Bassala Licence Renewal

RNS Number : 9951C

Panthera Resources PLC

28 February 2022

 

28 February 2022

Panthera Resources Plc

("Panthera" or "the Company")

Bassala Licence Renewal

Panthera Resources Plc (AIM: PAT), the diversified gold exploration and development company with assets in West Africa and India, is pleased to announce that the Bassala licence has been extended for a further three years.

Having met all of the requisite statutory obligations, the Company's joint venture partner applied for a three-year extension to the entirety of its Bassala exploration licence.  Following the approval by the Direction Nationale de la Géologie et des Mines and the Ministère des Mines de l'Énergie et de l'Eau, the Bassala exploration licence extension has been confirmed.

Highlights

· Three-year extension secured on Bassala exploration licence in Mali

· Bassala contains a significant new gold discovery in 2021

· Planning is underway for deeper RC drilling to identify coherent mineralisation for resource definition targets

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

"Underpinning the significant and widespread new gold discoveries made at Bassala from the two successful drill campaigns in late 2021, the licence extension our confidence ahead of our planned investments to identify potential resources at Bassala.

We thank our partners, employees and the Government of Mali for their efforts and ongoing support of the Company's investments in the local gold mining sector."

Background

The Bassala project is located within a 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 (Faboula Gold, 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; and IP survey announced on 10 June 2021.  These surveys were successful in confirming 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.

Following the successful gold in soil, ground magnetic and IP surveys in early 2021.  The Company tested 22 targets across two drilling campaigns in 2021, with the results announced on 24 August 2021, 10 September 2021, 30 September 2021 and 17 February 2022. 

This drilling delivered excellent initial results from a broad spaced pattern (200m x 50m) that generally only penetrated to the base of weathering.  Better intercepts from the 5m composite sampling include:

· 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)

· 25m @ 0.87g/t Au from surface incl. 5m @ 2.96g/t Au from 10m

· 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

· 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

Several coherent zones of mineralisation are beginning to emerge, generally trending NNE in the north, N-S in the centre and NW in the south.  These zones are between about 600m and 3000m in strike and hence have significant size potential.

A comprehensive geological interpretation of the dill logs and assays is underway.  This will feed into a closer spaced RC and/or diamond drilling programme that is currently being designed for the higher priority targets.  

Contacts

Panthera Resources PLC

Mark Bolton (Managing Director)  [phone]

  [e-mail]

Allenby Capital Limited (Nominated Adviser & Broker)                              [phone]

John Depasquale and Vivek Bhardwaj (Corporate Finance) 

Financial Public Relations

Vigo Consulting Ltd [phone]

Oliver Clark / Chris McMahon

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Qualified Person

The technical information contained in this disclosure has been read and approved by Antony Truelove (BSc (Hon), MAusIMM, MAIG), who is a qualified geologist and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies.  Antony Truelove is the COO of 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.

**ENDS**

 

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