Panthera Resources, a diversified gold exploration and development company, has entered into definitive agreements with DFR Gold and Maniger to restructure the ownership interests in the Kalaka gold project in Mali and the Paimasa, Dagma and Dext gold projects in Nigeria.

After the restructuring, Panthera will own 100% of Maniger, increasing its stake in the Kalaka Project from 40% to 80%.

The remaining 20% interest in the Kalaka Project will be retained by Golden Spear Mali SARL, a local partner.

Panthera will exit its interests in the Nigerian projects as part of the restructuring.

The company will pay DFR Gold approximately $67,931 to settle intercompany loans, and in return, DFR Gold will acquire the Nigerian projects from Maniger for a nominal sum.

The Kalaka gold project, operated by Panthera, is located in southern Mali, near two significant gold mines, Morila and Syama.

Panthera believes the Kalaka property has the potential for large-scale gold mineralisation.

Historical drilling at the K1A target has revealed significant mineralisation widths within a broad 0.5 grams per tonne of gold mineralisation envelope, indicating the project’s promising prospects.

Panthera 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.”