Panthera Res. Share News (PAT)

(Alliance News) - Panthera Resources PLC said on Friday it had substantially increased its exploration activities in the six months to September 30.

The gold mining and exploration company with projects focused in India and West Africa said this considerable increase in field activity was reflected in its widened pretax loss of GBP1.9 million.

The loss had more than tripled from GBP561,393 reported in the six months to September 30, 2020.

At its Labola project in Burkina Faso, a 4,739 metre reverse circulation drilling campaign was completed. The results of the exploration returned results including assay intercepts of 4 metres at 19.7 grams per tonne from 92 metres; 3 metres at 3.46 grams per tonne from 48 metres; and 4 metres at 3.09 grams per tonne from 57 metres.

In December, Panthera said drilling had recommenced at the Bassala project in Mali, focusing on remaining targets. An induced polarisation survey of 135 kilometres had also been completed, identifying 23 targets for follow-up drill testing.

At the Kalaka project in Mali, an expanded 150 kilometre IP survey had been completed. The survey enhanced the definition of existing targets as well as identified several additional targets, Panthera said. Samples from a completed 94 AC drill hole programme have been submitted to the laboratory with assay results expected in late December 2021, the company added.

Panthera said it had suspended all work on its Bibo project in Burkina Faso due to a local company objecting to the grant of the Bido licence to the Mines Department. Panthera said the appeal has a very low chance of succeeding but it will be cautious and not recommence work until the appeal process has run its course in the courts.

At the Dagma project in Nigeria there was a significant gold rush with the company reporting nuggets over 200 grams in size being found. Panthera said a new licence has also been granted immediately south of the Dagma area.

Also in Nigeria, the company said fire assays were completed on 914 samples from its Paimasa project. Results included: 66 to 69 metres, 3 metres at 1.06 grams per tonne and 48 to 54 metres, 6 metres at 3.16 grams per tonne.

Finally, at its Bhukia project in India, Panthera said it had acquired Metal Mining India Private Ltd, its joint venture partner on the project. Consequently, the ownership interest in the project, via its 95% owned Australian subsidiary Indo Gold Pty Ltd, will increase to 100% if a prospecting licence is granted. This in turn would give Panthera a 95% relevant interest in the project.

Shares in Panthera closed up 2.7% at 13.35 pence on Friday in London.

By Heather Rydings; heatherrydings@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.