Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Panthera Resources (LON: PAT) have surged on Friday after the company said assay results from the recent air-core (AC) drilling programme at Bassala have confirmed the presence of additional significant gold mineralisation.
The results are the highest grade assays received to date and included 5m at 6.59 grams per ton gold from 60m, the highest-grade assays received to date, 10 metres at 3.45 grams per ton gold from 60m, 25m at 0.51 grams per ton gold from 15m, with 5m at 2.07 grams per ton from 20m and 5m at 0.56 grams per ton gold from 60m.
The assay results are from 2 of the 13 targets drilled, with results now reported on 5 of the 13 targets. Panthera said the targets have returned significant gold intercepts.
The remaining 49% of assays will be reported as they come to hand, while the remaining 9 of 22 targets identified at Bassala will be drilled after the wet season.
Mark Bolton, Managing Director of Panthera said: “The assays continue to be very encouraging for first-pass air-core drilling. The high grade intercepts being returned for 5m composite samples suggest the potential for good gold grades.
“The results continue to confirm our interpretation of a flat or shallowly dipping mineralisation zone, similar to that at the nearby Kalana mine.
“We are eagerly awaiting the remaining assay results anticipated to be received during September 2021.”
Panthera Resources shares are currently trading at 14.7p, up 19.98%, erasing the week's losses. However, its share price is still down over 55% for the year.
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 PAT shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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