Panthera Resources PLC (AIM:PAT) said drilling results confirmed that a “significant” new gold zone has been discovered at the Labola project in Burkina Faso.
Results from recent drilling at the TT-13 target, conducted by Moydow Holdings Ltd, include 10 metres (m) at 1.55 grammes a tonne (g/t) gold; 4m at 2.10 g/t; 16m at 1.26 g/t; 9m at 1.08 g/t; and 10m at 1.81 g/t gold.
In addition, assay results from infill drilling in the Western Zone included 3m at 12.52 g/t gold.
The 243 square kilometre-Labola project, consisting of the contiguous Wuo Land and Wuo Land 2 licences, will now be called the Cascades gold project, added Panthera.
"The discovery at TT-13, just one of many untested drill targets at the Cascades project, reinforces our confidence in being able to deliver a substantial gold resource here in due course,” Panthera managing director Mark Bolton said in a statement.
A maiden resource estimate for Wuo Land, announced in 2021, estimated that the licence contained 264,000 ounces of gold at the indicated level and 371,000 ounces of gold at the inferred level.
Panthera said the geology team is continuing to upgrade more than 20 new targets for future drilling at the Cascades project and that recent metallurgical test work had confirmed that the gold is free milling.
In June, Panthera completed the restructuring of its 50%-owned Moydow.