Confidence Boosting Infill Drilling at Nyanzaga Project
5 DECEMBER 2024
NEWS RELEASE
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
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CONFIDENCE BOOSTING INFILL DRILLING AT NYANZAGA PROJECT
Perth, Western Australia/December 5, 2024/ Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide
an update on ongoing resource definition drilling being conducted at its recently acquired Nyanzaga Gold
Project in Tanzania (Nyanzaga or the Project).
Designed to increase Perseus’s understanding of Nyanzaga ’s Mineral Resource, a programme of drilling
commenced in August 2024. This work aimed to supplement and where needed, fill in gaps in the work done
by previous owners. The programme was also intended to provide additional information required to inform
a change in mine design from the prior owner’s plan of a small open pit plus underground operation to the
large-scale open pit operation contemplated by Perseus.
By mid-November 2024, eight drill rigs were operating on the site and a total of 20,278 m of combined
reverse circulation (RC) and diamond (DD) drilling of the Stage 1 Tusker Hill Infill Resource Development
Program was complete, representing 77% of the budgeted 26,250 m Tusker program.
The objective of this drilling program was to infill existing drilling completed predominantly at a spacing of
40 m × 40 m, to a nominal drill pattern of 20 m × 40 m to provide additional confidence in the defined
mineralisation. While the program is ongoing, results achieved to date are positive, with the more significant
results including:
o NYZDD1340: 56m @ 3.44 g/t gold from 273m and 111m @ 5.02 g/t gold from 438m including 11m
@ 22.02 g/t gold from 456m and 11m @ 17.09 g/t gold from 490m;
o NYZRCDD1336: 114m @ 3.72 g/t gold from 284m including 4m @ 20.84 g/t gold from 348m and
20m @ 5.18 g/t gold from 361m;
o NYZRCDD1353: 42m @ 4.74 g/t gold from 158m (pre collar only, additional results pending);
o NYZDD1329: 41.6m @ 3.99 g/t gold from 35m including 16m @ 7.13 g/t gold from 49m;
o NYZDD1330: 76m @ 2.07 g/t gold from 88m including 14m @ 3.87 g/t gold from 89m;
o NYZRCDD1328: 83m @ 2.29 g/t gold from 233m including 4m @ 28.13 g/t gold from 307m;
o NYZRCDD1331: 77m @ 2.92 g/t gold from 304m including 7m @ 11.50 g/t gold from 374m;
o NYZRCDD1338: 33.2m @ 3.02 g/t gold from 517m;
o NYZRCDD1341: 53m @ 2.27 g/t gold from 287m including 16m @ 4.06 g/t gold from 296m
Further geotechnical, metallurgical and sterilisation drilling programs are ongoing on site to further inform
final pit designs ahead of a Final Investment Decision (FID) which is expected to be made by Perseus in late
January 2025.
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THE NYANZAGA GOLD PROJECT, TANZANIA
Nyanzaga is located in north-western Tanzania, within the Sengerema District of the Mwanza Region,
south of Lake Victoria approximately 60 kilometres southwest of Mwanza (Tanzania’s second largest city).
The Project is located on the north-eastern flank of the Sukumaland Archaean Greenstone Belt of the Lake
Victoria Goldfield, approximately 60 km east of Anglogold Ashanti’s Geita Gold Mine and 35 km northeast
of Barrick’s Bulyanhulu Gold Mine. The Project area covers Nyanzian greenstone volcanic rocks and
sediments typical of the greenstone belts of the central craton.
The Nyanzaga’s Mineral Resource Estimates consist of a Measured and Indicated Resource of 24.2 Mt
grading 3.64 g/t gold for 2.8 Moz gold and an Inferred Resource of 5.8 Mt grading 2.4 g/t gold for 0.5 Moz
gold. It has a Probable Ore Reserve Estimate of 40.1 Mt grading 2.01 g/t Au for 2.6 Moz gold.
These estimates were released by OreCorp Limited in ASX releases dated 12 September 2017 titled “MRE
Update for the Nyanzaga Project Increasing Category and Grade”, 5 May 2022 titled “DFS Completion and
Kilimani Mineral Resource Estimate update within the Nyanzaga Special Mining Licence – Tanzania”, and
22 August 2022 titled “Nyanzaga DFS Delivers Robust Results”, available on www.perseusmining.com.
As these estimates are Foreign Estimates for the purpose of Canadian NI 43 -101 disclosure, it should be
noted that these estimates have been prepared in accordance with the JORC Code (2012) and have not
been reported in accordance with NI 43 -101 and thata Qualified Person has not done sufficient work to
classify the resource estimate as current in accordance with NI 43-101.
