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Panthera Resources PLC shares surged on Wednesday morning after ‘significant’ new discoveries at the Labola project were announced.
Shares in the London-based gold exploration and development company were trading up 11% at 7.63 pence each in London.
According to assay results from the June drilling programme completed by Moydow Holdings Ltd, the project has an indicated mineral resource of 264,000 ounces at 1.52 grams per tonne of gold and an inferred mineral resource of 371,000 ounces at 1.67 g/t.
Indicated mineral resource has a greater level of certainty than an inferred mineral resource.
Assay results from the TT-13 target include three metres at 12.52 g/t.
Going forward, the Labola project, based in Burkina Faso, has been renamed the Cascades Gold project.
The Cascades Gold project comprises the contiguous Wuo Land and Wuo Land 2 licenses for 243 square metres. Panthera have been involved in the project since early 2019.
The geology team is continuing to upgrade more than twenty new targets for future drilling.
Managing Director of Panthera Mark Bolton said: ‘The discovery at TT13, just one of many untested drill targets at the Cascades Project, reinforces our confidence in being able to deliver a substantial gold resource here in due course.’
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