LONDON (ShareCast) - (Sharecast News) - West Africa and India-focussed gold explorer and developer Panthera Resources announced the start of a diamond drilling programme at the Kalaka Project in Mali on Tuesday.
The AIM-traded firm said the programme was aiming to verify historical drill results and support further metallurgical test work.

It said the drilling would twin the historical drill holes K1AD001 and K1RC003.

The K1AD001 hole previously reported significant findings of 246.27 metres at 0.55 grams of gold per tonne, including a section of 56 metres at 1.02 grams per tonne.

Panthera added that the K1RC003 hole recorded 161 metres at 0.39 grams of gold per tonne and terminated within the mineralisation.

The board said the drilling programme was a critical step towards defining a maiden JORC-compliant mineral resource estimation at the K1A prospect.

"The Kalaka Project in Mali has large-scale, low-grade gold mineralisation potential," said managing director Mark Bolton.

"The company continues to advance its discussions regarding the potential restructuring of its interest in its West African gold assets.

"If successful, it is anticipated that this will not only provide a path for the company to realise significant value from its West African gold portfolio, but also provide funding for both the current drilling programme and advancing these assets going forward."

At 0958 BST, shares in Panthera Resources were down 5.93% at 5.55p.

Reporting by Josh White for Sharecast.com.

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