10 September 2021

Panthera Resources Plc

("Panthera" or "the Company")

Additional High-Grade Gold Mineralisation Identified 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 next batch of assay results from the recent air-core (AC) drilling programme at Bassala have been received.  These have confirmed the presence of additional significant gold mineralisation including the highest grade assays received to date comprising 5 metres at 6.59g/t Au.

Highlights

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

o  10m @ 3.45g/t Au from 60m incl. 5m @ 6.59g/t Au from 60m

o  25m @ 0.51g/t Au from 15m incl. 5m @ 2.07g/t Au from 20m

o  5m @ 1.98g/t Au from 40m

o  5m @ 0.56g/t Au from 60m (end of hole)

·       An additional 280 assays have been received, taking the total so far to 1,123 assays (approximately 51% of the 2,191 five metre composite samples submitted for assay)

·       Assay results are from two of the 13 targets drilled, with results now reported on five of 13 targets

·       Each of the targets tested to date has returned significant gold intercepts

·       Results consistent with interpretation of flat-lying (sub-horizontal) mineralisation - similar to the nearby Kalana mine (Endeavour Mining Corporation, LSE: EDV)

·       The remaining 49% of assays will be reported as they come to hand

·       The remaining nine 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 continue to be very encouraging for first-pass air-core drilling.  The high grade intercepts being returned for 5m composite samples suggest the potential for good gold grades.

The results continue to confirm our interpretation of a flat or shallowly dipping mineralisation zone, similar to that at the nearby Kalana mine.

We are eagerly awaiting the remaining assay results anticipated to be received during September 2021."

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/4090L_1-2021-9-10.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 announced on 26 March 2021 and results of an IP survey announced in June 2021.  These surveys identified 22 targets for drill follow-up.  Initial results were announced on 24 August 2021 and results continue to be reported as they are received and compiled.

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 1123 assay results (excluding QaQc assays) have been received to date.  The remaining assays are expected over the next few 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 from the current batch of assays are presented in Table 1 below.  This shows several broad intervals up to 30m downhole at plus 0.1g/t Au, plus several 5m intercepts (smallest sampling unit) grading up to 6.59g/t Au.  It is anticipated that the broad intervals will also resolve into narrower but higher grade intervals when 1m sampling has been completed.

The mineralisation has been confirmed 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.

TABLE 1: Assay Intervals Received in the Latest Batch of Assays

Both additional targets announced today (T18 and T20) have returned significant gold mineralisation.  Target T20 has returned several high-grade drill intercepts while Target T18 has returned significant gold mineralisation from the end of a hole situated along the central cross-section.

The flat-lying to shallowly dipping nature of gold mineralisation is evident at Target T20 whereas Target T18 may be more sub-vertical attitude.   A close relationship between gold mineralisation and chargeability anomalies is evident.

A comprehensive analysis of all results will be provided upon completion of all assayss.

Contacts

Panthera Resources PLC

Mark Bolton (Managing Director)                                                                              +61 411 220 942

                                                                                                            [email protected]

Allenby Capital Limited (Nominated Adviser & Broker)                        +44 (0) 20 3328 5656

John Depasquale / Vivek Bhardwaj (Corporate Finance)                                                               

Financial Public Relations

Vigo Communications Ltd                                                                                      +44 (0)20 7390 0230

Oliver Clark / Chris McMahon

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Qualified Person

The technical information contained in this disclosure has been read and approved by Antony Truelove (BSc (Hon), MAusIMM, MAIG), who is a qualified geologist and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies.  Antony Truelove is the COO of Panthera Resources PLC.

Market Abuse Regulation (MAR) Disclosure

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. 

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**