Shares of the gold exploration and development company Panthera Resources PLC (LON: PAT) rallied 13% higher after announcing that it had completed the soil sampling process at its Bassala gold project in Mali.
The company revealed that it collected 1,200 soil samples and that initial results indicated that two major anomalous gold trends were present at the site.
One trend is a 9km long north-northeast trending zone, while the second is a cross-cutting, 3km long northwest trending zone, with assay results up to 4,030ppb Au (4.03g/t Au).
Panthera noted that the two zones appear to be continuations of regional mineralisation trends. The company has started an induced polarisation (IP) survey of the two gold trends.
The miner confirmed that initial results are expected starting in April.
Mark Bolton, Panthera’s Managing Director, said:
“The excellent soil sampling results, almost within sight of the headframe of two-plus 2Moz gold mines, is encouraging. The fact that previous extensive spaced shallow RAB drilling has confirmed significant gold mineralisation beneath the soil anomalism significantly adds to the emerging picture of a potentially substantial gold system.”
Adding:
“The success of the recent IP survey at our Kalaka project has resulted in the geophysical crew being re-located to this project to firm up drill targets for testing. Results from the IP survey are eagerly awaited, and preliminary planning has commenced securing a suitable drill rig to test the better targets at Bassala.”
Panthera Resources share price.
Panthera Resources shares rallied 13.47% higher to trade at 13.05p, rising from Thursday’s closing price of 11.50p.