Panthera Resources (PAT.L) Assay Results from Kalaka Drilling

Panthera Resources Plc (AIM: PAT), the diversified gold exploration and development company with assets in West Africa and India, is pleased to announce that assay results from the 2,430-metre air-core (AC) drilling programme completed in December 2021 have now been received and assessed.

Highlights

· 2,430 metre AC drilling in 94 drill holes completed, aimed at defining RC drill targets

· Five of the twenty targets identified have been drill tested along with partial testing of a further two

· Anomalous gold intersected at all targets tested

· Better intercepts include:

  • 30m @ 231ppb Au from surface (to end of hole)
  • 10m @ 209ppb Au from 10m
  • 20m @ 317ppb Au from surface
  • 17m @ 305ppb Au from surface (to end of hole)
  • 20m @ 164ppb Au from surface (to end of hole)
  • 29m @ 143ppb Au from surface (to end of hole) incl. 4m @ 462ppb Au (eoh)
  • 24m @ 166ppb Au from 5m (to end of hole)
  • 5m @ 343ppb Au from 5m

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

“Extensive historic gold mineralisation has been identified by previous explorers at the Kalaka Project, with drill intercepts of 249.3m @ 0.54g/t Au from 52m (to end of hole) including 8m @ 3.17g/t Au from 107m at the K1A prospect.

This mineralisation has a strong Induced Polarisation (IP) chargeability high associated with it due to disseminated sulphides in the alteration zone.

Our current AC drilling programme tested five other chargeability anomalies by shallow air core drilling (plus partial testing of an additional two), and has revealed anomalous gold geochemistry on all targets, often at the end of the drill holes. This relatively shallow geochemical targeting approach has worked, despite not identifying gold grades higher than those found at the K1A prospect, to date. Accordingly, it represents and exploration approach that may be expanded in order to classify and rank deeper, RC drill targets for future programmes.”

A PDF version of the announcement, inclusive of images, can be found on the Company’s website or by following the link below:

http://www.rns-pdf.londonstockexchange.com/rns/1931Y_1-2022-1-12.pdf

pantheraresources.com/news/regulatory-news/

Project Background

The Kalaka Project is located over the regional scale Banifin Shear Zone in southwestern Mali, approximately 200km southeast of the capital city Bamako. Kalaka is held by our associate company, Moydow Holdings Ltd (“Moydow”). As previously announced on 25 August 2021, on the closing of the acquisition of Moydow by Diamond Fields Resources Inc., Panthera will hold a 50% interest in Maniger Limited which will hold an 80% in the Kalaka Project.

The +7Moz Morila gold mine is located approximately 70km to the north and the +6Moz Syama gold mine is located approximately 100km to the southeast.

Considerable work has been undertaken on the project by previous explorers Anglogold and Golden Spear Mali SARL (current JV partner) (“GSM”) including:

· 7,349 soil samples

· 909 line-km airborne magnetics and EM

· 9,846m RAB drilling in 235 drill holes

· 3,095m AC drilling in 80 drill holes

· 4,258m RC drilling in 39 drill holes

· 3,753m diamond drilling in 18 drill holes

This work culminated in the identification of the K1A prospect, a large, low-grade gold deposit contained within granodiorite and metasediments, hinting to an ancient intrusion related gold deposit style gold system. The drill intercepts extend over 700m of strike including:

· 249.3m @ 0.54g/t Au from 52m (to end of hole) including 8m @ 3.17g/t Au from 107m

· 191.8m @ 0.52g/t Au from 9m (to end of hole) including 4m @ 2.47g/t Au from 196m

· 176.4m @ 0.49g/t Au from 24m (to end of hole) including 8m @ 1.83g/t Au

Several additional targets were also identified, generally with gold mineralisation between 0.3 and 0.9g/t Au, suggesting very large tonnages of low-grade gold mineralisation are likely to be present.

Based on the close association between the K1A mineralisation and a pronounced chargeability anomaly, the southern part of the Kalaka tenement, where soil sampling is considered to be ineffective, was covered by a gradient array IP survey during several stages in 2021.