OVERVIEW OF WORK PROGRAMS & RESULTS
Perseus is well advanced in its review of Nyanzaga’s existing geology, mining engineering and mineral
processing studies. Additional g eotechnical and mineral processing test work and analysis is also
underway to ensure optimal value can be extracted by development of the Project by Perseus. The
comprehensive review of all aspects of the Project will result in the production of Perseus’s Mineral
Resource estimate and Ore Reserve estimate for Nyanzaga to support the development FID which is
expected to be made by Perseus in January 2025.
Designed to increase Perseus’s understanding of the Nyanzaga Mineral Resource, a programme of drilling
was also started in August 2024. This work aimed to supplement and where needed, fill in gaps in the work
done by previous owners. The programme was also intended to provide additional information required to
inform a change in mine design from the prior owner’s plan of a small open cut plus underground operation
to the large-scale open pit operation contemplated by Perseus.
By mid-November 2024, eight drill rigs were operating on the site and a total of 20,278 m of combined
reverse circulation (RC) and diamond (DD) drilling of the Stage 1 Tusker Hill Infill Resource Development
Program was complete, representing 77% of the budgeted 26,250 m Tusker program.
The objective of this drilling program was to infill existing drilling completed predominantly at a spacing of
40 m × 40 m, to a nominal drill pattern of 20 m × 40 m to provide additional confidence in the defined
mineralization.
While the program is ongoing, results achieved to date are positive, with the m ore significant results
received to date including:
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Hole Intercept
NYZDD1340 56m @ 3.44 g/t gold from 273m and 111m @ 5.02 g/t gold from 438m including
11m @ 22.02 g/t gold from 456m and 11m @ 17.09 g/t gold from 490m
NYZRCDD1336 114m @ 3.72 g/t gold from 284m including 4m @ 20.84 g/t gold from 348m and
20m @ 5.18 g/t gold from 361m
NYZRCDD1353* 42m @ 4.74 g/t gold from 158m (pre collar only, additional results pending)
NYZDD1329 41.6m @ 3.99 g/t gold from 35m including 16m @ 7.13 g/t gold from 49m
NYZDD1329 41.6m @ 3.99 g/t gold from 35m including 16m @ 7.13 g/t gold from 49m
NYZDD1330 76m @ 2.07 g/t gold from 88m including 14m @ 3.87 g/t gold from 89m
NYZRC1361 10m @ 3.10 g/t gold from 127m
NYZRCDD1328 83m @ 2.29 g/t gold from 233m including 4m @ 28.13 g/t gold from 307m
NYZRCDD1331 77m @ 2.92 g/t gold from 304m including 7m @ 11.50 g/t gold from 374m
NYZRCDD1332 55m @ 1.97 g/t gold from 374m
NYZRCDD1338 33.2m @ 3.02 g/t gold from 517m
NYZRCDD1341 53m @ 2.27 g/t gold from 287m including 16m @ 4.06 g/t gold from 296m
NYZRCDD1345 41m @ 2.12 g/t gold from 154m
NYZRCDD1347*: 30m @ 2.65 g/t gold from 373m (additional results pending)
NYZRCDD1356A 45m @ 2.03 g/t gold from 112m
NYZRCDD1358 55m @ 2.63 g/t gold from 206m
Note: Some assays are incomplete – i.e. not all assays have been received at the time of reporting including holes marked by *
and noted in the figure captions.
Figures illustrating the key aspects of the Nyanzaga Gold Project are presented in Appendix 1. Drill collar
details and significant intercepts (>2 m above 0.5 g/t gold Au) are summarised in Table 1 in Appendix 2.
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OTHER PROJECT ACTIVITIES
Full scale construction is anticipated to commence in late January 2025 post the Project FID. Aside from
the drilling programmes detailed above, s ignificant progress has been made in preparation for the FID
including:
• Front End Engineering Design (FEED) is nearing completion. The FEED focussed on right sizing the
process plant throughput to align with the Perseus Feasibility work, incorporating the Perseus
lessons learnt from our existing operations and detailed project execution planning.
• Resettlement Action Plan – construction of community housing is progressing well, with first homes
on track for handover prior to end of December 2024.
• An early works program is underway to prepare the site for full construction including: construction
camp improvements, establishment of services, procurement of owners capability equipment and
clearing of land in camp and process areas.
