Panthera Resources (PAT.L) Significant Gold Mineralisation at Bassala

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 initial assay results from the recent aircore (AC) drilling programme at Bassala have confirmed the presence of significant gold mineralisation.

Highlights

· Significant drill intercepts from the 5m composite samples include:

o 45m @ 0.57g/t Au from 25m incl. 5m @ 2.53g/t Au from 40m

o 30m @ 0.88g/t Au from 20m incl. 5m @ 3.18g/t Au from 20m

o 20m @ 0.75g/t Au from 15m incl. 5m @ 1.92g/t Au from 15m

o 15m @ 0.44g/t Au from 25m

o 10m @ 0.96g/t Au from 35m incl. 5m @ 1.44g/t Au from 35m

o 10m @ 0.93g/t Au from 30m incl. 5m @ 1.38g/t Au from 30m

o 10m @ 0.87g/t Au from 20m

o 5m @ 5.10g/t Au from 15m

o 5m @ 2.75g/t Au from 55m

o 5m @ 1.67g/t Au from 15m

o 5m @ 1.18g/t Au from 5m

o 5m @ 1.08g/t Au from 20m

· Approximately 22% (843) of the 2,191 five metre composite samples collected from the AC drilling have now been assayed at SGS Laboratory in Bamako

· Assay results are from four of the 13 targets drilled, with each of the targets returning significant gold intercepts

· Preliminary interpretation suggests a prominent, flat-lying (sub-horizontal) structural control to gold mineralisation, similar to that evident at the nearby Kalana mine (Endeavour Mining Plc, LSE: EDV)

· The remaining 78% of assays will be reported periodically over the coming weeks

· The remaining 9 of the 22 targets identified at Bassala are planned to be drilled after the wet season

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

“The assays to date are very encouraging for first pass aircore drilling and representing only four of the 22 targets we have identified at Bassala. All of the four targets tested have returned significant gold mineralisation from the shallow AC drilling and many of the intercepts may be close to true thickness if the current interpretation of relatively flat-lying mineralisation is confirmed.

It is encouraging that the current interpretation is that mineralisation may in part be flat-lying, similar to the nearby Kalana mineralisation (Endeavour Resources) which consists of a series of stacked sub-horizontal zones. If this interpretation is correct, only the uppermost zones will have been intersected in this shallow drilling, with potential for further zones at depth.”

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

http://www.rns-pdf.londonstockexchange.com/rns/5440J_1-2021-8-24.pdf

pantheraresources.com/news/regulatory-news/

Technical Details

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, 3Moz) 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.

In the second half of 2020, the Company recommenced exploration activity at Bassala with the results of gold in soil and ground magnetic surveys and an IP survey announced on 26 March and 10 June 2021 respectively. These surveys identified 22 targets for drill follow-up.

Historical Drilling

Whilst the licence hosts prolific artisanal mining activity, the only significant previous systematic exploration was undertaken by AngloGold Exploration (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

Panthera Drill Programme

In total, 9,997m air-core (AC) drilling was completed in 164 drill holes and 392m reverse circulation (RC) drilling was completed in 4 drill holes.

The drill rig used was a Schramm-2 with a 350psi 900cfm compressor and utilised a face sampling hammer. RC drilling also used a face sampling hammer but with a larger diameter. Samples were collected via cyclone.

Most holes are angled at -60 degrees from horizontal toward the east (090 ° ) but several are oriented toward the west (270 ° ) in the central part of Target 19 due to access constraints. Table 1 shows all drill hole collars, dips, azimuths and total depths as well as all assay results received to date above 100ppb Au.

Samples were collected directly from the cyclone and riffle split every metre, with one sample collected and bagged for future reference and a separate split combined into a 5m composite for initial assay. Samples are kept in secure premises near-site and subsequently, the 5m composites were transferred to an accredited laboratory (SGS Bamako) for assay for gold using low-level detection fire assay technique. QaQc checks including blanks, duplicates and standards were inserted at regular intervals and all results are within acceptable confidence limits. The 1m splits are kept in secure premises near the site for future assay.

The programme had to be stopped early due to the onset of the wet season. Drilling has been completed on targets 10 through 22. The remaining targets, 1 through 9, primarily in the northern area, are planned to be drilled after the wet season, later in the current year. This northern area, which comprises the majority of the active artisanal workings at Bassala, has 117 AC holes planned to be drilled.

The current programme has tested all but one of the areas previously drilled by AGEX approximately 10 years ago, as well as the highest order gold in soil geochemical anomalies and the highest priority chargeability highs.

The drill cuttings show the main rock types are metasediments including sandstone, siltstone, shale and schist. Strong quartz veining and alteration (sulphide or limonite after sulphide, chlorite and silica) is observed at all targets tested to date. Sulphides are generally represented by boxwork textures or limonite replacing sulphides, but occasionally fresh pyrite and/or arsenopyrite has been logged.

A total of 2,191 five metre composite samples have been collected from the air-core drilling and 843 assay results (excluding QaQc assays) have been received to date. The remaining assays are expected over the next 4 weeks. It is planned to re-assay all gold mineralised samples at 1 metre intervals, as the 5m composites may dilute smaller, higher-grade intervals.

Results

All results greater than 100ppb Au (0.1g/t Au) received to date are presented in Table 1 below. This shows several broad intervals up to 45m downhole at plus 0.1g/t Au, plus several 5m intercepts (smallest sampling unit) grading up to 5.10g/t Au. It is anticipated that these broad intervals will resolve into narrower but higher grade intervals when 1m sampling has been completed.

The mineralisation appears to be relatively flat or shallowly dipping, similar to the nearby Kalana mineralisation. Although there is a possibility that this could be due to supergene processes (spreading in the weathering zone into a flat-lying blanket), this is not the favoured interpretation as some of the mineralisation is in weakly weathered material with some evidence of fresh sulphides. However, a significant number of assay results are pending with the interpretation ongoing.

TABLE 1: Assay Intervals Received to Date

Read More

Four targets tested to date (T19 to T22) have returned significant gold mineralisation, with target T20 only partially tested to date.

The flat-lying to shallowly dipping nature of gold mineralisation can be seen in the cross-sections and the close relationship between gold mineralisation and chargeability anomalies is also evident.

Further details and interpretation will be provided as additional assays are received.

Contacts

Panthera Resources PLC

Mark Bolton (Managing Director) +61 411 220 942

contact@pantheraresources.com

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