PERTH, Western Australia, Jan. 19, 2022 (GLOBE NEWSWIRE) -- Perseus Mining Limited (ASX/TSX: PRU) is pleased to report continued exploration success at its Yaouré Gold Mine in Côte d’Ivoire.
HIGHLIGHTS
Recent results from Perseus’s ongoing infill and down-dip extension drilling on the CMA structure at Yaouré confirm strong potential for further mineral resources beneath the CMA open pit (“CMA Underground prospect”).
Infill drilling of the Inferred resource continues to confirm gold mineralisation consistent
with previous results from this area, with recent drill intercepts including:YRC1881D: 10m @ 6.61 g/t Au from 236m
YRC1883D: 8.10m @ 7.27 g/t Au from 328.10m
YRC1903D: 10m @ 3.03 g/t Au from 337, including 3m @ 8.76 g/t Au from 337m
YRC1904D: 13m @ 3.77 g/t Au from 294m
YRC1905D: 9.8m @ 4.18 g/t Au from 245m
YRC1909D: 6m @ 7.57 g/t Au from 304m
YRC1911D: 8m @ 4.40 g/t Au from 227m
YRC1913D: 6.3m @ 4.52 g/t from 194.7 and 5.1m @ 6.12 g/t from 305.9m
YRC1915D: 10.60m @ 4.36 g/t from 271.4m
YRC1916D: 4m @ 4.93 g/t Au from 214.4m, 5.2m @ 2.69 g/t Au from 221.7m, 4m @ 4.21 g/t Au from 235m & 13.2m @ 1.31 g/t Au from 242m
YRC1947D: 16.2m @ 5.58 g/t Au from 270m
YRC2019D: 15m @ 3.49 g/t Au from 268m including 7m @ 4.91 g/t Au from 268m
Results returned high-grade intersections in the CMA hanging-wall, reflecting either CMA splays or oblique S-structures:
YRC1883D: 1.67m @ 62.29 g/t Au from 314.80m
YRC1897D: 4m @ 17.09 g/t Au from 64m
YRC1989D: 8m @ 11.42 g/t Au from 60m
YRC2047D: 16m @ 3.39 g/t Au from 56m including 4m @ 10.75 g/t Au from 68m
Perseus will use results to upgrade the CMA Underground Inferred Mineral Resource estimate to Indicated status, enabling a Pre-Feasibility Study (PFS) for an underground mining operation to be completed by late June 2022, including an initial Ore Reserve estimate.
Step-out drilling on the down-dip extensions of the CMA structure also returned encouraging results, including:
YRC1850AD: 5m @ 3.93 g/t Au from 605m and 4m @ 3.98 g/t Au from 628m
YRC1855D: 11.10m @ 3.39 g/t Au from 450.40m, including 5m @ 7.16 g/t Au from 452m.
Perseus’s Managing Director and CEO Jeff Quartermaine said:
“With our three gold mines, Yaouré, Edikan and Sissingué, now producing gold at an annualised rate of over 500,000 ounces per year, Perseus’s focus has turned to maintaining this level of production out to the end of the current decade and beyond.
“Our latest infill and step out drilling results from below Yaouré’s CMA open pit confirm previous drill results that indicated that material quantities of additional Indicated Mineral Resources, capable of being economically mined using underground mining methods, may be delineated.
“We are aiming to complete a Preliminary Feasibility Study of this mining operation by the end of the June Quarter 2022, however, timing of the completion of this work will depend on the ultimate footprint size of the orebody as determined by the current drilling programme.”
CMA UNDERGROUND RESOURCE DRILLING, YAOURÉ
Perseus focused recent exploration activities on the Yaouré permits at CMA Underground and CMA down-dip extensions within 2 kilometres of the Yaouré mill (Appendix 1 - Figure 1.1). Results continue to demonstrate the potential for the Company to materially grow its gold inventory at Yaouré organically, through further drilling success.
