Panthera Resources PLC on Thursday announced the positive findings of recent metallurgical testing at the Kalaka project in Mali.
Based in London, Panthera is a gold exploration and development company owning multiple assets across West Africa and India.
Pathera shares fell 19% to 5.48 pence each in London on Thursday afternoon.
The Kalaka project, in which Panthera is the operator with an 85% interest, is a joint venture with Golden Spear Mali SARL.
Test results showed recoveries between 67% and 88%, a positive result for the coarse size tested, underpinning the company’s confidence in the ‘significant mineralised gold system’.
Managing Director Mark Bolton said: ‘This testing represents another important step in our multi-step approach towards assessing the potential for Kalaka mineralisation to be developed by heap leach processing. If this and future work confirm this approach to be viable, the body of work will demonstrably lift confidence in the Kalaka mineralisation to be able to be economically developed.’
Panthera employed metallurgist Ray Burring of 4 Dragons Gold Pty Ltd to advise on the test design and interpretation of the test results in relation to the use of the heap leach processing method of extraction.
Low grade crushed samples achieved ‘reasonable’ recoveries, whilst samples of the higher grades gave ‘good’ recoveries.
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