Drilling Completed at Labola

13 August 2021

Panthera Resources Plc

("Panthera" or "the Company")

Drilling Completed at Labola

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 Reverse Circulation (RC) drilling programme at the Labola (Wuo Land) Project in Burkina Faso, by its associate company Moydow Holdings limited ("Moydow"), has now been completed. 

Highlights

·       A total of 4,740 metres of RC drilling has been completed in 31 drill holes including:

·       2,905m twin drilling in 19 drill holes

·       1,114m infill drilling in 7 drill holes

·       721m exploration drilling in 5 drill holes

·       Programme undertaken with a view to reporting a maiden resource estimate

The programme has been completed on schedule and without any safety or security issues arising. 

Full assay results are pending with results anticipated on or about the end of the quarter.  In conjunction with this work, a NI43-101 report is currently being compiled, which subject to the drill assay results, is expected to be published in the fourth quarter of 2021.

Technical Details

The Labola (Wuo Land) gold project is located in southern Burkina Faso, approximately 380km southwest of the capital city Ouagadougou. The area is located within the Banfora Greenstone Belt, comprised dominantly of Birimian aged metasediments with lesser metavolcanics and felsic intrusions.  Previous historical drilling and historical artisanal mining has demonstrated continuity of mineralisation within two of the three zones over strike lengths of up to 9 km. The artisanal workings appear to be targeting high-grade shoots within individual quartz veins that are located within an extensive zone of shearing, sheeted to stockwork quartz veining and silica-sulphide alteration.

Previous explorers have completed 65,556m RAB/RC/DD drilling in 541 drill holes.  That work has outlined numerous extensive zones of gold mineralisation over the entire 9km of strike tested. Some of the previous drilling is quite broad spaced and, although gold mineralisation has been intersected, additional drilling is required to firm up the mineralisation outlines.

Work by Panthera and Moydow has shown that excellent potential exists confirm the historic database with a view to reporting a maiden resource estimate in accordance with JORC or NI43-101 guidelines.  The recently completed drilling programme was designed to confirm the historic database and support Moydow's efforts to prepare a maiden resource estimate as well as to test two high priority exploration targets.

The drill cuttings from this programme are being analysed using both convention fire assay techniques as well as by the accelerated cyanide leach technique "LeachWELL" that uses a much larger sample (2-5kg) and hence minimises the statistical effects of coarse gold, which is known to be common in this area and is the main target of the artisanal miners. 

The confirmatory "twin" drilling has focussed on the two largest areas identified by previous explorers. 

In addition to the confirmatory drilling, two areas with no previous drilling have been targeted, designed to identify additional mineralisation.  This drilling was designed to test a 350m gap in previous drilling along the western zone, and the possible northern extensions of mineralisation along the central zone.  Both these areas have associated artisanal mining activity and IP chargeability and resistivity anomalies.

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

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.

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**