Perseus Achieves Near-MINE Exploration Success IN Ghana
JANUARY 18, 2022
NEWS RELEASE
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
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PERSEUS ACHIEVES NEAR-MINE EXPLORATION SUCCESS IN GHANA
PERTH, Western Australia, January 18, 2022/Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide details
of exploration success at its Edikan Gold Mine in Ghana during the December 2021 quarter.
HIGHLIGHTS
• Perseus has recorded further impressive drilling results at Nkosuo prospect on the Agyakusu Prospecting Licence,
just seven kilometres from its Edikan Gold Mine in Ghana.
• Results continue to demonstrate strong potential for shallow , granite-hosted open-pitable gold resources ,
including:
- NKS0034RC: 37m @ 1.49g/t Au from 3m
- NKS0050RD: 60m @ 1.28g/t from 6m
- NKS0037DD: 43m @ 1.79 g/t from 0m
- NKS0050RD: 24m @ 2.04g/t Au from 6m
- NKS0059RD: 37m @ 1.74 g/t Au from 8m
- NKS0060RC: 51m @ 2.09 g/t Au from 20m
- NKS0081RC: 46m @ 2.31g/t Au from 18m
- NKS0086RD: 13m @ 4.18g/t Au from 1m & 54m @ 1.63g/t Au from 54m
- NKS0091RD: 34m @ 1.3g/t Au from surface & 14m @ 2.17 g/t from 58m
- NKS0092RD: 38m @ 1.83g/t Au from 38m & 24m @ 1.65g/t Au from 90m
- NKS0102RD: 26m @ 1.55g/t Au from surface
- NKS0117RC: 22m @ 3.92 g/t from 8m
- NKS0120RC: 16m @ 4.17 g/t Au from 24m
• Results confirm Nkosuo hosts near-surface, granite-hosted gold mineralisation similar in style to that mined in
Edikan’s Fobinso and Abnabna (“AG”) pits.
• Resource definition drilling is ongoing. Perseus expects to complete a maiden Mineral Resource estimate for
Nkosuo early in the June 2022 quarter.
• Nkosuo discovery has the potential to extend Edikan’s mine life beyond forecast end in FY2026-2027.
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Perseus’s Managing Director and CEO Jeff Quartermaine said:
“As Perseus moves closer to achieving our goal of producing 500,000 ounces of gold per year, we have turned our
sights to finding ways of sustaining this level of gold production to the end of the decade and beyond.
“Our exploration programme at Nkosuo has returned impressive results that demonstrate this prospect’s potential to
add to Edikan’s mine life, with further successful drilling. We are particularly encouraged by similarities between the
Nkosuo deposit and the Fobinso and Abnabna deposits which we’ve already successfully developed, mined and
processed at Edikan.
“While we are working towards completing a maiden Mineral Resource estimate for Nkosuo in the first half of CY2022,
we intend to continue exploring on the Agyakusu, Agyakusu-DML and Domenase exploration licence areas, all of which
are under option to Perseus and all of which are located within trucking distance of our Edikan mill.”
NKOSUO EXPLORATION DRILLING
Results from Perseus’s recent exploration activities adjacent to its Edikan Gold Mine (Edikan) in Ghana continue to
confirm the outstanding potential to grow its gold inventory at Edikan through further drilling success.
Perseus secured an option to acquire the 23.85km2 Agyakusu prospecting licence (Appendix 1 - Figure 1.1), currently
held by Ghanaian company Adio -Mabas Ghana Ltd, in November 2019 (see ASX announcement 4 November 2019).
Perseus subsequently conducted soil sampling and airborne geophysical surveys whilst negotiating access from
farmers to drill the granite-hosted Nkosuo gold prospect. Perseus achieved access in June 2021, with drilling continuing
uninterrupted since that date.
Perseus commenced exploration drilling at the Nkosuo prospect on the Agyakusu permit on 1 July 2021, with the first
highly encouraging results being reported in our ASX release dated 13 October 2021 . Since that date, Perseus had
drilled a further 13,008 metres in 36 Reverse Circulation (“RC”), 5 diamond (“DD”) holes and 46 RC pre -collared
diamond holes (“RD”). Drilling has been conducted on a nominal 80 x 80 metre grid to scope out the extent and overall
geometry of the host granite and contained mineralisation, partially infilled to 40 x 40 metres and locally to 40 x 20
metres. Results have continued to provide strong support for the presence of a shallow open-pitable gold resource
within trucking distance of the Edikan mill.
Mineralisation at Nkosuo is hosted by a NNE -trending granitic plug extending at least 1,200 metres in strike, with
widths ranging from around 120 metres in the northern part to up to 160 metres in the southern part. The northern
part of the intrusive body is dislocated by a roughly NW-SE fault that offsets the northern 400 metres of the body ~160
metres to the northwest (Appendix 1 - Figure 1.2).