As noted in Perseus’s ASX release “Positive Exploration Results at Perseus’s Yaouré Mine” dated 14 October 2021, recent drilling at the CMA Underground prospect focused on infill drilling to firm up previously defined underground resources extending below the currently planned CMA pit. Perseus defined an Inferred Mineral Resource of 1.8 million tonnes grading 6.1 g/t Au, extending to a maximum 275 metre down dip beneath the open pit resource (refer Resources and Reserves ASX announcement 24 August 2021), with potential to extend mineralisation further down dip beyond this (Appendix 1 – Figure 1.2). Perseus has also completed a Scoping Study which identified the potential to mine the CMA structure using underground mining methods (refer to “Perseus Mining Completes Scoping Study for Potential Underground Mine at Yaouré” dated 5th November 2018).
Following completion of drilling within the cutback zone of the CMA South open pit, Perseus extended infill drilling north along the CMA structure where grades are generally higher than at the southern end. Drilling during the last quarter comprised 12,437 metres in 56 reverse circulation (“RC”) pre-collared diamond (“DD”) holes, infilling the existing 50 x 50 metres coverage to a nominal 25 x 25 metres pattern to allow conversion of the Inferred resource to Indicated. Results continued to provide encouragement, with intercepts generally consistent with those previously encountered in both thickness and grade (Appendix 1 - Figures 1.3-1.4). Of note has been the presence of 2-3 stacked lodes in places, either as a result of anastomosing of the main lode or structural repetition. This feature has also been noted in the open pit workings, locally significantly increasing the ounces of gold per vertical metre.
The style of mineralisation remains consistent with that encountered previously, comprising pervasive, moderate to strong, pink-pale brown albite and carbonate alteration developed within a well-defined structure marked by quartz carbonate veins, fault veins, multi dilatant fault breccia, cataclasis and shearing.
Better intercepts from the CMA infill drilling are shown in Table 1 below, with a complete summary of significant results included in Appendix 2 – Table 2.1.
CMA down-dip DRILLING, YAOURÉ
Perseus stepped up drilling to investigate the next 300 metre down-dip from the current CMA Underground resource, with 9,511 metres drilled in 18 RC pre-collared DD holes. This work focused within the “Magazine Zone” ahead of stocking of the magazine with explosives. The step-out program is also guided by Perseus’s early 2020 3D seismic survey that clearly identified the CMA structure extending to depth beyond the current drill coverage.
Perseus is undertaking drilling on an initial 100 x 200 metres pattern to better define the position of the CMA structure and the intensity of mineralisation. If results are encouraging, this will be infilled to 100 x 100 metres to allow an initial Inferred Mineral Resource Estimate.
Better intercepts from the Yaouré step out drilling are shown in Table 1 below and in Appendix 1 - Figures 1.5 & 1.6, with a complete summary of significant results included in Appendix 2 – Table 2.2.
