(Alliance News) - Panthera Resources PLC on Monday said it has commenced a drilling programme its Kalaka project in Mali.

The London-based gold explorer with projects in India and Africa said the drilling will target extensions of the K1A prospect, alongside new targets that extend to the north of the prospect.

The drilling programme is being carried out alongside its joint venture partner DFR Gold Inc.

The firm said two drillholes will complement prior drilling at K1A, and will be used for resource estimate, while the northern drilling aims to target a previously untested interpreted geophysical mineral trend.

The company added that the extension represents a "significant opportunity for further discovery".

Panthera also noted that if it receives positive results from drilling at K1A, it will may be able to report a maiden mineral resource estimate.

Managing Director Mark Bolton said: "The Kalaka Project has large scale, low-grade gold mineralisation potential. Historical drilling consistently reported significant gold intercepts including Diamond hole K1AD002 (191.8 metres at 0.52 grams per tonne of gold) and Reverse Circulation drill hole K1ARC028 (117 metres at 0.59 grams per tonne of gold including 41 metres at 1.02 grams per tonne of gold) at the K1A prospect.

"The programme of in-fill drilling at the K1A prospect may also provide sufficient data to report a first Mineral Resource estimate. The drilling programme is expected to be completed this month with assay results expected in September 2023."

Panthera shares rose 3.0% to 6.95 pence each on Monday afternoon in London.

By Harvey Dorset, Alliance News reporter

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