Sunday, April 18, 2021

Exploration success for Perseus in Côte d’Ivoire

Recent results from Perseus’s exploration programmes in Côte d’Ivoire demonstrate potential for organic growth of gold inventories across its multi-mine asset portfolio, as follows:

               Jeff Quartermaine, MD & CEO of Perseus.

Encouraging results at Govisou, 3 km from Perseus’s Yaouré Gold Mine, with wide intercepts of shallow gold mineralisation including:

o          YRC1574: 93 m @ 2,74 g/t Au from 0 m and 24 m @ 1.18 g/t Au from 98 m

o          YRC1596: 65 m @ 2,73 g/t Au from 24 m and 35 m @ 3.49 g/t Au from 105 m

o          YRC1457: 25 m @ 3,33 g/t Au from 55 m

o          YRC1458: 52 m @ 3,02 g/t Au from 28 m

o          YRC1573: 92 m @ 2,60 g/t Au from 0 m

o          YRC1565: 77 m @ 2,47 g/t Au from 0 m

o          YRC1572: 76 m @ 2,40 g/t Au from 8 m

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. 

Drilling at Bagoé permit, 70 km from Perseus’s Sissingué Gold Mine, confirms gold mineralisation at the Antoinette, Véronique and Juliette prospects, with recent drill results including:

o          12 m @ 3,49 g/t Au from 0 m and 17 m @ 6.45 g/t Au from 32 m (Antoinette)

o          10 m @ 4,19 g/t Au from 27 m and 14 m @ 3.21 g/t Au from 41 m (Antoinette)

o          6 m @ 6,75 g/t Au from 27 m, 11m @ 3,89 g/t Au from 44 m and 10m @ 2,66 g/t Au from 68m (Antoinette)

o          18 m @ 8,42 g/t Au from 78 m (Antoinette)

o          20 m @ 5,36 g/t Au from 1 m (Antoinette)

o          33 m @ 2,94 g/t Au from 0 m (Véronique)

o          14 m @ 6,29 g/t Au from 22 m (Véronique)

o          10 m @ 6,16 g/t Au from 20m (Véronique)

o          15 m @ 3,30 g/t Au from 36 m (Juliette)

o          7 m @ 7,78 g/t Au from 52 m (Juliette)

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.

Perseus is on track to deliver on its plan of producing more than 500 000 oz gold per annum from FY2022, with each of its Edikan, Sissingue and Yaoure gold mines in production and producing to plan.

Perseus’s MD & CEO, Jeff Quartermaine says: “For the past five years or so, Perseus has been very focussed 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 programmes aimed at extending the lives of all our existing mines and organically growing our company.

“The results published today illustrate the significant potential for the delineation of further Mineral Resources and Ore reserves in the vicinity of existing infrastructure at each of our 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.”

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