Panthera Resources (PAT.L) Drilling Completed at Labola

Panthera Resources Plc (AIM: PAT), the diversified gold exploration and development company with assets in West Africa and India, is pleased to announce that the Reverse Circulation (RC) drilling programme at the Labola (Wuo Land) Project in Burkina Faso, by its associate company Moydow Holdings limited (“Moydow”), has now been completed.

Highlights

· A total of 4,740 metres of RC drilling has been completed in 31 drill holes including:

· 2,905m twin drilling in 19 drill holes

· 1,114m infill drilling in 7 drill holes

· 721m exploration drilling in 5 drill holes

· Programme undertaken with a view to reporting a maiden resource estimate

The programme has been completed on schedule and without any safety or security issues arising.

Full assay results are pending with results anticipated on or about the end of the quarter. In conjunction with this work, a NI43-101 report is currently being compiled, which subject to the drill assay results, is expected to be published in the fourth quarter of 2021.

Technical Details

The Labola (Wuo Land) gold project is located in southern Burkina Faso, approximately 380km southwest of the capital city Ouagadougou. The area is located within the Banfora Greenstone Belt, comprised dominantly of Birimian aged metasediments with lesser metavolcanics and felsic intrusions. Previous historical drilling and historical artisanal mining has demonstrated continuity of mineralisation within two of the three zones over strike lengths of up to 9 km. The artisanal workings appear to be targeting high-grade shoots within individual quartz veins that are located within an extensive zone of shearing, sheeted to stockwork quartz veining and silica-sulphide alteration.

Previous explorers have completed 65,556m RAB/RC/DD drilling in 541 drill holes. That work has outlined numerous extensive zones of gold mineralisation over the entire 9km of strike tested. Some of the previous drilling is quite broad spaced and, although gold mineralisation has been intersected, additional drilling is required to firm up the mineralisation outlines.

Work by Panthera and Moydow has shown that excellent potential exists confirm the historic database with a view to reporting a maiden resource estimate in accordance with JORC or NI43-101 guidelines. The recently completed drilling programme was designed to confirm the historic database and support Moydow’s efforts to prepare a maiden resource estimate as well as to test two high priority exploration targets.

The drill cuttings from this programme are being analysed using both convention fire assay techniques as well as by the accelerated cyanide leach technique “LeachWELL” that uses a much larger sample (2-5kg) and hence minimises the statistical effects of coarse gold, which is known to be common in this area and is the main target of the artisanal miners.

The confirmatory “twin” drilling has focussed on the two largest areas identified by previous explorers.

In addition to the confirmatory drilling, two areas with no previous drilling have been targeted, designed to identify additional mineralisation. This drilling was designed to test a 350m gap in previous drilling along the western zone, and the possible northern extensions of mineralisation along the central zone. Both these areas have associated artisanal mining activity and IP chargeability and resistivity anomalies.

Contacts

Panthera Resources PLC

Mark Bolton (Managing Director) +61 411 220 942

contact@pantheraresources.com


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