LONDON (ShareCast) - (Sharecast News) - Panthera Resources announced the start of a reverse circulation (RC) drilling programme at the Kwademen prospect within its Bido Project in Burkina Faso on Friday, targeting priority gold mineralisation zones identified through a combination of historical data and recent exploration.
The AIM-traded firm said the campaign would comprise 1,740 metres of drilling across sixteen holes.

It said the primary objective was to test for continuity of mineralisation previously intercepted in 1980s drilling, including intervals such as 24 metres at 1.38 grams per tonne of gold.

The programme would also assess multiple geophysical and geochemical anomalies identified by Panthera's exploration team in recent years.

"The Bido Project is an exciting gold prospect for the company that is maturing as the gold price pushes well above $3,000 per ounce," said managing director Mark Bolton.

"The drilling programme will test the continuity of historical drilling from the 1980s period as well as exploration targets developed by the company's experienced in-country and international geological team."

Panthera said the drilling formed part of a broader strategy to preserve the good standing of the Bido licence while Panthera explored potential restructuring of its West African gold interests.

The company holds an 80% interest in the Bido Project, with an option to acquire the remaining 20% through additional exploration expenditure of $1m over the next two years.

It said the Kwademen prospect lies within the Boromo greenstone belt, a prolific gold-bearing region of Paleoproterozoic Birimian rocks.

Targets for the current drilling campaign were selected based on systematic mapping, soil sampling, trenching, and geophysical surveys, including induced polarisation work conducted in 2023.

Panthera said the modest scope of this campaign was designed to maintain momentum while larger strategic developments are under consideration.

At 1400 BST, shares in Panthera Resources were up 3.82% at 13.6p.

Reporting by Josh White for Sharecast.com.

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