Panthera Resources granted Malian exploration licence

Resource exploration and development firm Panthera Resources announced on Monday that it has been granted an exploration licence for the Bassala project area in Mali.

The licence, granted for an initial three-year period, will allow Panthera to follow-up on its previous exploration undertaken in the area through infill soil sampling in preparation for drill testing of the mineralisation at various targets.

Geoff Stanley, managing director of Panthera Resources, said: "Compilation of previous early stage exploration has revealed extensive untested gold in soil anomalies with coincident artisanal activity in alluvial and eluvial material, with clear evidence of bedrock gold mineralisation also."

Large scale lateritic, alluvial, eluvial and some hard rock artisanal gold workings are known to be present over an 8km strike length at the project adjacent to the Guinea border.

"Panthera plans to follow up on these excellent anomalies with exploration commencing immediately, and we are optimistic of being able to generate multiple high tenor drill targets for subsequent testing. I look forward to updating the market with our progress in due course," said Stanley.

Two operating mines lie within 10km of the site: Endeavour Mining’s 3.4Moz Kalana Gold Mine and Wassoul'Or’s 1+Moz Kodieran Gold Mine.

As of 1335 BST, Panthera Resources’ shares were up 1.89% at 13.50p.