Cascades Drilling Results-PANTHERA RESOURCES PLC

Cascades Drilling Results-PANTHERA RESOURCES PLC

Cascades Drilling Results

Gold exploration and development company Panthera Resources Plc (AIM: PAT), with assets in West Africa and India, is pleased to announce the completion of phase two of its approximately 10,000 metre drilling program (Drilling Program) on the Cascades Project and has since received full analytical results from our joint venture partner, DFR Gold Inc (DFR), as originally announced by the Company on 2 May 2023.

Highlights of the recent drilling include:

·    5,641 m of Reverse Circulation (RC) drilling in 57 drill holes at five target areas (announced 2 May 2022)

·    Two significant new zones confirmed with resource potential from first pass drilling at Sina Yar and Far East targets

·    Intersections at Sina Yar included 34m@ 1.83 g/t Au and 18 metres @ 1.13g/t Au

·    Extension of the 2022 discovery zone from step-out drilling at the TT13 target

Mark Bolton, CEO of Panthera, stated: "These very positive results from this drilling programme are highly encouraging, as they confirm the search models being applied in the further testing of the extensive mineralised shear corridor at the Cascades Project.

The results confirm the potential scale of the gold mineralised system at the Cascades project through the discovery of new mineralised zones and further delineation of existing zones.  We are encouraged by the consistent mineralisation across the licence area and are working with DFR on the optimal approach for the next phase of drilling."

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

http://www.rns-pdf.londonstockexchange.com/rns/6382A_1-2023-5-25.pdf

pantheraresources.com/news/regulatory-news/

Background to the Drilling Programme

The recently completed programme at the Cascades Project is the first part of a planned two-phase 10,000m programme. This first phase targeted extensions to the current resources and several new targets:

·        two newly defined targets immediately north and southwest of the Daramandougou resource pit shell western Zone extension, and Dara North respectively;

·        step-out drilling on the TT13 target, a significant new gold zone identified in 2022; and

·        first-pass drilling on three other newly delineated targets in the Wuo Land 2 licence area at Far East, Sina Yar and TT13-West.

Phase two of the Drilling Programme will be a results-driven follow-on programme targeting the highest priority results from the first phase.

Drilling Results

DFR has completed 56 drill holes for an aggregate of 5,641m (Table 1) in the first phase of the current planned drilling programme.  Fire assay results have been received while Bottle Roll analysis results are pending.

Target Area

Target Description

Holes Drilled

Metres Drilled

Dara North

chargeability/resistivity anomaly; artisanal workings; proximity to resource; further along strike potential to north

8

809

Western Zone Extn (incl NPG targets)

chargeability/resistivity anomaly; no artisanal workings; extension of resource structure

13

1,398

TT13 Step-Out

Tested by first pass drilling; aim to demonstrate continuity over 500 strike length; could bring the resource into the Inferred category

 10

872

TT13-West

Newly opened artisanal zone 800 metres west of TT13 discovery; already 500 metres long but along strike potential to the north; could be skinny

 5

546 

Sina Yar

Intensive artisanal workings; broad area of shallow pits but drilling focus on line/s deeper pits into bedrock; geochemical anomaly

 9

903 

Far East-N

artisanal workings; support from rock grab samples; geophysics ambiguous

5

501

Far East-S

artisanal workings; support from rock grab samples; geophysics ambiguous

7

612

TOTAL

 

57

5,641

Table 1 Details of the recently completed drilling programme at the Cascades Gold Project

Sina Yar

Ten drill holes were drilled for an aggregate of 903 metres.  Significant mineralisation was intersected in each hole drilled. In particular, three consecutive holes testing 250m metres of strike length of the main north-south trending structure in metasediments intersected significant widths of mineralisation as follows:

CS23-RC077 50-84 metres, 34 metres @ 1.83g/t and

CS23-RC077 23-29 metres 6 metres @ 1.14

CS23-RC078 53-71 metres, 18 metres @ 1.13g/t and

CS23-RC078 74-78 metres,  4 metres @ 1.25g/t and

CS23-RC078 88-96 metres,  8 metres @ 1.64g/t and

CS23-RC078 103-113 metres,  10 metres @ 1.02g/t

The mineralisation is hosted by quartz veins within a north-south trending mineralised envelope hosted by banded greywacke and sandstone metasedimentary sequence. Sina Yar is currently the target of significant artisanal mining activity over a kilometre-long strike length exploiting a north-south zone from what appears to be a near-vertical mineralised envelope.  The zone is open to the north and possibly to the south.

Mineralisation appears open to the north of the drill-tested area. In the more southerly holes, mineralisation was weaker and patchier although artisanal activity remains intense.  A highly altered felsitic intrusion has been mapped towards the southern end of the Sina Yar workings, similar to the intrusions mapped at both the Daramandougou and Wuo Ne mineral resource areas.  Follow-up drilling is planned at Sina Yar, starting with stepping out to the north of CS23-RC077.