The strongest mineralisation is focused in the offset northern part of the intrusion and the northern central section of
the southern part of the intrusion, gradually waning to the southwest. The granite body dips at around 700 to the west
in the northern part of the intrusion, steepening to near vertical towards the south. Mineralisation within the granite
consists of variably intense quartz stockwork veining with associated quartz-carbonate-sericite alteration. The veining
and alteration are accompanied by 1-2% disseminated and selvage pyrite and arsenopyrite, with better gold grades
generally associated with higher concentrations of arsenopyrite. The granite remains open to the south, with
indications from surface workings that mineralisation may strengthe n within the southern apex of the intrusion,
analogous to the situation in the northern apex. Drilling to test this hypothesis is planned for the coming quarter.
Overall, the Nkosuo mineralisation bears strong similarities in style and scale to the western granite-hosted deposits
at Edikan such as Fobinso and Abnabna.
Better intercepts from the Nkosuo drilling received between 13 October 2021 and 8 January 2022 are shown below in
Table 1 and on Appendix 1 – Figure 2, with a complete summary included in Appendix 2 - Table 1. Representative
sections are presented in Appendix 1 – Figures 1.3 to 1.5.
Table 1: Intercepts from Agyakusu Prospecting Licence - Nkosuo Prospect
(Based on lower cut-off of 0.5 g/t Au with maximum 2m internal waste <0.5 g/t)
Hole ID From (m) To (m) Gold Intercept
NKS0024RD 125 127 2m @ 7.2 g/t
NKS0024RD 135 147 12m @ 0.91 g/t
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Hole ID From (m) To (m) Gold Intercept
NKS0024RD 157 169 12m @ 1.53 g/t
NKS0024RD 187 192 5m @ 1.29 g/t
NKS0024RD 201 207 6m @ 1.11 g/t
NKS0025RD 116 124 8m @ 1.15 g/t
NKS0025RD 140 159.1 19.1m @ 0.72 g/t
NKS0025RD 273 281.8 8.8m @ 1.07 g/t
NKS0034RC 3 40 37 @ 1.49 g/t
NKS0036RD 162 164 2m @ 6.27 g/t
NKS0036RD 284 292.65 8.7m @ 1.21 g/t
NKS0037DD 6.9 44 37.1m @ 2.05 g/t
NKS0037DD 48.6 60.15 11.6m @ 1.83 g/t
NKS0038DD 0 5.59 5.6m @ 1.26 g/t
NKS0040DD 13.3 28.3 15m @ 0.97 g/t
NKS0043RD 234.85 238.13 3.3m @ 3.15 g/t
NKS0044RD 18 24 6m @ 1.95 g/t
NKS0044RD 18 20 2m @ 4.06 g/t
NKS0044RD 28 40 12m @ 0.82 g/t
NKS0044RD 46 64 18m @ 0.65 g/t
NKS0046DD 0 23.9 23.9m @ 0.66 g/t
NKS0046DD 27.3 29.3 2m @ 3.29 g/t
NKS0047RD 12 28 16m @ 1.16 g/t
NKS0047RD 32 64 32m @ 0.89 g/t
NKS0048RD 68 70 2m @ 8.35 g/t
NKS0048RD 102 104 2m @ 3.58 g/t
NKS0048RD 250.5 253 2.5m @ 87.30 g/t
NKS0049RD 28 36 8m @ 1.31 g/t
NKS0049RD 46 50 4m @ 1.35 g/t
NKS0049RD 116 120 4m @ 2.05 g/t
NKS0050RD 6 30 24m @ 2.04 g/t
NKS0050RD 36 42 6m @ 1.51 g/t
NKS0050RD 56 66 10m @ 1.15 g/t
NKS0053RD 104 112 8m @ 1.07 g/t
NKS0059RD 0 4 4m @ 2.47 g/t
NKS0059RD 8 45 37m @ 1.74 g/t
NKS0060RC 20 71 51m @ 2.09 g/t
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Hole ID From (m) To (m) Gold Intercept
NKS0061RD 11 50 39m @ 0.98 g/t
NKS0061RD 64 69 5m @ 4.36 g/t
NKS0062RD 74 90 16m @ 1.08 g/t
NKS0063RC 40 52 12m @ 1.74 g/t
NKS0064RD 62 68 6m @ 2.40 g/t
NKS0064RD 82 87 5m @ 2.44 g/t
