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Labola Gold Project Successful DD Outcome
Labola Gold Project Successful DD Outcome.
About this update from Panthera Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5336A Panthera Resources PLC 30 May 2019 \n\nPanthera Resources Plc\n(\"Panthera\" or \"the Company\")\nLabola Gold Project Successful Due Diligence Outcome\n \nPanthera Resources plc (AIM: PAT), the gold exploration and development company with assets in India and West Africa, is pleased to announce it has decided to move to a full Option to Purchase agreement following its successful due diligence investigation of the Labola Project in Burkina Faso, West Africa. \nPanthera has informed the vendor of its decision to proceed and made the initial option fee payment of US$50,000. The agreement allows Panthera up to five years to explore and develop the project and it may obtain a 100% interest in the project by payment of US$1,000,000 to the vendor at any time within this five-year period. An additional payment of US$1,000,000 will become due if a JORC compliant resource exceeding 1,000,000 ounces of contained gold is defined and a 1% net smelter royalty capped at US$2M will be payable from production.\nProject Highlights\n· The Labola gold project consist of a package of approximately 65km2 of licences that host two significant quartz vein structures that have been mined (artisanal) over at least a 9km strike. \n· This is the first time this package of properties has been consolidated under one ownership and it represents an excellent opportunity to integrate the significant amount of previous drilling and optimise the resource potential of the project.\n· Previous explorers have announced combined JORC and 43-101 compliant resources of over 600,000oz averaging (approximately) 1.2g/t Au. Panthera has undertaken an extensive review of these resources and believes that with limited additional exploration work there is a high probability of being able to upgrade them again to JORC compliance.\n· Significant potential for higher grade mineralisation can also be seen based on previous drill results:\n2m @ 130.6g/t Au from 66m\n11m @ 8.2g/t Au from 147m\n6.5m @ 7.26g/t Au from 318m.\n \nGeoff Stanley, Managing Director said \n\"This is an exciting addition to Panthera's West African gold portfolio with drill defined mineralisation identified over at least 7km of the known 9km strike and previously ...