Panthera Resources PLC (LON:PAT) said it expects to see the results from exploration at a number of projects in the coming months.

Mark Bolton, managing director, said: “We have soil sampling and geophysical programmes underway at Bido and Bassala, to rank drill targets ahead of drilling programmes at each licence in H1 2021.

“At Paimasa, the drill rods are already turning, and we eagerly await these results in the New Year.  

“Our most advanced project, Labola, a comprehensive data review is underway, which is anticipated to underpin the reporting of a  maiden mineral resource estimate in 2021.”

Panthera undertook a major restructuring earlier in the year that saw its interests in the Labola and Kalaka gold projects, in Burkina Faso and Mali respectively, spun out into Moydow Holdings. 

A gain from that transaction helped Panthera post a net profit of US$2.232mln in the six months to end September, 2020, although at the pre-tax level there was a loss of €561,000 (US$658,000).

Panthera now owns 41.7% in Moydow which increases to 46.2% later in December upon completion of the Kalaka divestment. 

This also provides ongoing participation in any success from the projects held by Moydow in Nigeria, including Dagma and Paimasa, Panthera noted.

“The year to date has represented a transformational phase for the Company which has culminated in a milestone transaction with Moydow to spin-out key projects and introduce new assets,” said Bolton. 

“Importantly, we have reignited our work programmes focused on developing the inherent value of our West African assets.”

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