Panthera Resources PLC (LON:PAT) shares soared on Tuesday as it unveiled ‘significant’ drill results from the Naton gold project in Burkina Faso.
Drill holes tested the Somika Hill, Kaga Vein, Bido Vein and Somika Hill East targets. Highlights included gold readings between 0.52 grams per tonne to 4.76 grams per tonne.
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"I am delighted to announce these exciting results from our Naton Project in southern Burkina Faso,” said Geoff Stanley, Panthera managing director.
“The significance of achieving results of this tenor in the company's first drilling program on the property cannot be overstated.
“The intersections clearly highlight the potential for multiple zones of ore grade mineralisation. The anomalies associated with this mineralisation are all laterally extensive, which gives us great encouragement that we may be able to confirm mineralisation over significant distances on the property.”
Future drilling plans
Panthera told investors that the ‘better’ mineralization was at each target associated with sulphide alteration rather than quartz veins, and, as a result, it believes Induced Polarisation may be a good exploration tool to target future drilling locations.
Stanley added: "We are now planning follow-up drilling on these areas and have also identified higher tenor soil anomalies elsewhere on the Naton property that will also require drill testing.
“We are excited by the progress at the Naton project and look forward to updating the market on further developments and results."
By mid-morning, Panthera shares were up 17.45% at 5.52p - after trading up as high as 8.7p.