This survey outlined 20 significant chargeability anomalies of a similar order of magnitude to the K1A anomaly, as well as providing a refined geological interpretation using a combination of chargeability, resistivity and conductivity. The revised interpretation is that a central, north-easterly trending zone of high conductivity is related to a sedimentary package with several horizons of graphitic shales (Package 2). The area of lower conductivity to the northwest of this zone is interpreted as a sequence of non-graphitic metasediments (meta sandstones, siltstones etc) with felsic to intermediate intrusions (dykes) and a 2km x >4.5km oval-shaped batholith in the south (Package 1). The area of lower conductivity but relatively high chargeability to the southeast of the graphitic shale package is interpreted as being associated with a mixed metasedimentary/volcanic package with several sulphidic horizons (Package 3).

Package 1, to the northwest of the graphitic shale package, has been the focus of attention to date as that is where the best gold in soil geochemical anomalies occur along strike to the north, in areas where soil sampling is considered to be more effective. The previous drilling has focussed on the gold in soil anomalies and thus it is known that this area does contain significant gold mineralisation such as the K1A prospect.

Due to this, the recent air core drilling has focussed on this package apart from a single line of holes within Package 2 (Target 5) and another in Package 3 (Target 11).

Current Drilling Results

Details of holes drilled and anomalous gold identified are shown in Table 1, and details for each target zone are discussed below:

Read More

Targets 1 and 2:

These targets consist of a discrete chargeability anomaly adjacent to, but not coincident with, a zone of intense artisanal mining activity that appears to be targeting the base of a lateritic profile (interpreted as a possible paleochannel). The anomaly is located in the interpreted pressure shadow of the large intrusion in the south of Package 1. As it was not clear whether the artisanal workings were displaced or in situ, the drill traverses were designed to test beneath both the workings and the chargeability high.

Four drill traverses were planned but the southernmost traverse had to be split in two due to access constraints.

The southernmost traverse (Line 1) tested the southern part of the artisanal workings. It can be seen that drill refusal was much shallower than anticipated (maximum 10m downhole, 7m vertical). The drill holes generally ended in saprock of meta-sediments (sandstone) and low order anomalous gold was encountered at the base of several of these holes in 5m composite samples.

Due to access constraints, the eastern end of this line could not be drilled and hence the holes were moved about 100m to the northeast and are shown as Line 2. The drilling on this line mainly bottomed in saprolite with unrecognisable rock-types (mainly clay) apart from the easternmost hole which intersected muscovite schist. While no significant gold mineralisation was encountered, this is treated with caution as the holes finished in saprolite clay (probably due to wet conditions) and may still be in a depletion zone.

The second planned traverse (Line 3), 200m to the northeast of Line 1, tested both the artisanal workings and the chargeability anomaly. Again, holes were significantly shallower than anticipated, with holes terminating in either saprock or lower saprolite at a maximum downhole depth of 17m (~12m vertical). The only 5m composite assays greater than 50ppb Au is from the easternmost hole on this line. This returned 5m @ 60ppb Au from muscovite schist on the edge of the chargeability high.

The artisanal workings do not appear to have any significant gold assays, suggesting the mineralisation being targeted is likely to be transported.

Line 4 is located approximately 200m northeast of Line 3 and holes become deeper to the east. It is interesting to note that the bottom samples of the deepest holes are anomalous in gold. This traverse tests the area between Targets 1 and 2.

The bottom of hole geology consists of granodiorite intruding meta sandstone in the west and ferruginous muscovitic schists in the east. Boxworks after sulphides are noted in the schist units and some graphite/chlorite is also logged. It can be seen that the background gold is significantly higher in the schist unit, with the bottom of hole samples quite anomalous.

The ferruginous (probably sulphidic) schist is likely the source of the chargeability high, even though it may be slightly offset.

Line 5 is located a further 200m to the northeast of Line 4 and is mainly testing Target 2. Drill penetration on this line is somewhat deeper than on Lines 1 to 4.

