Company
LON:PAT
Panthera Resources PLC is focused on its gold exploration and development projects in India and West Africa and the optimisation of other mineral projects. The company's flagship property in India is located in the State of Rajasthan where the joint venture company (70% Indo Gold) has identified a preliminary JORC (2012)-compliant Inferred Mineral Resource of 38.5Mt @ 1.4 g/t AU (1.74 million ounces of gold).
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Panthera's 95%-owned Australian subsidiary, Indo Gold (IGL), will execute the deal, which will see its interest in the Bhukia project increase from 70% to 100%
The junior is also raising £780,000 in new money through a share subscription at 10p per share.
A preliminary economic assessment is planned for next year
The results confirmed the presence of additional significant gold mineralisation in the northern part of the project area
Panthera has significant gold exploration ground in West Africa and India
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The gold exploration company noted that each of the targets tested to date has returned significant gold intercepts
As part of the restructuring, Kalaka (Mali) and two projects in Nigeria are being spun into a new entity
"The assays to date are very encouraging for first pass aircore drilling,” said managing director Mark Bolton
There are more than 20 walk-up drill targets defined by the survey, said managing director Mark Bolton
The programme is aimed at reporting a maiden resource estimate
A further nine targets are planned to be drill tested after the wet season later in the year
Assay results are expected from the third quarter of 2021
Panthera has a diversified portfolio of assets in West Africa and in India
A drill rig is being sought to begin work before the start of the wet season
Moydow's Nigerian projects are located within the Benin-Nigerian Shield where significant gold deposits have been discovered recently
The drilling will test a subset of results obtained previously by other miners
In December 2018, Panthera announced that Indo Gold Pty Ltd (IGL), a subsidiary of Panthera, had entered into a binding term sheet with Galaxy forming a partnership in India to advance the Bhukia joint venture project
"The excellent soil sampling results, almost within sight of the headframe of two-plus 2Moz gold mines, is encouraging,” said Mark Bolton
