Allenby note 10th September12 Sep 2021 20:53
Allenby Capital Natural Resources Update 10.09.21 - PAT.L
Panthera Resources plc* (PAT.L, 14.25p/£12.9m)
More encouraging evidence of gold mineralisation at Bassala
Panthera Resources (PAT.L), the gold junior focused on Burkina Faso, Mali and India has announced some more ‘very encouraging’ assay results from its recent air-core drilling programme at Bassala in southern Mali. The project is located about 200 km south of the Mali capital, Bamako, in an industrial gold mining zone. There are three large mines in close proximity. Panthera is aiming to earn an 80% interest in Bassala by spending $0.5m over a four-year period. Geologically Bassala lies in the Birimian greenstone belt which hosts all known gold deposits in southern Mali.
The highlight of the assay results was an intercept of 5m @ 6.59g/t Au from 60m, an excellent result and the highest grade reported to date. Other noteworthy intercepts were as follows: 10m @ 3.45g/t Au, 25m @ 0.51g/t Au (incl 5m @ 2.07g/t Au), 5m @ 1.98g/t Au and 5m @ 0.56g/t Au. Results were obtained from two of the 13 targets drilled and relate to 280 assays. This takes the cumulative total to 1,123 or 51% of the samples submitted. Importantly, each of the targets drilled has returned significant gold intercepts. Furthermore, Panthera continues to point to evidence of flat-lying mineralisation as at Endeavour’s (EDV: TSX) nearby Kalana mine where there are a series of stacked zones. Assuming the analogy is correct, Panthera’s shallow drilling at Bassala may have left the lower formations untapped. Results for the remaining assays will be announced in the coming weeks. Drilling to test the remaining nine targets is scheduled to commence following the end of the wet season around the end of September.
Assuming continuing positive drilling results, we would expect Panthera to move to the resource assessment stage at Bassala probably during 2022. A pre-feasibility study could follow.
Note: For more background information on the Bassala project please see our Panthera initiation report of