-13	9	1,068
Big South	13	1,362
TOTAL	43	4,975

All holes were sampled at one-metre intervals. Initially, composite samples have been generated for laboratory analysis for two-metre downhole intervals. In well-mineralised zones, the one-metre samples were assayed.

The TT-13 target was identified in a target generation exercise carried out in 2021. Significant mineralisation was intersected in the exploration drilling at TT-13 and follow-up resource delineation drilling will be recommended here.

Drilling at the Big South target tested a new, but already extensive, artisanal mining zone.  Several of the 13 holes intersected a low-grade mineralised envelope coincident with the extent of the artisanal workings.  The anticipated higher-grade zones will geological mapping and modelling before further drilling.

Infill and step-out drilling at the Daramandougou Target

Twenty-one holes were drilled at Daramandougou for an aggregate total of 2,454 metres. For the most part, the drilling did not intersect new high-grade zones and the drilling is not expected to add significant new resource ounces within the existing resource envelope. However, the data will help to strengthen our geological model here, and this will be important for resource classification. By way of example, hole CS22-RC003 tested a gap in drilling at the southern end of the Western Zone at Daramandougou more than 100 m in length, between hole DRA21-014 drilled by Moydow in 2021 and LBLC08-006 drilled by High River Gold in 2008. Intersections in CS22-RC003 included the following:

·    CS22-RC003 40-60m, 20 metres @ 1.27g/t and

·    CS22-RC003 64-68m, 4 metres @ 2.1g/t and

·    CS22-RC003 94-96m, 2 metres @ 3.8g/t and

·    CS22-RC003 102-114m, 12 metres @ 3.38g/t

The highest-grade mineralisation in these intersections was 104-107m, 3 metres @ 12.52g/t Au (from fire assays), which occurs in a zone of quartz veining where the host metasediment unit transitions from sandstone to greywacke dominated lithology. DRA21-014 was collared 60 metres to the north and had previously intersected a maximum grade of 2.18g/t (60-61 metres downhole). LBLC08-006 was collared 55 metres to the south and intersected the highest grade of 1.35g/t. Preliminary modelling of the new results suggests likely continuity with the mineralised zone intersected in DRA-21-014 therefore a significant southerly continuation of the western zone at improved grades.

Other potentially significant intersections from the drilling at Daramandougou include:

·    CS22-RC002 3-13m, 10 metres @ 0.94 g/t Au

·    CS22-RC004 36-54m, 18 metres @ 1.36g/t

·    CS22-RC006 32-46m, 13 metres @ 1.31g/t

·    CS22-RC007 75-88m, 13 metres @ 0.73g/t

·    CS22-RC010 67-71m, 4 metres @ 1.53g/t

·    CS22-RC013 32-53m, 21 metres @ 0.63g/t

·    CS22-RC018 34-36m, 2 metres @ 3.03g/t

·    CS22-RC021 20-29m, 9 metres @ 0.64g/t

Exploration drilling

Two new targets in the newly acquired Wuo Land 2 licence area, TT-13 and Big South, were tested in a first pass drilling programme with an aggregate of 22 holes. Target generation work during 2021 defined 22 exploration targets across the Wuo Land and Wuo Land 2 concessions. Most of these targets, including TT-13 and Big South, have had no previous drilling.

The TT-13 target is 6km south-southeast and 8km south-southeast of the Wuo Ne and Daramandougou zone where the bulk of mineral resources was delineated in December 2021.  At TT-13 a total of 9 holes tested a northeast-southwest trending shear structure where a 2022 field mapping programme had delineated a structure over a strike length exceeding 1.8 kilometres. The zone is characterised by near continuous artisanal workings at the surface. The TT-13 structure has been mapped for a strike length of approximately 3,000 metres. It runs parallel and to the east of the Daramadougou/Wuo Ne structure.  The sampling campaign during quarter 1 of this year confirmed ore-grade mineralisation in several artisanal workings with grades up to 25.4 g/t Au.

