Exploration Results Meyas Sand Gold Project - Sudan
May 26 2024 - 10:10PM
EXPLORATION UPDATE FOR MEYAS SAND GOLD PROJECT -
SUDAN
Perth, Western Australia/ May 27,
2024/Perseus Mining Limited (ASX/TSX: PRU) is pleased to
provide an update on exploration activities and studies completed
to date at its Meyas Sands Gold Project (MSGP) in Sudan.
The full release with drill results tables and
figures is available on www.perseusmining.com, www.asx.com.au and
www.sedarplus.ca.
Since acquiring the MSGP in May 2022, Perseus
has focussed on the development of the Galat Sufur South (GSS)
deposit, and when possible, has conducted infill resource
definition drilling, sterilisation trenching and drilling, a
passive seismic survey, hydrogeological, metallurgical, and
geotechnical work in preparation for the inclusion of data in a
Front-End Engineering and Design (FEED) Study and a Final
Investment Decision (FID) for the project.
With the outbreak of hostilities in Sudan in
April 2023, exploration activities on the MSGP site were
temporarily suspended but recently, Perseus’s personnel have
re-established facilities to support on-site exploration activities
and in-house security teams at the MSGP camp.
With this restoration work well advanced,
Perseus is pleased to announce that drilling at the MSGP
recommenced on 20 May 2024. This initial drill program is aimed at
testing high priority exploration targets in the vicinity of the
GSS deposit to follow up the drilling results that have been
received to date. These results have confirmed the grade and tenor
of the GSS deposit, and while incomplete, are considered very
encouraging. More significant results include:
GSRD00883B:
4.1m @ 5.48
g/t Au from 181.9m including 2.1m @ 9.42 g/t Au from
181.9m |
|
77m @ 3.47
g/t Au from 191m including 3.6m @ 3.06 g/t Au from 196.4m, 9.9m @
14.56 g/t Au from 214.1m and 7m @ 4.67 g/t Au from
260m |
|
GSRD00882A: 37m
@ 4.56 g/t from 32m including 7m @ 6.91 g/t Au from 32m, 1m @ 3.96
g/t Au from 51m and 5m @ 15.82 g/t Au from 64m |
|
13.4m @
2.88 g/t from 73m including 5m @ 6.3 g/t Au from 76m |
|
13.55m @
1.72 g/t Au from 125.15m including 0.8m @ 10.05 g/t Au from
135.6m |
|
20.7m @
1.17 g/t Au from 150.3m including 1m @ 6.11 g/t Au from
166m |
|
43.8m @
1.54 g/t from 201m including 1.25m @ 3.43 g/t Au from 203.75m and
1m @ 3.74 g/t Au from 207m |
|
GSRC00974:
20m @ 3.12
g/t Au from 32m including 4m @ 11.25 g/t Au from 43m |
|
GSRD00902A:
81m @ 2.02
g/t from 0m including 6m @ 6.54 g/t Au from 16m, 1m @ 3.68 g/t Au
from 34m, 1m @ 5.73 g/t Au from 55m, 1m @ 3.57 g/t Au from 59m and
1m @ 7.77 g/t Au from 74m |
|
GSDD00870:
2.6m @ 7.16
g/t Au from 180.65m including 1.8m @ 10.03 g/t Au from
181.45m |
|
6.85m @
14.38 g/t from 195.25m including 5.85m @ 16.66 g/t Au from
196.25m |
|
28.65m @
4.83 g/t from 205.15m including 3.55m @ 6.78 g/t Au from 205.15m
and 16.55m @ 6.28 g/t Au from 216.25m |
|
20.8m @
2.28 g/t from 256.9m including 0.95m @ 4.71 g/t Au from 259.05m,
1.8m @ 4.89 g/t Au from 267.9m and 3.5m @ 4.93 g/t Au from
274.2m |
|
GSRD00885:
18m @ 7.88
g/t Au from 16m including 16m @ 8.7 g/t Au from 19m |
|
4m @ 6.24
g/t Au from 52m including 2m @ 11.08 g/t Au from 52m |
|
6m @
4.52g/t Au from 62m including 4m @ 6.47 g/t Au from
62m |
|
GSRD00884A: 16.05m
@ 1.96 g/t Au from 95m including 3.7m @ 5.13 g/t Au from 98m and
1.9m @ 3.87 g/t Au from 108.3m |
|
17.65m @
1.61 g/t Au from 128.35m including 1m @ 3.7 g/t Au from 135m, 1m @
3.69 g/t Au from 141.3 and 0.5m @ 3.06 g/t Au from
144.5m |
|
12m @ 2.67
g/t Au from 279m including 3.6m @ 3.99 g/t Au from 279m, 1m @ 4.84