Table 1: Intercepts from CMA Underground and CMA Down-dip Drilling
Hole ID
From (m)
To (m)
Gold Intercept
Comment
CMA Underground Resource Drilling
YRC1874D 237.15 245 7.85m @ 3.51 g/t CMA FW lode
YRC1876D 218 227 9m @ 2.63 g/t CMA FW lode
YRC1877D 170.1 172 1.9m @ 3.23 g/t CMA FW lode
YRC1877D 176 177.4 1.4m @ 4.13 g/t CMA FW lode
YRC1878D 285.8 288 2.2m @ 2.84 g/t CMA FW lode
YRC1878D 322 324 2m @ 2.9 g/t CMA FW lode
YRC1878D 338 345 7m @ 2.27 g/t CMA FW lode
YRC1879D 97 99 2m @ 2.27 g/t CMA HW lode
YRC1879D 282.7 286 3.3m @ 1.4 g/t CMA FW lode
YRC1880D 232 242 10m @ 3.71 g/t CMA FW lode
YRC1881D 236 246 10m @ 6.61 g/t CMA FW lode
YRC1882D 298 301 3m @ 3.86 g/t CMA FW lode
YRC1883D 314.8 316.47 1.67m @ 62.29 g/t S-structure
YRC1883D 328.1 336.2 8.1m @ 7.27 g/t CMA FW lode
YRC1885D 282.3 285.3 3m @ 2.04 g/t CMA FW lode
YRC1886D 279 293 14m @ 2.05 g/t CMA FW lode
Including 279 283 4m @ 6.34 g/t CMA FW lode
YRC1887D 297.7 298.8 1.1m @ 7.28 g/t CMA FW lode
YRC1888D 237 241 4m @ 2.17 g/t CMA FW lode
YRC1888D 282 287 5m @ 2.29 g/t CMA FW lode
Including 284 286 2m @ 5.18 g/t CMA FW lode
YRC1889D 283 286 3m @ 2.55 g/t CMA FW lode
YRC1891D 277 291 14m @ 2.83 g/t CMA FW lode
Including 277 286 9m @ 4.06 g/t CMA FW lode
YRC1897D 64 68 4m @ 17.09 g/t CMA HW Splay
YRC1899D 285 287 2m @ 8.58 g/t CMA FW lode
YRC1899D 295 297 2m @ 4.15 g/t CMA FW lode
YRC1900D 235 237 2m @ 2.48 g/t CMA FW lode
YRC1902D 280 288 8m @ 4.24 g/t CMA FW lode
YRC1903D 337 347 10m @ 3.03 g/t CMA FW lode
Including 337 340 3m @ 8.76 g/t CMA FW lode
YRC1904D 52 56 4m @ 8.14 g/t CMA HW Splay
YRC1904D 294 307 13m @ 3.77 g/t CMA FW lode
YRC1905D 245 254.8 9.8m @ 4.18 g/t CMA FW lode
YRC1906D 256 268 12m @ 3.16 g/t CMA FW lode
YRC1907D 255 262 7m @ 2.06 g/t CMA FW lode
Including 255 259 4m @ 3.48 g/t CMA FW lode
YRC1908D 289 291 2m @ 2.3 g/t CMA FW lode
YRC1909D 304 310 6m @ 7.57 g/t CMA FW lode
YRC1911D 227 235 8m @ 4.4 g/t CMA FW lode
YRC1912AD 240 244.3 4.3m @ 8.83 g/t CMA FW lode
YRC1913D 194 204 10m @ 2.95 g/t CMA FW lode
Including 194.7 201 6.3m @ 4.52 g/t CMA FW lode
YRC1913D 302 314 12m @ 2.82 g/t CMA FW lode
Including 305.9 311 5.1m @ 6.12 g/t CMA FW lode
YRC1914D 257 264 7m @ 4.82 g/t CMA FW lode
YRC1915D 165 167 2m @ 2.27 g/t CMA HW Splay
YRC1915D 271.4 282 10.6m @ 4.36 g/t CMA FW lode
YRC1916D 214.4 218.4 4m @ 4.93 g/t CMA FW lode
YRC1916D 221.7 226.9 5.2m @ 2.69 g/t CMA FW lode
YRC1916D 235 239 4m @ 4.21 g/t CMA FW lode
YRC1918D 261 263.1 2.1m @ 3.53 g/t CMA FW lode
YRC1921D 56 60 4m @ 2.67 g/t CMA HW Splay
YRC1922D 229 239.5 10.5m @ 4.36 g/t CMA FW lode
YRC1923D 258 267 9m @ 3.22 g/t CMA FW lode
YRC1929D 342.6 348 5.4m @ 2.16 g/t CMA FW lode
YRC1938D 281 286 5m @ 3.5 g/t CMA FW lode
YRC1939D 257 261 4m @ 2.1 g/t CMA FW lode
YRC1943D 314 320 6m @ 2.29 g/t CMA FW lode
YRC1943D 336.65 340 3.35m @ 5.87 g/t CMA FW lode
YRC1945D 305.8 312 6.2m @ 4.62 g/t CMA FW lode
YRC1945D 327 331.6 4.6m @ 3.64 g/t CMA FW lode
YRC1946D 267.6 270 2.4m @ 4.69 g/t CMA FW lode
