Exercise of Wuo Land 2 Option

Panthera Resources PLC

09 February 2024

 

9 February 2024

Panthera Resources Plc

("Panthera" or "the Company")

Exercise of Wuo Land 2 Option

Gold exploration and development company Panthera Resources Plc (AIM: PAT), with assets in West Africa and India, is pleased to announce that Moydow Holdings Limited ("Moydow") has exercised its exclusive option to acquire the Wuo Land 2 exploration license ("Wuo Land 2") that comprises part of the Cascades Project ("Cascades" or the "Project") in Burkina Faso (together the "Option").

The Option over Wuo Land 2, which was announced on 14 March 2022, is over 243km² and covers approximately 30km strike length of identified mineralization at Cascades.  Wuo Land 2 hosts significant recent discoveries, including Far East, Sina Yar and TT13-West as well as additional targets planned for future drilling.

The Option is being exercised in accordance with the terms and conditions detailed in the Company's announcement on 14 March 2022.

About Cascades

The Cascades project (formerly called Labola) is owned and managed by Moydow. Panthera currently holds an equity interest of 20% in Moydow with DFR Gold Inc ("DFR") earning an 80% interest and is the operator. DFR has agreed to spend up to US$18 million (Earn-In) on Cascades and increase its ownership interest up to 80% in Moydow.  Upon completion of the Earn-In, Panthera holds the right to increase its interest by 10%, for example, from 20% to 30%, for a cost of US$7.2 million.

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, High River Gold Mines Limited ("HRG"), later acquired by Nord Gold Plc, and Taurus Gold Limited ("Taurus"), consisting of principally diamond and RC drilling (24,589m/39,339m, respectively).  Mineralisation has been intercepted by historical drilling and outlined by previous artisanal mining in three main zones over a 10 km strike length.

Moydow has explored the area since August 2020, including the acquisition and compilation of all previous data into a single database, interpretation of this data, target generation using the database and all the acquired remote sensing information, and a Reverse Circulation (RC) drilling program involving 31 holes. This culminated in the announcement of the maiden mineral resource estimate in 2021 in accordance with the provisions of the Canadian National Instrument 43-101 - "Standards of Disclosure for Mineral Projects" ("NI 43-101") (see RNS dated 25 October 2021):

Indicated mineral resource estimate:     5.41Mt @ 1.52g/t Au (264,000oz)

Inferred mineral resource estimate:       6.93Mt @ 1.67g/t Au (371,000oz)

Contacts

Panthera Resources PLC Mark Bolton (Managing Director)	[phone] [e-mail]
Allenby Capital Limited (Nominated Adviser & Joint Broker)                                                                                                        John Depasquale / Vivek Bhardwaj (Corporate Finance)       Guy McDougall / Kelly Gardiner (Sales & Corporate Broking)	[phone]
Novum Securities Limited (Joint Broker)	[phone]
Colin Rowbury

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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.

**ENDS**

 

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