LONDON (ShareCast) - (Sharecast News) - West Africa and India-focussed gold exploration and development company Panthera Resources announced on Thursday that five metre composite assays had now been received and compiled from all of the second stage aircore drilling at the Bassala Project in Mali.
The AIM-traded firm said all targets tested returned higher-then-100 parts-per-billion gold assays from five metre composite samples.

It said the better intercepts included 25 metres at 0.87 grams of gold per tonne from surface, including five metres at 2.96 grams per tonne from 10 metres, as well as 25 metres at 0.25 grams per tonne including 10 metres at 0.5 grams per tonne.

The company also highlighted two metres at more than eight grams of gold per tonne from 55 metres at end of hole, five metres at 1.1 grams per tonne from five metres, and 16 metres at 0.9 grams per tonne from 40 metres at end of hole, including five metres at 2.58 grams per tonne from 40 metres.

Additionally, it reported 55 metres at 0.29 grams of gold per tonne from five metres at end of hole, including five metres at 1.05 grams per tonne from 30 metres, as well as five metres at 2.45 grams per tonne from five metres, and five metres at 1.19 grams per tonne from 35 metres.

Planning for deeper resource definition reverse circulation drilling, which was expected to take place in the second quarter, was currently in progress.

"The current drilling is essentially 'geochemical drilling'. and has only targeted the upper weathered zone and at a very broad line spacing of minimum 200 metres, with holes generally 50 metres apart," said managing director Mark Bolton.

"In this respect, the numerous significant intercepts are considered to be highly encouraging.

"Almost all of the targets tested are sizable geochemical targets, many with economic grade intercepts already returned."

Bolton said many of the intercepts were at the end of drill holes, showing the mineralisation was open at depth, and representing "excellent targets" for deeper drilling.

"The next step, once the geological interpretation has been completed, will be to test the known mineralisation with deeper and closer spaced drilling, aimed at identifying zones of coherent mineralisation that may represent resource definition targets."

At 1410 GMT, shares in Panthera Resources were up 0.09% at 11.51p.

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