YRC1946D 276 282 6m @ 5.26 g/t CMA FW lode
YRC1946D 285 288 3m @ 3.69 g/t CMA FW lode
YRC1947D 270 286.2 16.2m @ 5.58 g/t CMA FW lode
YRC1963D 290 296 6m @ 4.18 g/t CMA FW lode
YRC1989D 60 68 8m @ 11.42 g/t CMA HW Splay
YRC1990D 72 76 4m @ 3.75 g/t CMA HW Splay
YRC2005D 56 60 4m @ 3.08 g/t CMA HW Splay
YRC2019D 268 283 15m @ 3.49 g/t CMA FW lode
YRC2044D 278.4 284.6 6.2m @ 2.99 g/t CMA FW lode
YRC2045D 271 273 2m @ 4.36 g/t CMA FW lode
YRC2045D 278 283 5m @ 3.44 g/t CMA FW lode
YRC2047D 56 72 16m @ 3.39 g/t CMA HW Splay
Including 68 72 4m @ 10.75 g/t CMA HW Splay
YRC2047D 138.3 142 3.7m @ 3.11 g/t CMA FW lode
CMA Down-dip Drilling
YRC1850AD 604 612 8m @ 2.64 g/t CMA FW lode
Including 605 610 5m @ 3.93 g/t CMA FW lode
YRC1850AD 625 632 7m @ 2.52 g/t CMA FW lode
Including 628 632 4m @ 3.98 g/t CMA FW lode
YRC1854D 193 196 3m @ 1.87 g/t CMA HW Splay
Including 194 196 2m @ 2.59 g/t CMA HW Splay
YRC1855AD 450.4 461.5 11.1m @ 3.39 g/t CMA FW lode
Including 452 457 5m @ 7.16 g/t CMA FW lode
YRC1857D 464 470 6m @ 2.32 g/t CMA FW lode
YRC1858D 479 487 8m @ 2.22 g/t CMA FW lode
Including 482 485 3m @ 5.07 g/t CMA FW lode
YRC1859D 473 477 4m @ 2.2 g/t CMA FW lode
YRC1861D 549 555 6m @ 2.48 g/t CMA FW lode
Including 550 552 2m @ 6.9 g/t CMA FW lode
YRC1871D 532 534 2m @ 6.32 g/t CMA FW lode
YRC1871D 549 551 2m @ 2.66 g/t CMA FW lode
YRC2033D 586 588 2m @ 2.13 g/t CMA FW lode
YRC2043D 60 64 4m @ 3.8 g/t CMA HW Splay
NEXT STEPS AT CMA
Perseus’s ongoing exploration and study programmes at Yaouré will focus on:
Continuation of drilling to convert the Inferred Resource at CMA to an Ore Reserve to be potentially exploited by underground mining methods and drilling down dip of the Inferred Resource to identify the potential for further resource extensions.
Perseus is completing drilling to convert the Inferred CMA resource to an Ore Reserve as the first part of a Pre-Feasibility Study (PFS). Geotechnical, hydrological, mining and metallurgical studies have commenced as drilling and assaying results become available. Target completion for the PFS remains the end of the June Quarter 2022, with timing dependent on the ultimate footprint size of the orebody.
Continuation of drill testing of targets generated from the 3D seismic survey, with an initial focus on near-surface targets.
Aircore drilling and augering at early-stage regional prospects such as Degbezere NE.
This announcement has been approved for release by Perseus’s Managing Director and Chief Executive Officer, Jeff Quartermaine.
Competent Person Statement:
The information in this report and the attachments that relate to exploration drilling results at the Yaouré Project 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.
Caution Regarding Forward Looking Information:
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, the Edikan Gold Mine and the 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.
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