Exploration Success for Perseus in Ghana – GlobeNewswire

| Source: Perseus Mining Limited Perseus Mining Limited
PERTH, Western Australia, Oct. 13, 2021 (GLOBE NEWSWIRE) — Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide details of recent successful exploration activities at its Edikan Gold Mine in Ghana.

Perseus’s Managing Director and CEO Jeff Quartermaine said:
With our three gold mines now in operation and Perseus moving closer by the day to achieving our goal of producing 500,000 ounces of gold per year, we have turned our sights to finding ways of sustaining this level of gold production from our operations out to the end of the decade and beyond.
Our exploration programme at Nkosuo has so far, returned impressive results that demonstrate the potential of this prospect to add to Edikan’s mine life with further drilling. We are particularly encouraged by similarities between the Nkosuo deposit and the Fobinso and Abnabna deposits which we’ve already successfully mined and processed at Edikan.
While we are working towards completing a maiden Mineral Resource estimate for Nkosuo in early CY2022, we intend to continue exploring on the Agyakusu, Agyakusu-DML and Domenase exploration licence areas, all of which are under option to Perseus and all of which are located within trucking distance of our Edikan mill.”

Following the successful commissioning of its third operating mine, Yaouré, in December 2020, Perseus Mining Limited (ASX/TSX: PRU) has committed to a comprehensive organic growth programme, aimed at discovering sufficient incremental Ore Reserves at each of its three operating mines to maintain its total annual production level at 500,000 ounces of gold per year through to the end of the decade and beyond.
Results from its recent exploration activities adjacent to Edikan demonstrate outstanding potential to grow its gold inventory at the mine through further drilling success.
The 23.85km2 Agyakusu prospecting licence, 2-8km NNW of Edikan, is currently held by Ghanaian company Adio-Mabas Ghana Ltd, however Perseus secured an option to acquire the Exploration Licence in November 2019 (see ASX announcement 4 November 2019). Since acquiring the option on the licence area, Perseus has conducted soil sampling and airborne geophysical surveys whilst negotiating access from farmers to drill the granite hosted Nkosuo gold prospect (formerly known as the Breman prospect). Access to the area for drilling was achieved in June this year, with drilling commencing immediately afterwards.

Exploration drilling commenced at the Nkosuo prospect on the Agyakusu permit on 1st July 2021 (Figures 1 and 2). Up to 30 September 2021, a total of 7,801 metres had been drilled in 13 Reverse Circulation (“RC”), eight diamond (“DD”) holes (including five metallurgical holes) and 26 RC pre-collared diamond holes (“RD”). Drilling was conducted on a nominal 80 x 80 metre grid to scope out the extent and overall geometry of the host granite and contained mineralisation, locally infilled to 40 x 40 metres. Results received to date have been highly encouraging, indicating strong potential for shallow open-pitable gold resources just seven kilometres from the Edikan mill.
The mineralisation at Nkosuo is hosted by a NNE-trending granitic plug extending at least 600m in strike, with widths ranging up to 200m. Results to date indicate the strongest mineralisation is focused in the northern 300m section of the intrusive. The granite body dips at around 700 to the west in the northern part of the intrusion, steepening to near vertical towards the south. Drilling has defined the northern limits of the ore body but it remains open to the south, though narrowing to around 100m. Mineralisation within the granite consists of variably intense quartz stockwork veining with associated quartz-carbonate-sericite alteration. The veining and alteration are accompanied by 1-2% disseminated and selvage pyrite and arsenopyrite, with better gold grades generally associated with higher concentrations of arsenopyrite. The enclosing Birimian metasediments are devoid of mineralisation. Overall, the Nkosuo mineralisation bears strong similarities to the western granite-hosted deposits at Edikan such as Fobinso and Abnabna.
Better intercepts from the Nkosuo drilling are shown below in Table 1 with a complete summary included in Appendix 2 – Table 1.
Table 1: Intercepts from Agyakusu Prospecting Licence – Nkosuo Prospect
(Based on lower cut-off of 0.5 g/t Au with maximum 2m internal waste <0.5 g/t)
Drill results available to date from the Nkosuo drilling indicate an Exploration Target of 10 to 15 Mt grading 0.9 to 1.1 g/t gold for 275 to 500 koz contained gold.
The Exploration Target is based on the drill hole assay data available on 28 September 2021 (Table 2) and the current understanding of mineralisation geometry and style. Being conceptual in nature, it takes no account of geological complexity, possible mining method or metallurgical recovery factors. The Exploration Target was estimated to enable an early assessment of the discovery’s potential to add to Edikan’s mine life.
The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code.
Table 2: Nkosuo assays available on 28 September 2021
The Exploration Target is defined by:

This announcement has been approved for release by Perseus’s Managing Director and Chief Executive Officer, Jeff Quartermaine.
The information in this report and the attachments that relate to exploration drilling results and the Nkosuo Exploration Target on the Agyakusu permit is based on, and fairly represents, information and supporting documentation prepared by Dr Douglas Jones, a Competent Person who is a Chartered Professional Geologist. Dr Jones is the Group General Manager Exploration of the Company. Dr Jones has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Dr Jones consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, Edikan Gold Mine and Sissingué Gold Mine without any major disruption due to the COVID-19 pandemic or otherwise, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company’s publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Figure 1.1: Edikan Gold Project – Regional Geology, Tenements and Prospects
Figure 1.2: Nkosuo Prospect – Drilling and Results. Locations of Sections 1-3 shown.
Figure 1.3: Nkosuo Prospect – Drill Section 1
Figure 1.4: Nkosuo Prospect – Drill Section 2
Figure 1.5: Nkosuo Prospect – Drill Section 3

Table 1: Nkosuo drill holes and significant assays

JORC 2012 Table 1 – Section 1 sampling techniques and data
(Criteria in this section apply to all succeeding sections)
JORC 2012 Table 1 – Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section)


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