Panthera Resources, a gold exploration and development company, says it is exiting its interest in the Nigerian Gurara Gold project as another company takes over.
Under an agreement reached by all sides, UK-headquartered Panthera will take over Maniger, which controlled Nigeria’s Gurara gold project. It will then exit the project, which will be taken over by Canada-based DFR Gold Inc.
DPR will pay a nominal sum to Maniger, in addition to forgoing 40% stake in Kalaka gold project in southern Mali to Panthera.
Panthera’s interest in Kalaka will thereby increase from 40% to 80%, while DFR’s interest in Gurara will increase to from 25.5% to 51%.
The remaining 49% of the Gurara Project is held by Zinariya Mining Limited and the project is operated by PW Nigeria Mining Limited.
Panthera will pay DFR Gold approximately $67,931 to settle intercompany loans.
“High potential”
Panthera believes the Kalaka gold property has the potential for large-scale gold mineralisation.
Panthera’s managing director Mark Bolton said: “Following a recent re-evaluation of the historical database at Kalaka and improved gold prices, the company has elected to expand its focus at Kalaka. The change in ownership interest in Kalaka better aligns with its planned activities.
“We believe that Kalaka is a significant mineralised gold system with the potential for a multi-million-ounce gold resource. The company believes that the strong gold price will underpin a lower grade, bulk tonnage development strategy.”
Brian Kiernan, CEO and president of DPR, said: “The Restructuring enables the Company to focus on both the Cascades Gold Project in Burkina Faso and the Gurara Gold Project. The Cascades Project is DFR’s most advanced project with a Maiden Mineral Resource declared and where there is considerable immediate upside potential. At Gurara, our local partners PW are well positioned to continue undertaking further work in this underexplored area of Nigeria.”
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The Gurara Project is a prospective frontier stage gold project in a geologically attractive but underexplored area of Nigeria, comprising four licences in two project areas (Dagma and Paimasa) in Western Nigeria.
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