Panthera reports positive results from Bido drilling

(Sharecast News) - Panthera Resources said on Monday that positive results had been returned from a reverse circulation drilling programme at its Bido Project in Burkina Faso, with maiden drilling at the Kwademen prospect confirming multiple zones of gold mineralisation and upgrading four of the five targets tested.

The AIM-traded firm said the drilling programme, completed in the second half of 2025, comprised 19 holes for a total of 1,858.9 metres and represented limited, shallow testing across five targets.

It said the release of results was delayed by unusually wet seasonal conditions and by additional verification of assays using the 'PhotonAssay' technique.

Results confirmed broad zones of low- to moderate-grade mineralisation with local high-grade intersections, including eight metres at 3.79 grams of gold per tonne from 34 metres at Target 1, incorporating one metre at 22.17 grams per tonne, and four metres at 2.52 grams of gold per tonne from 34 metres at Target 5.

Several holes intersected mineralisation from the surface, indicating potential for near-surface extensions.

At Targets 1 and 2, drilling confirmed continuity of historical gold zones, with multiple intersections over tens of metres, including 24 metres at around 0.6 grams of gold per tonne.

Target 3 drilling intersected mineralisation at depth below a previously reported high-grade RAB hole, helping to define the geometry of a potentially higher-grade vein system.

It said Target 4 did not return significant gold intersections, while Target 5 delivered encouraging results beneath artisanal workings, supporting further follow-up work.

Panthera said re-assaying at one-metre intervals and cross-checking using PhotonAssay showed no material grade discrepancies compared with conventional fire assay, providing confidence in the results.

The company said the programme supported its exploration model, identifying wide zones of quartz veining, alteration and sulphides consistent with shear-hosted orogenic gold mineralisation, with evidence of along-strike extension potential.

"The maiden drilling programme by Panthera at the Kwademen prospect has delivered outstanding high-grade intersections within several broad zones of mineralisation that remain open in multiple directions," said managing director Mark Bolton.

"This bodes well in a strong, rising gold price environment."

Panthera said it had completed its earn-in obligations at Bido and holds an 80% interest in the project, with the option to acquire the remaining 20% subject to further spending.

The company said the results would inform follow-up drilling to further delineate and prioritise targets across the licence area.

At 1100 GMT, shares in Panthera Resources were flat at 21p.

Reporting by Josh White for Sharecast.com.

Panthera Res.