AIM-listed Panthera Resources (LON: PAT) has seen its share price rise on Tuesday after announcing assay results for the exploration drilling programme at the Labola project in Burkina Faso by its associate Moydow Holdings.
The Labola project is owned and managed by Moydow Holdings, with Panthera currently holding an equity interest of 44.1% in Moydow.
Panthera said that four exploration holes along the strike of known mineralisation have returned excellent mineralisation. These include intercepts of 4m at 19.7 grams per ton of gold from 92m and 3m at 3.46 grams per ton of gold from 48m.
The company is currently preparing a maiden resource estimate which will include the results announced today.
Mark Bolton, Managing Director of Panthera, said: “The high-grade intercepts being returned from exploration targets defined by artisanal workings, geophysical anomalies and previous drilling are very encouraging. The results reaffirm our confidence in the potential to materially expand the mineralisation already identified by the historical drilling.
“We eagerly await the maiden resource estimates for the previous explorer drilling as part of the NI43-101 report currently being compiled.”
Panthera shares are currently trading at 15.15p, up 8.21% and building on last Friday's 14% gain following the announcement of additional high-grade gold mineralisation at Bassala.
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