The artisanal workings again overly meta-sandstone with granodiorite intrusions (similar to K1A) while the chargeability high overlies schist with some meta sandstone interbeds. The background gold is again significantly higher in the schists, with 5m @ 0.20g/t Au being the highest interval in 5m composite assays. This occurs in the easternmost drill hole on this traverse.

Based on the generally low gold results beneath the artisanal workings, the previous interpretation of the target of the artisanal miners being gold concentrated by either mechanical or chemical means at the base of transported laterite remains the favoured interpretation. However, the very similar lithologies to those seen at K1A (granodiorite intruding meta sandstones/siltstones) are still intriguing.

The chargeability anomaly is related to sulphidic, ferruginous schist with muscovite and possibly some graphite. It remains a target due to the high background gold in the unit and several bottom of hole gold anomalies.

Targets 3 and 4:

Targets 3 and 4 are chargeability highs in the pressure shadow of an interpreted ovoid intrusion of felsic to intermediate granitoid.

These traverses returned significant widths of low-grade gold mineralisation associated with the western edge of the Target 3 chargeability high, with both traverses having significant gold mineralisation in the westernmost drill holes. This is a good target and requires additional air core drilling to the west followed by deeper drilling to test the tenor of the mineralisation below the weathering zone. This target appears to be associated with interbedded meta sandstones and schists.

Target 4 is less well defined but several of the air core drill holes failed to get below saprolite. This is considered to be a second priority target after Target 3.

Target 5:

A single line of drilling was completed over this target plus a single drill hole to the south. The target is the only one tested within the interpreted graphitic shale package and is located on the western contact of this package.

The single drill hole in the south (Line 1) intersected muscovite schist and bottomed in anomalous gold (88ppb Au).

The traverse to the north (Line 2) is entirely within the muscovite schist with some indications of box works after sulphides and graphite.

Low order gold mineralisation was encountered, especially on the western edge of the chargeability high. This confirms the target but additional air core drilling is required to better define it before deeper drilling.

Target 7:

This target is an interpreted extension of the K1A mineralisation defined by a chargeability high.

Three lines of air core drilling were completed and these all confirm low-grade mineralisation similar to that known to occur at K1A.

Line 1 in the south, failed to intersect recognisable bedrock but Lines 2 and 3 to the north bottomed in metasandstone. No granodiorite (main host for K1A mineralisation) was logged.

Line 1 intersected gold mineralisation on the eastern end of the traverse, while Line 2 intersected mineralisation in the centre of the traverse and Line 3 on the western end of the traverse. This suggests that mineralisation is not exactly coincident with the chargeability anomaly but is a northwards continuation of K1A itself. The offset of the chargeability anomaly may be due to an easterly dip in the mineralisation.

Based on this, some deeper drilling north of K1A is recommended to test the tenor of this mineralisation at depth.

Target 11:

A single traverse was undertaken over this target, the only drilling within the Package 3 stratigraphy. A single drill hole was completed 400m to the south but this failed to intersect recognisable rock.

The traverse drilling bottomed in meta sandstone in every drill hole. Background gold is very low (generally less than 10ppb Au) compared with drilling in the Package 1 stratigraphy. A single 5m composite sample assayed 345ppb Au well to the west of the chargeability high. The significance of this is unknown at present and additional air core drilling is recommended as a follow-up.

Summary

The drilling has been successful in outlining several targets for additional follow up.

The best drill results are located immediately north of the K1A mineralisation (Target 7) and to the south of, and possibly offset from, the K1A mineralisation (Target 3). This could indicate a significant extension of the known low-grade gold mineralisation at K1A.

Targets 1 and 2 require some deeper drilling to explain the source of the gold being mined by artisanal miners in the area. Anomalous gold at the end of several holes requires deeper drilling.

Targets 4, 5 and 11 require additional air core drilling to define their extent and tenure.

Contacts

Panthera Resources PLC

Mark Bolton (Managing Director) +61 411 220 942

contact@pantheraresources.com


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