Panthera Resources PLC Announces Bassala Drilling Identifies Five Prospects
Panthera Resources PLC announced that the drilling programme, as announced as completed on 8 July 2022 at the Bassala Project in Mali has delineated five significant prospects at which drilling has identified wide zones of mineralisation. 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, 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. Recently the Company completed its 2022 drill programme. The programme was designed to follow up results of earlier drilling across the three separate areas previously termed the Bassala North, Bassala Central and Bassala South Sectors. Panthera reported that the program was completed ahead of schedule, on budget and without any safety incidents. Preliminary analytical results have now been returned and are discussed in the ground assessment of the project data and the results of the recent drilling section of this news release. The drilling analysis reported here is preliminary due to observed coarse gold. Further test June 2022 Drilling Results and Project Review Following the recent June 2022 drilling campaign, the Company's technical consultant for West Africa recently completed a site visit. Together with in-country technical team in Mali, a comprehensive assessment of the current drilling and previous drilling was carried out. The field assessment recognised at least five areas that the Company now categorises as prospects: Tabakorole Prospect. Tabakorole East Prospect. Djelikourou North Prospect. Djelikourou South Prospect. Tagoua Prospect. All five of the identified prospects have been identified via reinterpretation of drill hole analysis, geological logging reinterpretation and walking the prospects in addition to the reinterpretation of geophysical and soil geochemical data. Discussion of the prospects and recent drilling results follows. Tabakorole Prospect: The Tabakorole prospect has now been defined on a significant contiguous structure of at least 2km strike length with widths interpreted between 50m to 100m. This is based on field observations of artisanal workings, the company's first phase of reconnaissance drilling and the recent follow-up June 2022 drilling campaign between the historical drilling, areas of artisanal diggings and trends of quartz vein rubble on the surface are noted. Tabakorole East Prospect: The Company identified this prospect for initial testing after noting gold in historical RAB drilling carried out by AGEX. Initial follow-up using soil geochemistry outlined a broad area of plus 20ppb Au. Field mapping also located scattered artisanal diggings for gold. Gradient array IP geophysics carried out over the prospect highlights a thickening of a conductive rock. unit that was initially thought to be due to the presence of disseminated sulphide and was the target of the Company's maiden drilling programs that successfully located highly anomalous geochemical values for gold. The recent field review has identified the conductivity anomaly to be caused by considerable amounts of graphite in the underlying schists. It is postulated that the thickening of the graphitic schist unit may be due to structural folding and or faulting of the softer graphitic schist. The Company's shallow geochemical (AC) drilling appears to have also identified shallow flat-lying supergene style mineralisation. Several deeper holes may have located underlying vein-style structures. Panthera recently commissioned a specialist spectral imagery study using reflective wavelengths collected by various satellites. Of interest is that an anomaly is located over the Tabakorole East prospect that has a similar spectral signature to that observed over the nearby Kodieran (Wassoul'or, 2Moz) gold mine. Djelikourou North Prospect: The prospect was initially located after field reconnaissance in 2018 identified scattered artisanal diggings. Subsequent exploration work included soil sampling that reported elevated gold values above 20ppb Au that overlay a trend identified in the gradient array IP survey data. The geophysical trend appears to be the edge of a chargeability anomaly and a resistivity trend. Recent fieldwork identified the chargeability high as due to the presence of a graphitic schist unit. Subsequent geochemical air core drilling and several follow-up RC drill holes have returned encouraging results as indicated in the following tables of drill intersections including a 35m gold intersection (BA-22_RC-012). Djelikourou South Prospect: The prospect was located after initial field reconnaissance in 2018 and identified scattered artisanal diggings. Subsequent exploration included a soil sampling programme which reported elevated gold values including a plus 100ppb Au anomaly that overlies the trend identified in the gradient array IP survey data. Subsequent geochemical air core drilling and several follow-up RC drill holes have returned encouraging results as indicated in the following tables of drill intersections. Tagoua Prospect: The prospect was located after field reconnaissance in 2018 and identified scattered artisanal diggings with subsequent soil sampling showing elevated gold values including a plus 60ppb Au anomaly. Further gradient array IP survey data inferred a possible structural control of the geochemistry. Subsequent geochemical air core drilling and several follow-up RC drill holes have returned encouraging results as indicated in the following tables of drill intersections. Analytical Test Work: Reflecting a course coarse gold distribution, the Company completed repeat fire assays on selected samples at SGS and Bureau Veritas. Furthermore, the Company is undertaking selected bulk assays with SGS Leachwell method with the results pending. Recommendations for further sampling and analytical work will be made when all test work is completed.