(Alliance News) - Panthera Resources PLC on Tuesday said that "significant gold mineralisation" was found at its Bassala aircore drilling programme.
Shares in the West Africa and India-focused gold miner were down 1.9% at 13.25 pence in London on Tuesday.
Around 22% of the 2,191 five metre composite samples collected at Bassala, which is located in Mali, West Africa, have been assayed.
The assay results are from four of the 22 drilling targets identified by Panthera, of which all returned significant gold intercepts.
The remaining 78% of assays will be reported in the coming weeks.
In total, 13 out of the 22 targets have been drilled at Bassala. The company plans to drill the remaining nine targets after the wet season.
"It is encouraging that the current interpretation is that mineralisation may in part be flat-lying, similar to the nearby Kalana mineralisation (Endeavour Resources) which consists of a series of stacked sub-horizontal zones," said Managing Director Mark Bolton.
"If this interpretation is correct, only the uppermost zones will have been intersected in this shallow drilling, with potential for further zones at depth."
Panthera described the Bassala project as one in a "highly gold endowed Birimian volcano-sedimentary belt in southwestern Mali". It is located around 200 kilometres south of Bamako, the country's capital city.
The gold miner recommenced exploration at Bassala following gold in soil and ground magnetic survey results in the second half of 2020, which identified 22 targets for drill follow-up.
By Josie O'Brien; josieobrien@alliancenews.com
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Panthera Res. (PAT)