(Sharecast News) - Gold explorer and developer Panthera Resources announced assay results from its recent drilling programme at the Kalaka Project in Mali on Monday.
The AIM-traded firm said the results, extracted based on two-metre sampling intervals, spotlighted an auspicious presence of gold at Kalaka.
It said the data included 76 metres at 0.53 grams of gold per tonne, with a section of 10 metres at 1.16 grams per tonne in hole KRC 23 005; 34 metres at 0.5 grams per tonne in hole KRC 23 006; and 85 metres at 0.52 grams per tonne, which encompassed 12 metres at 1.62 grams per tonne towards the end of hole KRC 23 007.
The board said the gold grades mentioned generally indicate potentially viable mineralisation, although comprehensive economic evaluations would be required to confirm the commercial viability of any future mining operation.
Under the project's umbrella, eight reverse circulation drill holes were completed, amounting to a drilled length of 705 metres.
The drilling was designed to complement the existing diamond and reverse circulation drilling, particularly at the K1A mineralisation.
Additionally, the results from the twin hole aligned with historical drill hole assays, bolstering the reliability and consistency of the exploration data accumulated so far.
However, the drilling programme proceeded with challenges, as heavy rainfall caused a disruption, imposing a halt and leaving the proposed northern exploration holes untested.
The company was yet to announce when the drilling would resume or if the delay would significantly impact the project's timeline and subsequent operations.
"Panthera and DFR Gold each have 40% interest in Kalaka held through their interest in Maniger," the company explained, adding that the remaining 20% interest is owned by local partner Golden Spear Mali, with Panthera, the project's operator.
"The project is located in southeast Mali, between Morila and Syama gold mines and is approximately 260 kilometres southeast of Bamako.
"It lies approximately 80 kilometres south of the Morila gold mine and 85 kilometres northwest of Resolute's Syama gold mine and is situated adjacent and to the east of the regional Banifin Shear Zone."
Panthera said modern exploration included airborne geophysical surveys, soil sampling, structural interpretations, geological mapping, and drilling activities.
That included diamond, air core, reverse circulation and rotary air blast drilling.
"During 2021, Panthera completed 2,430 metres of shallow air core drilling.
"On the K1A prospect, multiple intersections exceeding 150 metres at 0.5 grams per tonne have been identified by diamond and reverse circulation drilling."
Panthera explained that the primary mineralisation at the K1A prospect is associated with an intrusive tonalite and micro granodiorite in contact with altered metasediments.
"The alteration envelope is dominantly characterised by silica-feldspar flooding and sulphide mineralisation.
"Elsewhere there are also numerous artisanal workings within the Kalaka tenement, mainly targeting eluvial gold."
At 1203 BST, shares in Panthera Resources were down 11.95% at 7p.
Reporting by Josh White for Sharecast.com.
Panthera Res. (PAT)