viewPerseus Mining Ltd

Perseus Mining itching to get on the ground at new Bagoé Gold Project in Côte d’Ivoire

The company now intends to undertake a definitive feasibility study (DFS), including drilling from next month, to confirm the technical and financial viability of a development concept.

Perseus Mining Ltd - Perseus Mining itching to get on the ground at new Bagoé Gold Project in Côte d’Ivoire
Implementation of the Scheme of Arrangement with Exore Resources has been completed

Perseus Mining Limited (ASX:PRU) (TSE:PRU) (OTCMKTS:PMNXF) is looking to get on the ground at its new Bagoé Gold Project in Côte d’Ivoire as soon as possible after completing the Scheme of Arrangement with Exore Resources Limited.

This resulted in Perseus acquiring all of Exore’s portfolio of exploration properties in northern Côte d’Ivoire, including PR 321 hosting the Bagoé project, which is just 70 kilometres from Perseus’ operating Sissingué Gold Mine.

DFS planned

Perseus now intends to undertake a definitive feasibility study (DFS) to confirm the technical and financial viability of a development concept for Bagoé.

This work will include reverse circulation (RC) drilling of the Antoinette, Véronique and Juliette prospects to generate data to enable estimation of measured and indicated resources and conversion into ore reserves.

“Keen to move forward”

Perseus managing director and chief executive officer Jeff Quartermaine said: “With the completion of the Exore Scheme of Arrangement, Perseus is now very keen to move forward to prove the financial viability of a development concept for the Bagoé Gold Project and if possible, increase the size of the mineable mineral resource.

"Given the outstanding performance to date of the plant of our nearby Sissingué Gold Mine, we are very pleased to potentially have the opportunity to access what we believe will be a material source of additional mill feed within trucking distance of the Sissingué mill.”

Maiden resource

On May 4, 2020, Exore announced an independently prepared maiden JORC 2012-compliant mineral resource estimate for Bagoé of 90,000 ounces classified as an indicated resource and a further 440,000 ounces as an inferred resource.

This estimate was based on mineralisation associated with Antoinette and Véronique prospects and in late July, Exore received further results from Juliette prospect highlighting the potential for additional resources along strike from Antoinette.

The Exore assets in northern Côte d’Ivoire.

Drilling campaign

The drilling campaign is expected to begin in mid-October and finish in late December 2020 while the target date for completion of the DFS is June 2021.

Drilling will include twinning of four RC holes at Antoinette and five holes at Véronique with core drilling to verify the widths and grades of key Exore RC intercepts that drive the currently defined optimisation pit shells.

There will also be four diamond HQ3 core holes drilled at Antoinette and two at Véronique to characterise geotechnical conditions in the vicinity of pit walls.

“Confident of positive outcome”

Quartermaine said: "Our exploration team, that includes a number of former employees of Exore, as well as our drilling contractor are mobilising to site and drilling is expected to be underway by mid-October 2020.

“There is a good deal of work to be done in terms of exploration drilling, evaluation and licensing before the development of Bagoé becomes a proven concept, but we are very confident of achieving a positive outcome and as a result, place Perseus in a position to continue to generate significant benefits for all of our stakeholders through our northern Ivorian operations.”

Proposed work

Other proposed work includes:

  • Conducting additional metallurgical test-work to determine the performance characteristics of the ore through the Sissingué plant and variability testing;
  • Drilling water bore holes and aquifer testing to determine dewatering requirements, water chemistry and water supply at each of the prospects;
  • Multi-element assays of selected mineralised intercepts for ore chemistry characterisation, to assist tailings geochemistry assessment;
  • Conducting acid base accounting test-work and waste characterisation analysis;
  • Drone surveys to generate Digital Elevation Models and aerial photographs to be used for planning and mapping purposes; and
  • A study of proposed ore transport routes.

Work will also be undertaken to prepare an Environmental and Social Impact Assessment (ESIA) for Bagoé and local environmental consultants CECAF have been engaged to undertake this work.

A field survey is due to start in the first week of October 2020 and the fully documented application for the ESIA is scheduled to be filed in the March 2021 quarter.

Exploration activities

Early-stage exploration activities will also run in parallel with the DFS and ESIA work.

Initially, exploration will focus on the prospective opportunities identified by Exore on the Bagoé tenement and will include:

  • Drilling of 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; and
  • Drilling to follow up encouraging intercepts on strike extensions of the Véronique deposit and at regional prospects such as Odette and Brigette.

Resignation of director

Following her recent appointment to the board of Newcrest Mining Limited (ASX:NCM), Sally-Anne Laymen has resigned as a non-executive director of Perseus with effect from September 30, 2020. Perseus has begun a search for a suitable replacement as well as for one additional female non-executive director both of whom shall be appointed to the board in due course.

These new appointments will bring the total number of directors on the board to seven, six of who will be non-executive and one the managing director, an executive.

At this time, the board will also include two female directors which will be consistent with current governance best practices.

Quartermaine added: “Finally, on behalf of our chairman Sean Harvey and all fellow directors, we wish to thank Sally-Anne Layman for her service as a director of Perseus and wish her well with her career as a non-executive director.”

Quick facts: Perseus Mining Ltd

Price: 1.315 AUD

Market: ASX
Market Cap: $1.61 billion

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