Panthera Resources PLC (AIM:PAT) said its Burkina Faso joint venture partner DFR Gold has completed phase one of a 10,000-metre drilling program on the Cascades Project and expects full analytical results to be returned during the first half of this month.
A second phase of drilling will be driven by the results, targeting the highest priority results from the first phase.
In 2021, DFR produced a maiden mineral resource estimate of 5.41mln tonnes (Mt) at 1.52 grammes of gold per tonne of earth (g/t Au), or 264,000oz, and an inferred mineral resource estimate of 6.93Mt at 1.67g/t Au (371,000oz).
Cascades, formerly called Labola, is owned and managed by Moydow, in which Panthera holds an equity interest of 20%. DFR has agreed to spend up to US$18mln on Cascades and increase its ownership interest up to 80% in Moydow, whereby Panthera holds the right to increase its interest by 10%.
Panthera also said the 23,650,590 new shares issues from March’s £1mln equity financing will be admitted to trading on AIM in two tranches, one around 5 May and one in late May.
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