Panthera Resources (LON: PAT) said that its IP survey has now been completed at the Bassala Project, and it has identified several ‘stand-out' targets that require follow up with drill testing.
The Bassala gold project is located in southern Mali, south of the capital city Bamako and close to the Kodieran and Kalana gold mines.
The AIM-quoted firm said a drill rig is now being sought to commence drilling before the wet season in July and August. However, due to the high level of exploration activity in the country at the moment, a rig may not be available, and they will have to defer drilling until August.
Panthera said that the several high priority drill targets suggest ” the potential for gold mineralisation associated with zones of disseminated sulphides and silica alteration over large areas.”
“The IP geophysical technique continues to be an effective vectoring tool on our West African gold projects, with the recent results from the survey at Bassala being no exception,” said Mark Bolton, Managing Director of Panthera.
“We have been highly encouraged by the identification of several well-defined chargeability highs at Bassala, over extensive zones, which are often associated with gold in soil anomalies and/or artisanal mining activity,” added Bolton.
Panthera's share price is down 3.18% on Thursday at 14.15p.
Should you invest in Panthera Resources shares?
Panthera Resources shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Panthera Resources shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies