Panthera Resources PLC Anglo Saxony Mining Ltd - Shareholder Update (2388S)
March 08 2019 - 2:00AM
UK Regulatory
TIDMPAT
RNS Number : 2388S
Panthera Resources PLC
08 March 2019
Panthera Resources Plc
("Panthera" or "the Company")
Anglo Saxony Mining - Shareholder Update
Panthera Resources plc (AIM: PAT), the gold exploration and
development company with assets in India and West Africa, also
holds a 17.2% interest in Anglo Saxony Mining ("ASM").
ASM is a privately held European exploration and development
company with its flagship project being Tellerhäuser, an
undeveloped tin deposit in Germany. Panthera has recently received
a shareholder update from ASM outlining the successful
metallurgical pilot plant test-work, receipt of an additional
GBP1.0 million from Baker Steel and acquisition of a second
globally significant tin resource, the text of which is set out
below:
Funding
Anglo Saxony Mining Ltd (ASM) is pleased to announce that it has
received from Baker Steel Resources Trust (BSRT) the third tranche
of the convertible note loan, comprising an additional
GBP1,000,000. These funds will now but used to complete the
on-going pre-feasibility study for Tellerhauser.
This investment was dependent upon positive results of the Pilot
Plant test work and the commercial test work being conducted by ALS
in Tasmania. These results have been even better than the ASM
technical team anticipated and prove that the mineralisation can be
successfully processed into a saleable tin concentrate. This is in
contrast to the previous test work conducted during the 1970s and
1980s by a joint Soviet/GDR joint venture which suggested that only
a low grade, unsaleable concentrate could be produced, and confirms
the revised geological and mineral processing interpretations of
the ASM technical team.
ASM is very pleased with the results of the test work to date
and will continue to refine this work to maximise the economic
benefits and design an effective processing facility.
Additional technical details will be reported in the next
newsletter once all results have been received and assessed.
Gottesberg:
An agreement to purchase the Gottesberg tin deposit,
approximately 28km west of our flagship Tellerhäuser tin deposit,
has been reached with Tin International AG, and the transfer of the
licence has been approved by the Mines Authority in Saxony.
Consideration is a mix of cash and ASM shares.
Gottesberg is a large tonnage, low grade tin deposit with
excellent mineral processing characteristics. It has a resource
(reported under JORC guidelines by Tin International) of:
-- Indicated 10.8Mt @ 0.26% Sn (29,000t tin)
-- Inferred 31.3Mt @ 0.27% Sn (84,000t tin)
-- Total 42.1Mt @ 0.27% Sn (113,000t tin)
This takes the total resource base controlled by ASM in Saxony
to 217,000t tin, amongst the largest undeveloped tin resources in
the world.
Tin International have previously reported a higher grade JORC
resource using a 0.35% lower cut-off, of:
-- Indicated 2.0Mt @ 0.48% Sn (10,000t tin)
-- Inferred 4.8Mt @ 0.49% Sn (23,000t tin)
-- Total 6.8Mt @ 0.49% Sn (33,000t tin)
The proximity of this deposit to our Flagship Tellerhäuser
deposit, combined with its large resource base, higher grade zones,
and excellent mineral processing characteristics mean significant
synergies exist for combining these two deposits into a single
integrated tin operation in Saxony.
This is an excellent development and gives ASM several operating
and development options, as well as doubling its existing tin
resource base.
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
Market Abuse Regulation (MAR) Disclosure
The information communicated in this announcement includes
inside information for the purposes of Article 7 of Regulation
596/2014
Technical Information
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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