Far East

The three northernmost holes at the Far East target appear to have found a significant zone of mineralisation albeit low grade. Significant intersections included hole CS23-RC066 32-60 metres, 28 metres @ 0.56g/t

Although the intersections are low grade, historical drilling by High River Gold intersected several high-grade intercepts nearby and grab samples by DFR in 2022 returned grades up to 9.3g/t in quartz veins being exploited by artisanal miners.  The mineralisation appears to be open north of CS23-RC066 and the current artisanal workings appear to extend between 250 metres to 450 metres further north of CS23-RC066.

TT13 Target

The TT-13 target was tested by DFR with a first-pass drilling programme of 9 holes in July 2022. A 1,800 metre strike length of intermittent mineralisation has been delineated from field mapping and drone surveys.  The zone is characterised by almost continuous artisanal workings at the surface.  The 2022 drilling here delineated a 300 metre strike length with significant mineralisation in three holes for example CS22-RC029 27-36m, 9 metres @ 1.0g/t plus 56-66m, 10 metres @ 1.81g/t.  The current campaign targeted the northerly and southerly extensions of the zone.  Mineralisation is sporadic but several holes intersected significant mineralisation which extends the zone. For example, hole CS23-RC098, collared 370 metres north of CS22-RC029, returned 8 metres @ 1.21g/t (30-38 metres) plus 4 metres @ 1.81g/t (63-67 metres).

TT-13 West target

In the first pass drilling at the newly delineated TT-13 West target five easterly inclined holes targeted a vertical shear zone in a new orpaillage area 800 metres west of the TT13 target.  The artisans are targeting an array of thin, reportedly high-grade, quartz veins in metasediment but the mineralisation intersected has been sporadic.  The highest grade intersected in the drilling was CS23-RC086, 61-62 metres downhole, 1 metre @11.6g/t gold.  The broadest intercept was in CS23-RC088 63-78 metres, 15 metres @ 0.88g/t.

Western Zone SW-Extension and Dara North targets

Drilling at the Dara North and the  Southwestern Extension of the Western Zone was targeted primarily at combined resistivity/chargeability geophysics anomalies and at each target significant mineralisation was only intersected over sub-mineable widths. At Dara North, a pervasive linear zone of artisanal mining confirms the northerly extension of Western Zone mineralisation from the main Daramandougou artisanal area. However, the mineralised zone appears to be thin and sporadic within the 750 metres of strike length tested.

About Cascades

The Cascades project (formerly called Labola) is owned and managed by Moydow Holdings Ltd (Moydow). Panthera currently holds an equity interest of 20% in Moydow with DFR earning an 80% interest and is the operator. DFR has agreed to spend up to US$18 million (Earn-In) on Cascades and increase its ownership interest up to 80% in Moydow.  Upon completion of the Earn-In, Panthera holds the right to increase its interest by 10%, for example, from 20% to 30%, for a cost of US$7.2 million.

The Cascades gold exploration project is in the Banfora greenstone belt of the West African Birimian Supergroup in southwest Burkina Faso. Cascades is approximately 450km west-southwest of the capital, Ouagadougou, and 100km northeast of the Wahgnion gold mine, operated by Endeavour Mining.

More than 65,500m of historical drilling (541 holes) has been completed across multiple drilling campaigns by previous owners, High River Gold Mines Limited ("HRG"), later acquired by Nord Gold Plc, and Taurus Gold Limited ("Taurus"), consisting of principally diamond and RC drilling (24,589m/39,339m, respectively).  Mineralisation has been intercepted by historical drilling and outlined by previous artisanal mining in three main zones over a 10 km strike length.

Moydow has explored the area since August 2020, including the acquisition and compilation of all previous data into a single database, interpretation of this data, target generation using the database and all the acquired remote sensing information, and a Reverse Circulation (RC) drilling program involving 31 holes. This culminated in the announcement of the maiden mineral resource estimate in 2021 in accordance with the provisions of the Canadian National Instrument 43-101 - "Standards of Disclosure for Mineral Projects" ("NI 43-101") (see RNS dated 25 October 2021):

Indicated mineral resource estimate:     5.41Mt @ 1.52g/t Au (264,000oz)

Inferred mineral resource estimate:       6.93Mt @ 1.67g/t Au (371,000oz)

Note on the Laboratory Assays

All assays referenced here are for Fire Assay analyses performed by SGS Laboratories in Ouagadougou.  All samples reported here were either one-metre primary samples or composites of three one-metre primary samples. Splits (3kg) of one-metre primary samples from selected mineralised intersections have been prepared for the "Leachwell" bottle rolls. Experience from comparisons between fire assay and bottle roll analyses from previous drilling programmes at the Cascades Project points to a likely small percentage increase in grade for bottle rolls versus fire assays.

This drilling report will be updated when all of the Bottle Roll analysis results have been received.

Artisanal Miners at Cascades

DFR was notified by the relevant authorities of a recent incident involving unlawful artisanal miners in which a ground collapse resulted in fatalities at a location within the Cascades 304km2 exploration licence area.  The artisanal mining activity is not sanctioned by the mining regulators, DFR or the Company.  DFR continues to support the relevant authorities in their investigation of this tragic incident.

 

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