Perseus Mining results demonstrate organic growth potential of gold inventory across multi-mine asset portfolio

Perseus Mining Ltd (ASX:PRU) (TSE:PRU) (OTCMKTS:PMNXF) (FRA:P4Q) has demonstrated potential for organic growth of gold inventories across its multi-mine asset portfolio in Côte d’Ivoire with further broad high-grade results from regional drilling at Sissingué and Yaouré.

Wide intercepts of shallow gold mineralisation up to 93 metres at 2.74 g/t gold from 0 metres and 24 metres at 1.18 g/t from 98 metres were returned from Govisou, 3 kilometres from the Yaouré mine.

Drilling at Bagoé permit, 70 kilometres from the Sissingué mine, confirmed gold mineralisation at Antoinette, Véronique and Juliette prospects with results up to 18 metres at 8.42 g/t from 78 metres.

On track towards 500,000 ounces

Yaouré is the company’s third operating gold mine, commencing production in December 2020 while the Bagoé exploration licence has potential for the economic exploitation of gold deposits by open pit mining and either processing in-situ or transporting ore to Sissingué.

The company remains on track to deliver its plan of producing more than 500,000 ounces gold per annum from FY2022, with each of its Edikan (Ghana), Sissingue and Yaoure gold mines in production and producing to plan.

Aimed at extending mine lives

Managing director and CEO Jeff Quartermaine said: “For the last five years or so, Perseus has been very focused on funding the development of new mines.

“In that time, we have spent nearly US$400 million developing two new mines, one at Sissingué and the other at Yaouré in Côte d’Ivoire.

“This has left little capital available to invest in the organic growth of our company.

“With the completion of construction and the pouring of first gold at Yaouré in December 2020, we are now able to adequately fund exploration programs aimed at extending the lives of all our existing mines and organically growing our company.”

He added that the results illustrated the significant potential for the delineation of further mineral resources and ore reserves in the vicinity of existing infrastructure at each of the company’s mines.

“Our Yaouré tenements are showing excellent potential for further discoveries and the drilling results achieved at Bagoé demonstrate why Perseus acquired Exore Resources Limited last year and promise to provide mill feed to materially extend the life of our Sissingué operation.”

Shares have been almost 5% higher this morning to A$1.19 while the company’s market cap is approximately A$1.349 billion.

Govisou results

Encouraging results were returned at Govisou with other wide intersections of shallow gold mineralisation including:

• 65 metres at 2.73 g/t gold from 24 metres and 35 metres at 3.49 g/t from 105 metres;
• 25 metres at 3.33 g/t from 55 metres; 
• 52 metres at 3.02 g/t from 28 metres;
• 92 metres at 2.6 g/t from 0 metres;
• 77 metres at 2.47 g/t from 0 metres; and
• 76 metres at 2.4 g/t from 8 metres.

Early indications suggest Govisou hosts a pencil-shaped plunging structure that remains open at depth.

Follow-up drilling is planned to improve understanding of the Govisou mineralisation.

Bagoé results

Drilling at the Bagoé permit has confirmed gold mineralisation at the Antoinette, Véronique and Juliette prospects with other recent drill results including:

• 12 metres at 3.49 g/t gold from 0 metres and 17 metres at 6.45 g/t from 32 metres;
• 10 metres at 4.19 g/t from 27 metres and 14 metres at 3.21 g/t from 41 metres; and
• 6 metres at 6.75 g/t from 27 metres, 11 metres at 3.89 g/t from 44 metres and 10 metres at 2.66 g/t from 68 metres;
• 20 metres at 5.36 g/t from 1-metre;
• 33 metres at 2.94 g/t from 0 metres;
• 14 metres at 6.29 g/t from 22 metres; and
• 15 metres at 3.3 g/t from 36 metres.

Drill results from the Bagoé prospects will form the basis for a definitive feasibility study (DFS) on a mining and trucking operation that will result in ore being transported to Sissingué for processing.

The DFS is due to be completed in the June 2021 quarter.

Next steps

Ongoing exploration programs at Yaouré will focus on:

• Follow-up drilling at Govisou to elucidate the lithostructural controls on the mineralisation and to follow potential down plunge extensions to the high-grade pod defined in the latest drilling; and
• The commencement of drill testing of targets generated from the 3D seismic survey conducted in early 2020, with an initial focus on near-surface targets.

Exploration will now focus on investigation of other prospective opportunities identified on the Bagoé tenement, including:

• Strike and dip extensions to known deposits identified from the recent resource drilling;
• The Antoinette-Juliette ‘gap’ to follow up previous encouraging intercepts in AC and RC drilling beneath transported cover;
• Drilling to follow up encouraging drill intercepts between Antoinette and Antoinette South;
• Drilling to follow up encouraging intercepts on potential repetitions of the Véronique deposit and at regional prospects such as Odette and Brigette; and
• Augering at early-stage regional prospects such as Ludivine.

Story by ProactiveInvestors