14th Jan 2019 08:56
LONDON (Alliance News) - Shares in Panthera Resources PLC jumped on Monday after the company said it was granted a new exploration licence expanding the tenure of its Kalaka licence in Mali.
Panthera shares were trading up 21% at 2.29 pence each on the back of the news.
The company said that the replacement of the Kalaka licence has been granted for an initial three-year period with two possible two-year extensions.
Panthera's recent work in the area covered by the licence has identified a large geophysical anomaly with 246.3 metres at 0.55 grams per tonne of gold from 55 metres.
"The granting of this licence gives Panthera a meaningfully longer period of tenure and allows us to confidently follow up on the successful generative geophysics work we have undertaken," Managing Director Geoff Stanley said.
He added: "The gold mineralised system identified at Kalaka is clearly extensive and continuous and we now appear to have a targeting mechanism that we postulate has identified the highest-grade areas of the system. We plan on testing this anomaly with deep drilling as soon as practical."
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