Panthera Resources PLC Grant of Bassala Gold Licence (7009L)
April 23 2018 - 2:00AM
UK Regulatory
TIDMPAT
RNS Number : 7009L
Panthera Resources PLC
23 April 2018
23 April 2018
Panthera Resources Plc
("Panthera" or "the Company")
Grant of Bassala Gold Licence
Panthera Resources plc (AIM: PAT), the gold exploration and
development company with key assets in India and West Africa, is
pleased to announce the grant of its Bassala exploration licence in
southern Mali and the subsequent conclusion of the Joint Venture
(80%) agreement with its partner, Golden Spear Mali SARL.
Highlights
-- The licence has been granted for an initial three-year period
with the option to renew for a further three years, and then an
additional year if the exploration success and all normal
regulatory conditions are met.
-- Large scale lateritic, alluvial, eluvial and some hard rock
artisanal gold workings have been identified over an 8km strike
length.
-- Previous soil sampling and RAB drilling, has identified
several large gold geochemical anomalies, confirming mineralisation
is present at depth.
-- Panthera plans to follow up on previous exploration
undertaken in the project area through infill soil sampling which
will provide the detail for targeted RAB and RC drill testing of
the mineralisation.
Geoff Stanley, Managing Director of Panthera Resources,
stated;
"We are extremely pleased to be able to add Bassala to our
portfolio of exploration properties in the highly prospective
greenstone terrain of Southern Mali and Burkina Faso.
Compilation of previous early stage exploration has revealed
extensive untested gold in soil anomalies with coincident artisanal
activity in alluvial and eluvial material, with clear evidence of
bedrock gold mineralisation also.
Panthera plans to follow up on these excellent anomalies with
exploration commencing immediately, and we are optimistic of being
able to generate multiple high tenor drill targets for subsequent
testing. I look forward to updating the market with our progress in
due course."
Bassala exploration licence
Bassala is located in the southern part of Mali, adjacent to the
Guinea border, in a domain of richly endowed greenstone geology.
Two operating gold mines are located within 10km of the project
area - the 3.4Moz Kalana Gold Mine owned by Endeavour Mining is
situated approximately 7km to the ESE of the licence and the 1+Moz
Kodieran Gold Mine owned by Wassoul'Or is approximately 5km due
east. Both are situated in similar geological settings.
During a recent field visit, large scale lateritic, alluvial,
eluvial and some hard rock artisanal gold workings were identified.
These occur in a roughly NNE trending zone over almost an 8km
strike length in the east of the licence area. Many of these
artisanal areas are still being actively worked.
Compilation of previous exploration undertaken in the project
area, which consisted of soil sampling and RAB drilling, has
identified several large gold geochemical anomalies. These
anomalies are largely co-incident with the 8km long mineralised
corridor interpreted from the distribution of artisanal gold
workings. However, several significant anomalies are also located
outside this corridor, in particular a 3-4km long linear anomaly in
the northwest of the licence and several 1-2km long anomalies in
the southeast.
The previous RAB drilling also confirms bedrock gold
mineralization in the interpreted mineralised corridor and the
southeast anomalies but the northwestern anomaly was not previously
tested by any drilling.
Of the two and a half RAB drill lines that previously tested the
interpreted mineralised corridor, each has defined significant
mineralisation at the end of RAB drill-holes in locations
coincident with strong soil anomalism, confirming mineralisation is
present at depth. This is considered highly encouraging given the
wide spacing of the drilling and is suggestive of a potentially
large mineralised system.
Management believes that the historical results justify drill
testing, however greater definition is required for drill
targeting, so infill soil sampling is planned, especially in the
north of the area where the most intensive artisanal activity
occurs and where previous soil sampling was very broadly spaced
(800m x 100m). This is expected to rapidly provide the necessary
detail for targeted RAB and RC drill testing of the
mineralisation.
Enquiries
Panthera Resources PLC
Geoff Stanley (CEO) +1 (917) 941 7704
Nominated Advisor and Broker
RFC Ambrian +44 (0) 20 3440 6800
Rob Adamson
Bhavesh Patel
Charlie Cryer
Financial Public Relations
Blytheweigh +44 (0) 20 138 3204
Camilla Horsfall
Nick Elwes
Market Abuse Regulation (MAR) Disclosure
The information communicated in this announcement includes
inside information for the purposes of Article 7 of Regulation
596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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