The Panjkora River / Valley is a river in northern Khyber Pakhtunkhwa, northwestern Pakistan. The river's headwaters are high in the glaciers of Hindu Kush Mountains. It flows south through the Upper Dir District and theLower Dir District.
Its confluence with the Swat River is in the Malakand District near Chakdara. The Swat River is a tributary of the Kabul River, part of the Indus River basin.
The Panjkora Valley contains important sites of the Gandhara grave culture.
Timergara, 40 kilometres (25 mi) from Chakdara, is the site of excavated ancient graves, dating from 1500 to 600 BC. On the west side of the Panjkora River is the excavated site of Balambat. The site has been occupied continuously since 1500 BC. Houses dating from 500 BC have been discovered here. Fire altars were also discovered, evidence of Yajna, a ritual practice which is part of Hinduism. The Gandhara grave culture is the earliest phase of Indo-Aryan migrations into the Indian subcontinent. It was part of the Early Vedic culture.
The Talash Valley, 13 kilometres (8.1 mi) from Chakdara, has many Buddhist sites. Buddhist stupas and monasteries, which have not been excavated, are on both sides of the road towards Dir. At the west end of the valley is the Kat Kala Pass. Olaf Caroe identified this place with Massaga which was captured by Alexander the Great in 327BC. There are also crumbling remains of a massive Parthian fort of the 8th to 10th centuries.
The Panjkora River is the natural habitat of trout and other freshwater fish sought by anglers. The most common species areRainbow trout and Brown trout.