Completion of Drilling at Kalaka

27 August 2024

Panthera Resources Plc

("Panthera" or "the Company")

Completion of Drilling at Kalaka Project

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 drilling programme at the Kalaka Project in Mali has been completed.  

In accordance with the drill programme, two diamond drill holes for 647 metres were completed.  Core samples will be submitted to the SGS Laboratory in Bamako with results expected on or about end of September 2024.

About the Kalaka Project

The Kalaka gold project, which is operated by Panthera, is situated in southern Mali (Figure 1), 80km south of the 8 Moz Morila gold mine and 85km northwest of the 6 Moz Syama gold mine (Resolute). Panthera believes the property has large scale potential.

Fig 1: West African Projects Location Plan

Historical drilling has intersected impressive mineralization widths at the K1A target within a very large 0.5g/t Au mineralization envelope. Drilling intersections at K1A have included 249m @ 0.54g/t Au (to end of hole). The tenement hosts some 45km of prospective geology and structures along strike from K1A as defined from drilling, surface geochemical and geophysical surveys.

At the K1A target area, the Company's Competent Person Report (prepared by Golder Associates Pty Ltd), which was disclosed in the Company's AIM Admission Document, reported that drilling by past explorers defined a potential endowment of 250,000 to 500,000 ounces. Furthermore, Golder Associates Pty Ltd ("Golder") reported that this represents an exploration target where further infill drilling may lead to the estimation of a Mineral Resource.

More recently, follow-up work by Panthera including re-examination of all available drill data at K1A, identified a mineralised envelope that broadly conforms to the potential endowment mentioned by Golder. This work identifies an exploration target of between 0.5 Moz to 1 Moz gold.  Importantly, the Company is yet to drill the northern extension of the mineralisation at K1A together with several similar targets within the project area. Taken together this would potentially expand the exploration target to approximately 3 Moz of gold.

Drilling Programme

Photo 1: Night Shift Drilling at Kalaka

The programme consisted of:

·        Drilling two diamond core holes on the section corresponding to historical hole K1AD001 (246.27m @ 0.55 g/t Au, inc 56m @1.02 g/t Au)  as shown on Figure 2 showing section and plan as below.

·        Programme of 640m was completed in the two planned holes (KDD-24-002 and KDD-24-003). Note that a third hole (KDD-24-001 ) was abandoned for technical reasons terminating at 108.75m depth but will still provide sample materials for the upcoming metallurgical testing.

·        Each hole was drilled as HQ3 core size to 200 metres to maximize drill core recovery for proposed metallurgical testing, then completed to end of hole (EOH) with NQ3 core size.

·        Holes were surveyed and orientated to facilitate measurements of structures, veining and geological contacts. Detailed geological and geotechnical logging is currently in progress.

·        The holes have identified the east and west margins of the ore body, as stylized on the diagram (Figure 2).  Field observations indicate that both holes terminated in relatively unmineralized rock and that the sub-vertical mineralised system is approximately 180m wide on this section.

·        It is also planned to complete metallurgical testing of the drill core to advance our understanding of recovery properties as follow up to the positive bottle roll tests completed (RNS dated 13/06/2024).

Fig 2: Diamond Drilling at the K1A Prospect, Kalaka

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Qualified Persons

The technical information contained in this disclosure has been read and approved by Ian S Cooper (BSc, ARSM, FAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules - Note for Mining and Oil & Gas Companies.  Mr Cooper is a geological consultant to Panthera Resources PLC.

Glossary 

Forward-looking Statements

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein.

**ENDS**