Gold exploration and development company Panthera Resources Plc (AIM: PAT), with assets in West Africa and India, is pleased to announce that the drilling programme, as announced as completed on 8 July 2022 at the Bassala Project in Mali has delineated five significant prospects at which drilling has identified wide zones of mineralisation.
Commenting on the announcement, Mark Bolton, Managing Director of Panthera said:
“Panthera’s technical consultant visited the projects with our Mali technical team and carried out an on-the-ground assessment of the project data and the results of the recent drilling. We were able to delineate at least 5 areas as prospects, the Tabakorole Prospect being a significant structure that we walked over a 2km strike length noting areas of old artisanal diggings, trends of vein rubble on the surface and drilling of near-surface targets having identified wide zones of mineralisation, the continuous nature of the structure over at least 2km is a significant target for mineralisation below the possibly depleted surface regolith profile
We are pleased with the results of the recent drilling at Bassala with five prospects identified for follow-up infill drilling. In particular, at the Tabakorole Prospect, a significant mineralised structure has been delineated over more than two kilometres.
The next phase at the Bassala project will comprise detailed infill RC drilling to identify potential resources.”
· Five significant prospects defined from initial and follow-up geochemical drilling campaigns
· The most significant prospect is the Tabakorole Prospect, with a 2km strike length with drilling having 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 from 40m
5 metres at 4.68 g/t from 10m
5 metres at 3.73 g/t from 35m
A PDF version of the announcement, inclusive of images, can be found on the Company’s website or by following the link below:
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.
Recently the Company completed its 2022 drill programme (collar and hole information as provided in Appendix 1). The programme was designed to follow up results of earlier drilling across the three separate areas previously termed the Bassala North, Bassala Central and Bassala South Sectors.
Panthera is pleased to report that the program was completed ahead of schedule, on budget and without any safety incidents. Preliminary analytical results have now been returned and are discussed in the ground assessment of the project data and the results of the recent drilling section of this news release. The drilling analysis reported here is preliminary due to observed coarse gold. Further test work is underway as discussed below in this news release.
Previously, Panthera recommenced exploration activity at Bassala in the second half of 2020, (results of gold in soil and a ground magnetic survey announced on 26 March 2021) these surveys confirmed that two major gold anomalous trends occurred, a 9-kilometre-long north-northeast trending zone and a second, cross-cutting, 3-kilometre northwest-trending zone. These zones are interpreted by the company to be continuations of significant regional mineralisation trends.
Following the successful gold in soil and ground magnetic surveys, the Company initiated an IP gradient array survey (results announced on 10 June 2021). The IP survey confirmed the previous interpretations and identified:
· Several high-order chargeability highs
· Resistivity trends associated with artisanal gold diggings
· Many of the chargeability highs are also associated with geochemical anomalies and artisanal mining activity
Reflecting the positive results from the IP survey, the Company accelerated its drilling programme at Bassala, with an AC geochemical drilling program in 2021 as summarised below.
June 2021 Drilling (Panthera)
Reflecting the positive results from the gradient array IP survey (announced on 10 June 2021), the Company initiated its maiden drilling programme at Bassala. This was terminated in July 2021 due to the onset of the wet season with a total of 9,997m air core (AC) drilling completed in 164 drill holes and 392m reverse circulation (RC) drilling completed in 4 drill holes.
That work resulted in widespread gold mineralisation being identified in the very widely spaced drill traverses with better intercepts from the 5m composite sampling including:
· 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)
These were excellent initial results from the broad-spaced, drill pattern that only penetrated the base of weathering. Further details of this drilling may be found in the RNS’ dated 24 August 2021, 10 September 2021 and 30 September 2021.
December 2021 Drill Results (Panthera)
Building on the excellent results from the June 2021 drilling programme, the Company continued the drilling programme after the wet season and the phase 2 programme (mainly situated in the northern part of the license area), consisting of 8,546m of drilling in 152 AC drill holes, was completed in late December 2021.
Assay results from this drilling included the following intercepts:
· 25m @ 0.87g/t Au from surface incl. 5m @ 2.96g/t Au from 10m
· 30m @ 0.25g/t Au from 15m incl. 10m @ 0.50g/t Au from 20m
· 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
· 15m @ 0.40g/t Au from 10m incl. 5m @ 0.77g/t Au
· 5m @ 0.89g/t Au from 30m
· 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
· 1m @ 0.42g/t Au from 50m at end of hole
· 5m @ 0.92g/t Au from 55m at end of hole
· 3m @ 0.68g/t Au from 15m at end of hole
· 5m @ 0.44g/t Au from 55m at end of hole
· 5m @ 1.19g/t Au from 35m
Other Historical Exploration and RAB Drilling
Whilst the licence hosts prolific artisanal mining activity, the only significant previous systematic exploration was undertaken by AngloGold Exploration (AngloGold or AGEX) during the period 2010-2011. That work consisted of broad-spaced soil sampling at 800m x 100m spacing with limited infill to 400m x 50m and 200m x 50m spacing in selected areas.
AngloGold subsequently undertook broad-spaced RAB drilling over the main soil anomalies and a total of 3,111m was completed in 113 drill holes at an average depth of 27.5m. The drilling identified significant mineralisation beneath the laterite cover, including:
· 21m @ 1.15g/t Au from 15m including 3m @ 4.52g/t Au from 33m
· 15m @ 0.56g/t Au from 3m to the end of the hole
· 3m @ 0.78g/t Au from 21m to the end of the hole
· 6m @ 0.49g/t Au from 39m to the end of the hole
· 3m @ 1.55g/t Au from 9m
· 3m @ 1.16g/t Au from surface
June 2022 Drilling Results and Project Review
Following the recent June 2022 drilling campaign, the Company’s technical consultant for West Africa recently completed a site visit. Together with our in-country technical team in Mali, a comprehensive assessment of the current drilling and previous drilling was carried out. The field assessment recognised at least five areas that the Company now categorises as prospects:
· Tabakorole Prospect
· Tabakorole East Prospect
· Djelikourou North Prospect
· Djelikourou South Prospect
· Tagoua Prospect
All five of the identified prospects have been identified via reinterpretation of drill hole analysis, geological logging reinterpretation and walking the prospects in addition to the reinterpretation of geophysical and soil geochemical data. Discussion of the prospects and recent drilling results follows.
The Tabakorole prospect has now been defined on a significant contiguous structure of at least 2km strike length with widths interpreted between 50m to 100m. This is based on field observations of artisanal workings, the company’s first phase of reconnaissance drilling and the recent follow-up June 2022 drilling campaign between the historical drilling, areas of artisanal diggings and trends of quartz vein rubble on the surface are noted.
Highlights of recent follow-up drilling included:
Panthera Resources PLC
Mark Bolton (Managing Director) +61 411 220 942
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