• Work is advanced on agreeing amendments to the existing F ramework Agreement between
Perseus’s Tanzanian subsidiary and the Government of Tanzania. This work is specifically aimed at
aligning the Agreement with legislation and regulations introduced following the execution of the
original agreement.
Perseus’s Managing Director and CEO, Jeff Quartermaine, said:
“When Perseus acquired the Nyanzaga Gold Project earlier this year, we were confident that, in our hands,
Nyanzaga could be developed into a high -quality gold mine capable of generating significant benefits for all
stakeholders, including our shareholders, employees, the host government and communities in Tanzania.
The results of the work carried out by Perseus on the Project to date, especially the very promising results of the
infill resource definition drilling, has reinforced our belief that our goal is achievable.
We are looking forward to making a Final Investment Decision on the development of Nyanzaga in January 2025
and adding a high-quality operation to our existing geopolitically diversified, African focussed asset portfolio of
gold mining operations and development projects.
Following the Final Investment Decision in January 2025, development works will commence immediately, leading
to the production of first gold at the Nyanzaga Gold Mine by January 2027.”
This announcement has been approved for release by Perseus Mining Limited’s Managing Director
and Chief Executive Officer, Jeff Quartermaine.
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ASX/TSX CODE: PRU
CAPITAL STRUCTURE:
Ordinary shares: 1,376,016,129
Performance rights: 9,853,824
REGISTERED OFFICE:
Level 2
437 Roberts Road
Subiaco WA 6008
Telephone: +61 8 6144 1700
www.perseusmining.com
DIRECTORS:
Rick Menell
Non-Executive Chairman
Jeff Quartermaine
Managing Director & CEO
Amber Banfield
Non-Executive Director
Elissa Cornelius
Non-Executive Director
Dan Lougher
Non-Executive Director
CONTACTS:
Jeff Quartermaine
Managing Director & CEO
Stephen Forman
Investor Relations
+61 484 036 681
Nathan Ryan
Media
+61 420 582 887
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COMPETENT PERSON STATEMENT:
The information in this report and the attachments that relate to exploration drilling results at the Nyanzaga 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 Exploration of the Company, employed by Perseus
Mining Services Pty Ltd. 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’ (“JORC Code 2012”) 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.
ASX Listing Rules disclosure
All information on the Nyanzaga Mineral Resource and Ore Reserve estimates has been extracted from the OreCorp ASX
announcements dated 12 September 2017 titled “MRE Update for the Nyanzaga Project Increasing Category and Grade”, 5 May
2022 titled “DFS Completion and Kilimani Mineral Res ource Estimate update within the Nyanzaga Special Mining Licence –
Tanzania”, and 22 August 2022 titled “Nyanzaga DFS Delivers Robust Results” available on www.perseusmining.com. Perseus
confirms that it is not aware of any new information or data that mat erially affect the information included in the original ASX
announcements and that all material assumptions and technical parameters underpinning the estimates in the ASX announcements
continue to apply and have not materially changed. Perseus confirms that the form and context in which the Competent Person’s
findings are presented have not been materially modified from the original ASX announcements.
Canadian National Instrument NI43-101 disclosure
The information in this release relating to the Nyanzaga Gold Project is extracted from the OreCorp ASX announcements dated 12
September 2017 titled “MRE Update for the Nyanzaga Project Increasing Category and Grade”, 5 May 2022 titled “DFS Completion
and Kilimani Mineral Resource Estimate update within the Nyanzaga Special Mining Licence – Tanzania”, and 22 August 2022 titled
“Nyanzaga DFS Delivers Robust Results” available on www.perseusmining.com. A Qualified Person has not done sufficient work to
classify the Historical Estimates as current. As such, any Mineral Resource and Mineral Reserve estimates included in this section
are Historical Estimates as defined in Canadian National Instrument 43-101 and are not reported as current Perseus estimates. The
OreCorp Feasibility Study includes key assumptions for commodity prices, gold mining and processing costs, and there have been
no material changes in assumptions. The OreCorp Feasibility Study in its current form is a comprehensive compilation of all available
data applicable to the estimation of Mineral Resources and Mineral Reserves. Reference is made to Perseus’s news release dated
31 May 2024 titled "Perseus progresses Nyanzaga Gold Project” for further clarifying statements. Perseus confirms the applicability
of these statements have not materially changed.
John McGloin
Non-Executive Director
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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 wel l
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, 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 exhaustiv e
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, change s 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 forward-looking information, except in accordance with applicable securities laws.
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APPENDIX 1 - FIGURES
Figure 1: Nyanzaga Project Location