g/t Au, 1m @ 4.18 g/t Au from 287m and 1m @ 3.33 g/t Au from
290m |
|
18.05m @
1.48 g/t Au from 294.95m including 2m @ 3.67 g/t Au from 296m and
13m @ 5.4 g/t Au from 317m |
|
43m @ 2.62
g/t from 317m including 13m @ 5.36 g/t Au from 317m, 1m @ 4.24 g/t
Au from 333m and 2m @ 4.4 g/t Au from 351m |
|
35.4m @
1.02 g/t Au from 363.2m including 1m @ 4.02 g/t Au from
395m |
|
GSRD00880:
33m @ 3.34
g/t from 44m including 21m @ 4.45 g/t Au from 46m |
|
GSRC00938:
6m @ 2.76
g/t Au from 6m including 4m @ 3.69 g/t from 6m |
|
38m @ 2.27
g/t from 43m including 12m @ 3.95 g/t Au from 51m and 2m @ 4.12 g/t
Au from 68m |
|
GSRC00933A:
6m @ 10.12
g/t from 42m including 4m @ 14.79 g/t Au from 42m |
|
GSRC00931:
24m @ 1.79
g/t from 4m including 2m @ 4.11 g/t Au from 9m, 2m @ 3.69 g/t Au
from 25m and 2m @ 4.58 g/t Au from 64m |
|
GSRD00900:
25m @ 1.27
g/t Au from 40m including 2m @ 3.6 g/t Au from 61m |
|
GSRD00901:
20m @ 1.49
g/t Au from 0m including 1m @ 3.23 g/t Au from 3m |
|
GSRC00881B:
17m @ 1.72
g/t Au from 37m |
|
GSRC00932A:
17m @ 1.57
g/t Au from 0m including 1m @ 3.47 g/t Au from 4m and 1m @ 3.05 g/t
Au from 12m |
|
2m @ 10.2
g/t Au from 83m |
|
Perseus’s Chairman and CEO Jeff Quartermaine
said:
“When Perseus acquired the Meyas Sand Gold
Project in 2022 through the acquisition of Orca Gold Inc, we were
very excited by the prospects of developing a large scale, low
cost, long life gold mine in northern Sudan that would add a
further high quality mine to Perseus’s multi mine,
multi-jurisdiction asset portfolio.
The outbreak of hostilities in the south and
west of Sudan in 2023 represented a serious setback for Perseus’s
ambitions for MSGP, but the recent recommencement of drilling
activities is considered a positive step forward that hopefully
will lead to the development of MSGP when peace is finally restored
throughout the country.
The confirmatory drilling results that have been
achieved by our team to date at MSGP are very encouraging and we
are now looking forward to returning further strong results that
will lead to the conversion of the published Foreign Reserve
Estimate for MSGP into an updated Ore Reserve reported in
accordance with JORC 2012 on which a FEED study can be confidently
based.”
Plate 1: Reverse circulation drilling Kwandagawi
Prospect located some 4km north west of GSS Main deposit.
NEXT STEPS AT GSS
It is intended that as soon as practical,
Perseus will convert the published Foreign Reserve Estimate for the
Meyas Sand Project, into an Ore Reserve prepared in accordance with
the requirements of JORC 2012. Exploration drilling will be also
conducted on the broader Block B exploration license.
This announcement has been approved for
release by Perseus’s Chairman 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
Meyas Sand Gold Project is based on, and fairly represents,
information and supporting documentation prepared by Mr Glen
Edwards, a Competent Person who is a Chartered Professional
Geologist. Mr Edwards is the General Manager of Exploration of the
Company. Mr Edwards 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”). Mr Edwards 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.
ASX/TSX CODE: PRUREGISTERED
OFFICE:Level 2437 Roberts RoadSubiaco WA 6008Telephone:
+61 8 6144 1700www.perseusmining.com |
CONTACTS:Jeff
QuartermaineManaging Director &
CEOjeff.quartermaine@perseusmining.comStephen
FormanInvestor Relations+61 484 036
681stephen.forman@perseusmining.comNathan
RyanMedia Relations+61 420 582
887nathan.ryan@nwrcommunications.com.au |
- 20240527 TSX Release_Sudan Update_Final
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