Panthera reports positive metallurgical results from Kalaka
By Josh White
Date: Friday 21 Nov 2025
(Sharecast News) - Panthera Resources reported positive metallurgical results from test work carried out on bulk composite samples from its Kalaka gold project in Mali on Friday, with both carbon-in-leach (CIL) and column leach tests indicating the ore is amenable to cyanide leaching.
The AIM-traded explorer said CIL bottle roll tests achieved an average gold recovery of 93.4%, while column leach tests delivered average recoveries of 76.3%, supporting the potential for heap-leach processing.
Managing director Mark Bolton said the results strengthened the company's confidence in the scale and development potential of the Kalaka system.
"The positive results from this metallurgical testing together with the previously reported favourable Bottle Roll and Leachwell test results further underpin our growing confidence in the potential at Kalaka, which is a significant mineralised gold system," he said.
"Albeit preliminary in nature, this test programme was expansive, and represents an important milestone towards assessing the potential for Kalaka mineralisation to be developed."
The tests were conducted by Intertek at its Tarkwa facility in Ghana, which is accredited to ISO 17025.
Five composite core samples, collected from recent diamond drilling and selected to represent different geological zones within the deposit, were shipped to the laboratory under supervision.
Intertek's work included head grade assays, CIL bottle roll testing, coarse bottle roll evaluations and 90-day column leach tests on 10mm crushed samples.
Panthera said the column leach recoveries were considered reasonable and suitable for heap-leach processing.
Panthera said the Kalaka project lies within a prolific gold-producing region of southeast Mali, between the Morila and Syama mines, and hosts a substantial mineralised system.
The maiden JORC-compliant mineral resource estimate, published in February, outlined 49.9 million tonnes at 0.50 grams per tonne gold for 803,000 ounces in the inferred category, using a 0.3 grams per tonne cut-off grade.
The company said the latest metallurgical results will feed into its ongoing assessment of development options for the project, noting the tests represent an early but important stage in evaluating processing routes for the deposit.
At 1100 GMT, shares in Panthera Resources were down 7.56% at 22p.
Reporting by Josh White for Sharecast.com.
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