Exploration Update FOR Meyas SAND GOLD Project - Sudan
27 MAY 2024
NEWS RELEASE
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
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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.
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
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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 Foreig n
Reserve Estimate for MSGP into an updated Ore Reserve reported in accordance with JORC 2012 on which a FEED study
can be confidently based.”
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Plate 1: Reverse circulation drilling Kwandagawi Prospect located some 4km north west of GSS Main deposit.
BACKGROUND
The MSGP is situated in the far north of Sudan, approximately 75km south of the border with Egypt, and is fully
permitted by the Sudanese Government with a Mining Lease, Royalty agreement and a water permit formally granted
incorporating attractive fiscal terms, and clearly delineated rights and obligations of key stakeholders.
Since the acquisition of MSGP, Perseus made strong progress towards preparing for a possible FID on the MSGP in the
second half of 2023. However, in late April 2023, following the outbreak of armed conflict in Sudan, largely in and
around Khartoum, between the Sudanese Armed Forces and an influenti al militia group, the Rapid Support Force,
Perseus withdrew most of its employees from the MSGP site pending a resolution of the conflict with the safety of its
staff being the number one priority for the Company.
Although hostilities between the combatants continue in certain parts of Sudan, the area in which MSGP is located has
not been the scene of conflict, and there have been no reported incidents involving the combatants in an area of
approximately 250,000 square kilometres around the site.
Notwithstanding the above, Perseus considers that proceeding with the execution of a complex mine development
project in the context of ongoing insecurity and the reported destruction of the country’s industrial base in Khartoum,
would be unwise. As a result, the pending FID on the development of Meyas Sand has been deferred until confidence
in the future of Sudan as a viable investment destination is restored. At this stage, there is no clear line of sight to when
this might occur.
The MSGP site has subsequently been secured by a security force led by Perseus’s in -house security personnel, and
include representatives of the Sudanese Mining Police, a body that operates under the control of the Ministry for
Minerals, as well as representatives of our host communities.
The refurbishment and construction of the camp continues to make good progress, supply lines and logistics have largely
been reestablished and exploration activities within the mining lease area resumed on 20 May 2024. Drilling will focus
on continuing the drill out the GSS deposit.
To date, Perseus has conducted a range of activities associated with MSGP which have included but not been limited to:
• Low level exploration activities including mapping and sampling as well as interpretation of available data with
a view to better understanding the GSS deposit.
• Engineering and preparation of FEED studies performed by Perseus and its engineering contractor,
Lycopodium, to optimise previous engineering planning and design work.
• Infill and sterilisation drilling program designed to infill prior drilling of the GSS deposit to confirm the estimated
Mineral Resource and Ore Reserve, as well as confirm proposed infrastructure locations through sterilisation
of the sites.
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• Australasian Groundwater and Environmental Consultants continued hydrology modelling, after completing a
programme of pressure testing, (specifically recharge rates) of the aquifer located in Area 5 that will become
the primary water source for what will become the Meyas Sand Gold Mine. Progress to date gives Perseus
confidence that the aquifer will support water requirements for the projected life of the mine.
• A passive seismic survey was conducted to identify localised sources of construction water.
• Construction of site access roads progressed, with completion of 10km of the 100km pipeline corridor road.
• Knight Piesold completed an initial design review on the proposed Tailings Storage Facility (TSF). Detailed
engineering was suspended in April 2023.
• Design review on the 100km raw water pipeline by Fortin Pipelines was completed. Detailed engineering was
suspended in April 2023.
• A tender process for supply of a Hybrid -Renewable power station commenced but was suspended in April
2023.
• Significant progress was made to prepare the site facilities to support the initial construction phase.
• Construction tooling and assets were procured to support an initial construction site capability.
• Additional metallurgical test work and a review of existing data was conducted.
GSS INFILL DRILLING
To date, Perseus has focused exploration activities on the MSGP at the GSS prospect and specifically at GSS Main and
GSS East deposits. Results received to date, while incomplete, are viewed as encouraging and give a degree of
confidence in the current foreign estimate. Detailed geological and resource modelling work has been undertaken and
we have advanced our understanding of geology and mineralisation including geometry, grade distribution and
variability, metallurgy, geotechnical aspects.
Infill drilling commenced in January 2023 but was suspended due to security and safety considerations in April 2023. At
that time a total of 11,912 metres of combined RC and diamond drilling, including 4,575 metres at GSS Main and 7,337
metres at GSS East, in 34 completed holes and 46 pre-collars had been completed.
