Panthera Resources PLC (AIM:PAT) has produced a maiden mineral resource estimate for the Labola gold project in West Africa.
The resource has been prepared by the company's associate Moydow Holdings Limited and amounts to 5.41mln tonnes grading 1.52 grams per tonne gold for 264,000 ounces in the indicated category and 6.93mln tonnes grading 1.67 grams for 371,000 ounces inferred.
Three mineralised zones have been outlined from the various drilling programs and each zone is open in all directions.
Extensive target generative work demonstrates many opportunities for resource expansion which include extensions to the current pit constrained resources, zones with only widely spaced drilling, extensions of known mineralised zones with no drilling, untested artisanal sites and potentially new mineralised zones.
Significant exploration is planned for 2022, with the focus on resource expansion opportunities and completion of a preliminary economic assessment.
"The completion of the maiden mineral resource estimate is an important milestone for the company as it seeks to transition from explorer to developer,” said managing director Mark Bolton.
“The resource announced today is just the beginning, ahead of an intensive exploration programme planned in 2022. The project has over 30 kilometres of known strike length along the three mineralised zones and many walk-up drill targets which will enable rapid resource expansion.”