7 May 2024
Panthera Resources Plc
("Panthera" or "the
Company")
Ownership Restructure of Kalaka and
Nigerian Projects
Panthera Resources Plc (AIM: PAT), the
diversified gold exploration and development company with assets in
West Africa and India, is pleased to announce that it has entered
into definitive agreements with DFR Gold Inc ("DFR") and Maniger
Ltd ("Maniger") to restructure the ownership interests in the
Kalaka gold project in Mali ("Kalaka" or the "Kalaka Project") and
the Paimasa, Dagma and Dext
gold projects in Nigeria (the "Nigerian Projects") (together
the "Restructuring").
Following completion of the Restructuring,
Panthera will own 100% of Maniger, and consequently, an increase
its relevant interest in the Kalaka Project from 40% to 80%.
The remaining 20% interest in the Kalaka Project will
continue to be owned by a local partner, Golden Spear Mali SARL.
Furthermore, Panthera will no longer hold any interests in
the Nigerian Projects.
As part of the Restructuring, Panthera will pay
DFR approximately US$67,931.36 to settle intercompany loans.
Related to this, DFR will acquire the Nigerian Projects from
Maniger for nominal cash consideration.
In the Company's audited accounts for the
financial year ended 31 March 2023, it was reported that Maniger
had negative net assets of US$67,447 and that it had a loss before
taxation of US$219,733 (taking into account the Company 50%
ownership interest in Maniger at the time).
Commenting on the Restructuring, Mark Bolton, Managing
Director of Panthera said:
"Following a recent re-evaluation of the historical database
at Kalaka and improved gold prices, the Company has elected to
expand its focus at Kalaka. The change in ownership interest in
Kalaka better aligns with its planned
activities.
We
believe that Kalaka is a significant mineralised gold system with
the potential for a multi-million-ounce gold resource. The Company
believes that the strong gold price will underpin a lower grade,
bulk tonnage development strategy."
About the
Kalaka Project
The Kalaka gold project, which is operated by
Panthera, is situated in southern Mali, 80km south of the 8 Moz
Morila gold mine and 85km northwest of the 6 Moz Syama gold mine
(Resolute). Panthera believes the property has large scale
potential.
Historical drilling has intersected
impressive mineralization widths at the K1A target within a very
large 0.5g/t Au mineralization envelope. Drilling intersections at
K1A have included 249m @ 0.54g/t Au (to end of hole). The tenement
hosts some 45km of prospective geology and structures along strike
from K1A as defined from drilling, surface geochemical and
geophysical surveys.
At the K1A target area, the
Company's Competent Person Report (prepared by Golder Associates
Pty Ltd), which was disclosed in the Company's AIM Admission
Document, reported that drilling by past explorers defined a
potential endowment of 250,000 to 500,000 ounces. Furthermore,
Golder Associates Pty Ltd ("Golder") reported that this represents
an exploration target where further infill drilling may lead to the
estimation of a Mineral Resource.
More recently, follow-up work by
Panthera including re-examination of all available drill data at
K1A, identified a mineralised envelope that broadly conforms to the
potential endowment mentioned by Golder. This work identifies an
exploration target of between 0.5 Moz to 1 Moz gold.
Importantly, the Company is yet to drill the northern extension of
the mineralisation at K1A together with several similar targets
within the project area. Taken together this would potentially
expand the exploration target to approximately 3 Moz of
gold.
Contacts
Panthera Resources PLC
Mark Bolton (Managing
Director)
|
+61 411
220 942
contact@pantheraresources.com
|
|
|
Allenby Capital Limited (Nominated Adviser & Joint
Broker)
John Depasquale / Vivek Bhardwaj
(Corporate Finance)
Guy McDougall / Kelly Gardiner (Sales
& Corporate Broking
|
+44 (0) 20
3328 5656
|
|
|
Novum Securities Limited (Joint Broker)
|
+44 (0) 20
7399 9400
|
Colin Rowbury
|
|
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Qualified
Person
The technical information contained in this
disclosure has been read and approved by Ian S Cooper (BSc, ARSM,
FAusIMM, FGS), who is a qualified geologist and acts as the
Qualified Person under the AIM Rules - Note for Mining and Oil
& Gas Companies. Mr Cooper is a geological consultant to
Panthera Resources PLC.
Forward-looking Statements
This news release contains
forward-looking statements that are based on the Company's current
expectations and estimates. Forward-looking statements are
frequently characterised by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate",
"suggest", "indicate" and other similar words or statements that
certain events or conditions "may" or "will" occur. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual events or
results to differ materially from estimated or anticipated events
or results implied or expressed in such forward-looking statements.
Such factors include, among others: the actual results of current
exploration activities; conclusions of economic evaluations;
changes in project parameters as plans continue to be refined;
possible variations in ore grade or recovery rates; accidents,
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing; and fluctuations in
metal prices. There may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. Any
forward-looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws,
the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Forward-looking statements
are not guarantees of future performance and accordingly, undue
reliance should not be put on such statements due to the inherent
uncertainty therein.
**ENDS**