Panthera Resources PLC (AIM: PAT), the gold exploration and development company with key assets in West Africa and India, is pleased to announce its unaudited interim results for the half-year ended 30 September 2021.
· Total loss for the reporting period of $1,943,501 or $0.02 per share, reflecting a substantial expansion of our exploration activities during the period as compared to the previous corresponding period profit of $2,224,437 or $0.03 per share
· Moydow completed a 4,739 metre RC drilling campaign at Labola culminating in the release of a maiden mineral resource estimate (MRE) of 635,000 Au ounces in accordance with National Instrument 43-101 (“NI 43-101”)
· Completed an Induced Polarisation (IP) survey of 135 line kilometres at the Bassala Project which identified 23 targets
· Drill tested 13 of the 23 targets at Bassala including 164 air-core (AC) drill holes for 9,997 metres. In addition, 4 reverse circulation (RC) drill holes, were completed for 392 metres
· Moydow completed an IP survey of 150 line kilometres at the Kalaka Project which identified a further 10 new targets
· Entered an agreement with Diamond Fields Resources Inc (DFR) to restructure its ownership interests in Moydow Holdings Limited (“Moydow”) and provide up to US$18 million in funding for the Labola Project
· Continued to pursue the grant of the Prospecting Licence over the Bhukia project through both commercial resolution and the legal proceedings ongoing in the High Court of Rajasthan (Court).
Events Post Balance Date
· In November 2021, Moydow completed 94 AC drill holes for 2,437 metres. Five targets were tested with a further two partially tested with assay results now expected on or around early January 2022.
· In December 2021, drilling has re-commenced at the Bassala project focusing on the remaining targets that include the most intense artisanal workings in the project area as well as testing extensions to the more significant drilling results from earlier in the year
· Acquired Metal Mining India Private Limited (“MMI”), the Company’s joint venture (“JV”) partner in India, in respect of the Bhukia project
· In November 2021, the Company has completed an equity capital raising of £1,000,000 at 10 pence per share
Mark Bolton, Managing Director of Panthera Resources, commented:
” The year to date has been one marked by a considerable increase in field activity where the Company has focussed on delivering on its promises, particularly on our extensive West African assets. Our initial investment at the Bassala and Kalaka projects have delivered exceptional drill targets which we have now proceeded to drill with very encouraging results reported to date.
At Labola, Moydow has delivered their initial drilling programme and reported a maiden mineral resource of 635,000 ounces of gold.
With the initial Kalaka drilling programme now complete and the Bassala drilling underway, we can look forward to an exciting few weeks ahead of the assays.
In 2022 and upon the completion of the Moydow restructure, we look forward to a significant drilling programme at Labola and material expansion in the mineral resource estimate .”
Panthera Resources PLC
Mark Bolton (Managing Director) +61 411 220 942
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