West Africa Update

The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

26 September 2024

Panthera Resources Plc

("Panthera" or the "Company")

West Africa Update

Gold exploration and development company Panthera Resources Plc (AIM: PAT), with gold assets in West Africa and India, is pleased to announce that the Company has now completed a drilling programme on the Bido Project in Burkina Faso (Drilling Programme).

Highlights

·        Programme totalled 2483 metres of reverse circulation ("RC") drilling completed at Beredo-Kiekouyou  and Somika Hill (Kaga vein system) prospects

·        Drilling at Beredo-Kiekouyou identified multiple low-angle westerly dipping structures coincident with geochemical and geophysical anomalies

·        The drill programme extended to target historical drilling along the Kaga vein system at the Somika Hill prospect

·        Drilling at Kaga intersected quartz veins and veinlets similar in style to mineralisation identified in earlier drilling here

·        Drill samples of the Kalaka and Bido drilling programmes have been dispatched to the SGS laboratory with assay results expected in October 2024

About the Bido Project

The Company holds an 80% interest in the Bido Project and may acquire the remaining 20% by expenditure of a further US$1,000,000 on exploration and development within two years, subject to the vendor's rights of a buy-back right of 1% interest in the Bido Project for the price of US$1,000,000. A royalty will be payable to the vendor on all minerals produced calculated at the rate of 1% of the net smelter returns ("NSR") capped at US$3 million in total.

The Bido permit in Burkina Faso is located some 125km WSW of the capital Ouagadougou. The tenement lies within the Boromo greenstone belt which is principally composed of Paleoproterozoic Birimian terrain within the West African Man Craton.  This belt also hosts the Poura gold deposit (1 to 2 Moz), situated about 50 km to the SSW of the area, as well as numerous gold occurrences. The Perkoa VMS deposit is located about 35 km to the north of the area.

The Beredo-Kiekouyou Prospect (Figure 1) was originally identified from a review of historical data where a 2km by 2km, anomaly with greater than 50 ppb gold in soil anomaly was identified, that work included more than 80 samples (5%) that returned results greater than 100 ppb Au. The Company targeted the prospect and completed an IP geophysical survey (RNS 12/10/2022), over the Beredo-Kiekouyou and the Somika areas. That work targeted a paleo-volcanic centre (identified from a remote sensing spectral study conducted by the company combined with geological mapping).  Within the target area, the IP survey indicates multiple targets including strong/moderate IP axes defined from interpreted resistive and conductive structures, coincident with mapped vein structures, gold in rock samples and artisanal workings. The drill targets to be tested in this round of exploration drilling were selected by a combination of geological mapping, and coincidence of certain IP structures with better surface gold results from rock sampling which included outcrop, scree and quartz veining from old workings.

Figure 1: Bido Project Prospects and Geophysical Survey Grid Locations

Drilling Programme

The programme consisted of RC drilling of 2483 metres on the Beredo-Kiekouyou prospect (2,011 m) and the Somika Hill prospect (472 m).

Drilling on the Beredo-Kiekouyou prospect consisted of three fence lines targeting geophysical anomalies (IP chargeability and IP resistivity) coincident with geochemical anomalies coincident with mapped extensive eluvial and artisanal shallow shafts and digging. 

Drilling of the Somika Hill, Kaga vein system was added during the programme to follow up earlier results and in particular, PSHRC004 which intersected a gold bearing interval between 63 m and 73 m with 10m @ 3.89 g/t Au (incl. 1 m @ 32. g/t Au from 68 m).

A total of nine holes with an aggregated length of 472 m were drilled on the Somika Hill prospect Kaga Vein (originally highlighted by historical exploration work by Carlin Resources back in the nineties).  Following a geochemical soil sampling program completed in 2018 by Panthera a small RC drilling program was initiated which included one RC drill hole (PSHRC004) on the Kaga Vein.

Drill hole PSHRC004 targeted a soil anomaly coincident with the Kaga exposed quartz vein and was drilled up to a length of 139 m. This hole intersected a gold-bearing interval between 63 m and 73 m with 10m @ 3.89 g/t Au (incl. 1 m @ 32. g/t Au from 68 m). More recently the IP survey program was completed in 2022 by Panthera on the area had highlighted a strong IP chargeability axis coinciding with this intersect encountered in hole PSHRC004.

In this current programme, a drill fence line of three holes totalizing 157 m was drilled approx. 100 m to the north of PSHRC004 and another fence line of four holes totaling 199 m was drilled approx. 100 to the south of PSHRC004 to intersect the IP anomaly axis. Two additional holes were drilled on the section of PSHRC004, one in the opposite direction, west to east, to provide a second intersection point of the gold mineralisation and another one east of the historical hole collar to intersect quartz veins and veinlets highlighted on the northern and southern fences but presumably missed by PSHRC004.

All holes intersected quartz veins and veinlets similar in style to historical holes that had intersected veining that had returned gold mineralisation.

Kalaka Project, Mali

Detailed logging and sampling of the diamond drill holes has been completed and samples for analysis have been sent to the SGS laboratory in Bamako with results expected in October 2024.

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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**