Beredo Gold Target Update

24 November 2020

Panthera Resources Plc

(Panthera or the Company)

Beredo Gold Target Update

Panthera Resources Plc (AIM: PAT), the diversified gold exploration and development company with assets in West Africa and India, is pleased to announce an update on its Beredo Target at the Bido Project, following a more detailed review of historical data across the Baredo Target area as announced on 19 November 2020.

Highlights

·    Previous rock chip sampling has returned assay results including 17.3 g/t Au, 11.1 g/t Au, 8.91 g/t Au, 8.38 g/t Au and 8.21g/t Au from sub-cropping quartz veins over an area of about 3000m x 500m

·    Veins generally trend approximately north-south, sometimes associated with artisanal workings

·    Veins show evidence of box works after sulphides, tourmaline, and potassic alteration of host rocks

·    Previous soil sampling delineated a series of north-northwest to north-south trending zones of anomalous gold in soil

·    These are often associated with significant zones of eluvial artisanal gold mining activity

Mark Bolton, Managing Director of Panthera, commented:

"The numerous high-grade assays returned from an area with no previous drilling is very encouraging.  It is unusual to obtain such good values from outcropping quartz veins, many of which have not been targeted by the local artisanal miners.

During the upcoming survey, our geological team will map the outcropping and sub cropping quartz veins in detail and increase the current sample density to locate drill collars.  If warranted, this may also be followed up with a geophysical IP survey in order to trace veins under scree cover and at depth.

A new geological model is emerging to explain the formation of these veins and this will be built upon and reported after results of the current soil sampling survey are to hand."

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/2614G_1-2020-11-24.pdf

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

During the recent site visit to coordinate the gold in soil survey which has subsequently commenced, quartz veins were observed in the northeast of the survey area.  As a consequence, the Company elected to re-evaluate the geological model together with all historical data in this zone through to the Bido Vein.

The area is defined by a combination of geology (mapped quartz veins at the surface), gold in soil geochemistry, artisanal mining activity, and rock chip sampling.  Some high-grade gold assays have been returned from outcropping to sub cropping quartz veins, sometimes associated with artisanal mining but other times not targeted at all by the local artisanal miners. 

Significant assay results returned to date include 17.3 g/t Au, 11.1 g/t Au, 8.91 g/t Au, 8.38 g/t Au and 8.21g/t Au.  The quartz veins generally show evidence of box works after sulphides, tourmaline, and potassic alteration of the host rocks.

Table 1: Baredo Rock Chip Sampling Results

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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**