Three holes in particular intersected significant mineralisation in what appears to be a westerly dipping mineralisation envelope up to 20-35 metres wide. Notable intersections are listed below. The samples were initially assayed by Fire Assay (FA) and selected mineralised sections were also assayed using bottle roll LeachWELL (LW) analyses.  Both the Fire Assay and Bottle Roll assays are quoted here, and it is noted that for each mineralised intercept the Bottle Roll assays returned a higher average grade than the Fire Assays.

·    CS22-RC027 45-55m, 10m@1.55 g/t LW (1.38 g/t FA)

·    CS22-RC028 25-29m, 4m@2.10 g/t LW (1.56 g/t FA)

·    CS22-RC028 38-54m, 16m@1.26g/t LW (1.2g/t FA)

·    CS22-RC029 27-36m, 9m @1.08 g/t LW (0.93 g/t FA)

·    CS22-RC029 56-66m, 10m@1.81g/t LW (1.39g/t FA)

Drilling at the Big South target tested a new, but already very extensive, artisanal mining zone.  The structure crosses the southern boundary of the Wuo Land licence and into the Wuo Land 2 licence area and may be an offset southerly continuation of the TT-13 structure. As with TT-13, a short mapping and sampling programme in 2022 confirmed high-grade mineralisation in zones characterised by quartz veining with associated pyrite. 13 holes tested a 3km strike length of this shear structure at wide spacing. Thus far, only two-metre composited samples have been assayed. Most of the holes in the northern half of the zone intersected some low-grade mineralisation within an envelope consistent with the area of the artisanal workings. The primary one-metre samples from the mineralised envelope will be sent for LW analysis during September.

While the extent and intensity of the artisanal workings here, supported by mapping and sampling, point to a potentially important large, mineralised zone at Big South, geological field mapping of the mineralised structure will be needed here before the next round of drilling is planned. 

Drill Sample Procedures and Reporting

All drilling samples have been collected at one-metre intervals with some samples composited for assay, using a variety of assay techniques.  Where results from more than one assay technique are available the quoted intervals are annotated with FA or LW indicating fire assay or LW respectively.  When calculating drill hole intercepts, a cut-off of 0.3g/t has been used and an internal dilution of up to 3 metres is allowed.

Fire Assay analyses were carried out at SGS Burkina SA Laboratory, Ouagadougou. LW analyses was carried out at Biggs Global Burkina Sarl, Ouagadougou

Metallurgy

As part of the QA/QC programme from the drilling and sampling, 499 one-metre samples were re-assayed using the LW accelerated bottle roll technique.  Additional fire assays were performed on each of the LW tails. 

The average recovery of the bottle roll as a fraction of the bottle roll and tail fire assay for the 499 samples was 86.8%.  Furthermore, when applying a cut-off grade of 0.3 g/t Au, the average recovery was 89.5% for 183 samples. These results reaffirm that the material is free milling.

Environmental Baseline Studies.

Moydow has commenced the process of acquiring new environmental data for the project area in combination with the collation of all available historical data. An Ouagadougou-based environmental consultancy group has been engaged to assist with the scoping of a baseline monitoring programme.

CSR

Moydow enjoys good relations with the local communities and stakeholders in the Cascades Project area. The policy is to use local service providers and exploration personnel wherever possible, supported by experienced exploration personnel from outside the community who can lead and train local people as necessary.  The drilling programme was completed without any lost time injuries and no drilling downtime.  

Gold exploration and development company Panthera Resources Plc (LON:PAT), with assets in West Africa and India, has announced an update on its West African exploration activities.

We refer to the recent announcements for the completion of drilling at the Bassala Project and the IP Commencement at the Bido Project on 8 July 2022 and 4 July 2022 respectively.

The Company anticipates receiving the Bassala drilling assays and the Bido IP survey on or about the end of August 2022.

Furthermore, Panthera Resources advises that the drilling programme at the Labola Project has been completed with the first assays expected in September 2022.  Further details on the Labola drilling programme were announced on 26 May 2022.