Commencement of Fieldwork at Bassala

29 October 2020

Panthera Resources plc

("Panthera" or "the Company")

Commencement of Fieldwork 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 fieldwork at its Bassala Project has now commenced. 

Highlights

·    Ground magnetic surveying now underway with soil sampling to commence shortly

·    Programme to define and rank drill targets for testing during H1 2021

·    Processed results from ground magnetic survey due by early November 2020

·    High-grade intersections from previous drilling and artisanal workings

·    Located within 5-8km of Kalana (Endeavour, 4Moz) of Kodieran (Wassoul'or, 2Moz) mines

The Bassala Project is located in southwestern Mali, approximately 200km south of the capital city Bamako.  Following the end of the wet season and the easing of COVID-19 restrictions, an initial field visit to the Bassala site has now been completed and necessary clearances obtained from local officials to commence the detailed fieldwork programme comprising of ground magnetic surveying and extensions of the previous soil sampling.  The field visit also confirmed that ground conditions are suitable to undertake the magnetic survey and accordingly the ground magnetic survey has now commenced with the soil sampling expected to start in early November. 

Significant gold mineralisation has already been confirmed by the historical drill results that include:

·    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

·    3m @ 1.67g/t Au from surface

·    6m @ 0.40g/t Au from 18m.

The ground magnetic survey and extensional soil sampling have thus been designed to firm up drill targets for testing during early 2021.  The main deliverable from the magnetics is to obtain good quality litho-structural data as there is very little surface outcrop in this area and the previous magnetic survey data is very broad spaced. 

The main deliverable of the soil sampling is to extend high order anomalies on the edge of the survey and to sample most of the remaining untested parts of the tenement so that anomalies can be ranked based on soil anomalism, regolith type, litho-structural setting, and previous drill intercepts. 

This will define and prioritise drill targets for testing in early 2021.

Further information on the planned work programme at Bassala was announced on 12 October 2020 with a PDF version of the announcement, inclusive of images, available on the Company's website or by following the links below:

https://www.rns-pdf.londonstockexchange.com/rns/7502B_1-2020-10-12.pdf

pantheraresources.com/news/regulatory-news/

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

"After an extended period of inactivity in West Africa, the recommencement of fieldwork at Bassala today is enormously important for the Company.  Together with its partner, Moydow, we have an extensive activity programme planned across multiple projects through 2021.

Our shareholders now have exposure to seven highly prospective gold projects in four countries. Eight of nine assets in the Panthera portfolio have ore grade mineralisation evidenced through historical shallow mining activity and six of these projects have deeper ore grade drilling intersections."

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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

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

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**