While assay results are incomplete, those results to hand are considered encouraging. More significant results include:
• GSRD00883B (pre-collared diamond tail) - 4.1m @ 5.48 g/t Au from 181.9m (including 2.1m @ 9.42 g/t Au from
181.9m) and 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 (pre-collared diamond tail) - 37m @ 4.56 g/t Au from 32m (including 7m @ 6.91 g/t Au from 32m
and 5m @ 15.82 g/t Au from 64m), 13.4m @ 2.88 g/t Au from 73m (including 5m @ 6.3 g/t Au from 76m) and
43.8m @ 1.54 g/t Au from 201m
• GSRC00974 (pre-collar) - 20m @ 3.12 g/t Au from 32m (including 4m @ 11.25 g/t Au from 43m)
• GSRD00902A (RC pre-collar) - 81m @ 2.02 g/t Au from 0m (including 6m @ 6.54g/t Au from 16m)
• GSDD00870 (diamond hole) - 6.85m @ 14.38 g/t Au from 195.25m (including 5.85m @ 16.66 g/t Au from
196.25m), 28.65m @ 4.83g/t Au 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) and 20.8m @ 2.28 g/t Au from 256.9m (including 3.5m @ 4.93 g/t Au from 274.2m)
• GSRD00885 (RC pre-collar) - 18m @ 7.88 g/t Au from 16m (including 16m @ 8.7 g/t Au from 19m)
• GSRD00884A (pre-collared diamond tail) - 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), 12m @ 2.67 g/t Au from 279m (including 3.6m @ 3.99 g/t Au from
279m), 43m @ 2.62 g/t Au from 317.00m (including 13 m @ 5.36 g/t Au from 317m) and 35.4m @ 1.02 g/t Au
from 363.2m
• GSRD00880 (RC pre-collar) - 33m @ 3.34 g/t Au from 44m (including 21m @ 4.45 g/t Au from 46m)
• GSRC00938 (RC pre-collar) - 38m @ 2.27 g/t Au from 43m (including 12m @ 3.95 g/t Au from 51m)
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• GSRC00933A (RC pre-collar) - 6m @ 10.12 g/t Au from 42m (including 4m @ 14.79 g/t Au from 42m)
• GSRC00931 (RC pre-collar) - 24m @ 1.79 g/t Au 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 (RC pre-collar) – 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) and 2m @ 12.24 g/t Au from 83m
Locations of holes in Figures in Appendix 1 and a full list of intercepts are included in tables in Appendix 2.
GSS STERILISATION DRILLING
Mapping, sampling and sterilisation drilling commenced in December 2022 but as noted, was suspended due to security
and safety considerations in April 2023. The drilling completed to date comprises 8,536 metres of RC drilling in 85 RC
holes. The results received so far confirmed the lack of mineralisation on the areas tested by sterilisation drilling. See
Figure 6 in Appendix 1.
It is important to note that following the outbreak of hostilities in April 2023 , the MSGP site was visited by vandals
following the temporary withdrawal of Perseus’s staff. These vandals damaged, destroyed or contaminated a number
of samples from drilled holes and these samples cannot be recovered.
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.
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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 bein g
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 no t
exhaustive of all factors and assumptions which may have been used by the Company. Althou gh 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 re sults 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, t he 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: PRU
REGISTERED OFFICE:
Level 2
437 Roberts Road
Subiaco WA 6008
Telephone: +61 8 6144 1700
www.perseusmining.com
CONTACTS:
Jeff Quartermaine
Managing Director & CEO
Stephen Forman
Investor Relations
+61 484 036 681
Nathan Ryan
Media Relations
+61 420 582 887
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APPENDIX 1 – FIGURES
Figure 1: MSGP – Licences on simplified geology draped on SPOT Image showing location of GSS and some of the regional
prospects.
Figure 2: MSGP – GSS – showing deposits and optimised pits (Orca) with image of block model at surface and location of drill
collars and traces by campaign.
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Figure 3: MSGP – GSS Main Infill drilling Mineralised intervals > 30 m.g/t Au (Low-grade intervals: min. grade: 0.5 g/t
Au – min. width: 2m – max. internal dilution: 2m. High-grade intervals: min. grade: 3 g/t Au – no min. width – max.
internal dilution: 2m)
Figure 4: MSGP – GSS East Infill drilling Mineralised intervals > 30 m.g/t Au (Low-grade intervals: min. grade: 0.5 g/t Au
– min. width: 2m – max. internal dilution: 2m. High-grade intervals: min. grade: 3 g/t Au – no min. width – max.
internal dilution: 2m)