Panthera Resources PLC (AIM:PAT) completed the restructuring of its 50%-owned Moydow Holdings Ltd.
Under the revamp, Diamond Fields Resources Inc (DFR) will provide funding of up to US$18mln for the Labola gold project in southwest Burkina Faso.
In August 2021, the diversified gold exploration and development company announced it agreed to restructure its ownership interests in Moydow and its underlying assets.
Mark Bolton, Panthera managing director, said given current investment market conditions, the restructuring and DFR investment proved “fruitious.”
The gold explorer and developer, with assets in India and Western Africa, said it span-out the Kalaka and Nigeria projects from Moydow into a new entity named ‘Maniger’.
Meanwhile, 2051 metres have been drilled at Labola to date as operations continued, with assay results expected in the third quarter of this year.
Bolton said: “The expanded ground position together with the ongoing exploration activities in 2022 has only strengthened our view as to the overall prospectivity of Labola.
“We look forward to the initial assay results from the ongoing Labola drilling program.”