17 February 2022

Panthera Resources Plc

("Panthera" or "the Company")

High-Grade Drill Results 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 5m composite assays have now been received and compiled from all of Stage 2 Aircore drilling programme at the Bassala Project in Mali. 

Highlights

·       All targets tested have returned plus 100ppb Au assays from 5m composite samples

·       Better intercepts include:

-  25m @ 0.87g/t Au from surface incl. 5m @ 2.96g/t Au from 10m

-  25m @ 0.25g/t Au incl. 10m @ 0.50g/t Au

-  2m @ >8.00g/t Au from 55m at end of hole (re-assays at 3.01, 8.40 and 1.06g/t Au)

-  5m @ 1.10g/t Au from 5m

-  16m @ 0.90g/t Au from 40m at end of hole incl. 5m @ 2.58g/t Au from 40m

-  55m @ 0.29g/t Au from 5m at end of hole incl. 5m @ 1.05g/t Au from 30m

-  5m @ 2.45g/t Au from 5m

-  5m @ 1.19g/t Au from 35m

·    Planning for deeper, resource definition RC drilling, which is expected to take place in Q2 of this year,is currently in progress

Commenting on the announcement, Mark Bolton, Managing Director of Panthera said:

"The current drilling is essentially "geochemical drilling" and has only targeted the upper weathered zone and at a very broad line spacing of minimum 200m with holes generally 50m apart.  In this respect, the numerous significant intercepts are considered to be highly encouraging. 

Almost all of the targets tested are sizeable geochemical targets, many with economic grade intercepts already returned.

Many of the intercepts were at the end of drill holes, showing the mineralisation is open at depth and representing excellent targets for deeper drilling.

The next step, once the geological interpretation has been completed, will be to test the known mineralisation with deeper and closer spaced drilling, aimed at identifying zones of coherent mineralisation that may represent resource definition targets."

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/9813B_1-2022-2-17.pdf

www.pantheraresources.com/news/regulatory-news/ 

Background

The Bassala project is located within a 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, 4Moz) 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.  These surveys confirmed that two major gold anomalous trends are present, a 9 kilometre long north-northeast trending zone and a second, cross-cutting, 3 kilometre northwest-trending zone.

Following the successful gold in soil and ground magnetic surveys, the Company initiated an IP survey, with the results announced on 10 June 2021.  The IP survey confirmed the previous interpretations and identified:

·       Several high order chargeability highs - probably indicative of disseminated sulphides at depth

·       Three of the chargeability highs can be traced over 6,000m, 4,700m and 2,200m

·       Many of the chargeability highs are associated with geochemical anomalies and artisanal mining activity

Having met all of the requisite statutory obligations, the Company's joint venture partner has applied for a three-year extension to its Bassala exploration licence.  The Direction Nationale de la Géologie et des Mines has assessed the application and has recommended the extension is approved.  The application is now with the Ministère des Mines de l'Énergie et de l'Eau for final approval.

June 2021 Drilling (Phase 1)

Reflecting the positive results from the IP survey, the Company initiated its maiden drilling programme at Bassala.  This was terminated in July 2021 due to the onset of the wet season with a total of 9,997m air core (AC) drilling completed in 164 drill holes and 392m reverse circulation (RC) drilling completed in 4 drill holes.

That work resulted in widespread gold mineralisation being identified in very widely spaced drill traverses with better intercepts from the 5m composite sampling including:

·    20m @ 2.12g/t Au from 10m incl. 10m @ 3.79g/t Au from 20m

·    10m @ 3.45g/t Au from 60m incl. 6m @ 6.59g/t Au from 60m

·    5m @ 5.10g/t Au from 15m

·    5m @ 2.75g/t Au from 55m

·    45m @ 0.57g/t Au from 25m incl. 5m @ 2.53g/t Au from 40m

·    30m @ 0.88g/t Au from 20m incl. 5m @ 3.18g/t Au from 20m

·    20m @ 0.75g/t Au from 15m incl. 5m @ 1.92g/t Au from 15m

·    10m @ 0.96g/t Au from 35m incl. 5m @ 1.44g/t Au from 35m

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

·    5m @ 1.98g/t Au from 40m

·    6m @ 1.59g/t Au from 70m (end of hole)

·    5m @ 1.41g/t Au from 35m (end of hole)

These are excellent initial results from the broad spaced, minimum 200m x 50m drill pattern that only penetrated to the base of weathering.  Further details of this drilling may be found in the RNS' dated 24 August 2021, 10 September 2021 and 30 September 2021.

December 2021 Drill Results (Phase 2)

Given the excellent results from the June 2021 drilling programme, the Company continued the drilling programme after the wet season and the phase 2 programme (mainly situated in the northern part of the license area), consisting of 8,546m drilling in 152 AC drill holes, was completed in late December 2022.

Assay results from this drilling have now been received, with better intercepts including:

·        25m @ 0.87g/t Au from surface incl. 5m @ 2.96g/t Au from 10m

·        30m @ 0.25g/t Au from 15m incl. 10m @ 0.50g/t Au from 20m

·        2m @ >8.00g/t Au from 55m at end of hole (re-assays at 3.01, 8.40 and 1.06g/t Au)

·        5m @ 1.10g/t Au from 5m

·        15m @ 0.40g/t Au from 10m incl. 5m @ 0.77g/t Au

·        5m @ 0.89g/t Au from 30m

·        16m @ 0.90g/t Au from 40m at end of hole incl. 5m @ 2.58g/t Au from 40m

·        55m @ 0.29g/t Au from 5m at end of hole incl. 5m @ 1.05g/t Au from 30m

·        5m @ 2.45g/t Au from 5m

·        1m @ 0.42g/t Au from 50m at end of hole

·        5m @ 0.92g/t Au from 55m at end of hole

·        3m @ 0.68g/t Au from 15m at end of hole

·        5m @ 0.44g/t Au from 55m at end of hole

·        5m @ 1.19g/t Au from 35m

Details of drilling, including coordinates, azimuths, dips and all assays over 100ppb Au, are shown in Schedule 1.

Several coherent zones of mineralisation are beginning to emerge, generally trending NNE in the north, N-S in the centre and NW in the south.  They generally follow the two main trends originally interpreted. 

These zones are between about 600m and 3000m in strike and hence have significant size potential.

A comprehensive geological interpretation of the dill logs and assays is underway.  This will feed into closer spaced RC and/or diamond drilling programme that is currently being designed for the higher priority targets.

Schedule 1

Contacts

Panthera Resources PLC

Mark Bolton (Managing Director)                                                                              +61 411 220 942

                                                                                                            contact@pantheraresources.com

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

John Depasquale and Vivek Bhardwaj (Corporate Finance)                                                          

Financial Public Relations

Vigo Communications Ltd                                                                                      +44 (0)20 7390 0230

Simon Woods / 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.

UK Market Abuse Regulation (UK 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**