NKS0065RD 72 78 6m @ 1.62 g/t
NKS0065RD 116 120 4m @ 1.92 g/t
NKS0066RD 62 66 4m @ 2.62 g/t
NKS0066RD 82 92 10m @ 0.81 g/t
NKS0066RD 96 98 2m @ 4.64 g/t
NKS0067RD 46 54 8m @ 3.51 g/t
NKS0067RD 66 78 12m @ 1.31 g/t
NKS0067RD 94 110 16m @ 2.45 g/t
NKS0068RD 36 74 38m @ 0.8 g/t
NKS0068RD 84 106 22m @ 1.76 g/t
NKS0072RD 68 76 8m @ 1.68 g/t
NKS0076RD 2 6 4m @ 1.50 g/t
NKS0079DD 58 95.1 37m @ 0.89 g/t
NKS0079DD 115.3 128.33 13m @ 1.23 g/t
NKS0079DD 142.13 151.5 9.4m @ 2.93 g/t
NKS0081RC 4 8 4m @ 2.01 g/t
NKS0081RC 18 64 46m @ 2.31 g/t
NKS0081RC 86 98 12m @ 0.79 g/t
NKS0082RC 0 4 4m @ 25.8 g/t
NKS0082RC 30 50 20m @ 0.88 g/t
NKS0082RC 70 72 2m @ 3.77 g/t
NKS0083RC 20 66 46m @ 1.2 g/t
NKS0085RD 82 84 2m @ 5.28 g/t
NKS0085RD 96 108 12m @ 2.39 g/t
NKS0085RD 106 108 2m @ 5.4 g/t
NKS0086RD 1 14 13m @ 4.18 g/t
NKS0086RD 54 108 54m @ 1.63 g/t
NKS0087RD 2 16 14m @ 1.15 g/t
NKS0087RD 24 30 6m @ 1.87 g/t
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Hole ID From (m) To (m) Gold Intercept
NKS0087RD 46 60 14m @ 1.21 g/t
NKS0087RD 66 86 20m @ 0.63 g/t
NKS0087RD 90 124 34m @ 0.96 g/t
NKS0088RD 10 28 18m @ 0.75 g/t
NKS0088RD 38 60 22m @ 0.89 g/t
NKS0091RD 0 34 34m @ 1.3 g/t
NKS0091RD 58 72 14m @ 2.17 g/t
NKS0091RD 106 128 22m @ 1.01 g/t
NKS0092RD 38 76 38m @ 1.83 g/t
NKS0092RD 80 86 6m @ 1.11 g/t
NKS0092RD 90 114 24m @ 1.65 g/t
NKS0093RC 10 22 12m @ 1.69 g/t
NKS0093RC 36 54 18m @ 1.64 g/t
NKS0093RC 62 72 10m @ 3.78 g/t
NKS0097RC 1 12 11m @ 1.23 g/t
NKS0097RC 20 42 22m @ 1.21 g/t
NKS0102RD 0 26 26m @ 1.55 g/t
NKS0102RD 60 62 2m @ 8.82 g/t
NKS0102RD 120 126 6m @ 2.49 g/t
NKS0103RC 0 28 28m @ 0.95 g/t
NKS0104RD 44 48 4m @ 5.51 g/t
NKS0104RD 52 84 32m @ 1.28 g/t
NKS0104RD 118 124 6m @ 1.69 g/t
NKS0104RD 142 148 6m @ 1.76 g/t
NKS0114RC 42 58 16m @ 0.77 g/t
NKS0114RC 64 76 12m @ 2.22 g/t
NKS0117RC 8 30 22m @ 3.92 g/t
NKS0120RC 24 40 16m @ 4.17 g/t
NKS0121RD 12 14 2m @ 6.99 g/t
NKS0121RD 28 42 14m @ 1.69 g/t
NKS0123RD 9 12 3m @ 6.97 g/t
NKS0123RD 24 42 18m @ 1.96 g/t
NKS0123RD 48 60 12m @ 2.42 g/t
NKS0124RD 18 24 6m @ 2.0 g/t
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Results available to date from the Nkosuo drilling confirm the previously declared potential for an Exploration Target
of 10 to 15 Mt grading 0.9 to 1.1 g/t gold for 275 to 500koz contained gold (ASX release dated 13 October 2021).
Current indications are that the bulk of this resource will be at depths shallower than 150 metres.
The Exploration Target is conceptual in nature and takes no account of geological complexity, possible mining method
or metallurgical recovery factors. The Exploration Target was estimated to enable an early assessment of the
discovery’s potential to add to Edikan’s mine life
The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is an approximation.
There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will
result in estimatio n of a Mineral Resource. The Exploration Target has been prepared and reported in accordance
with the 2012 edition of the JORC Code and NI 43-101.
The Exploration Target is defined by:
• A wireframe of the host granite body used to limit the extent of interpreted mineralisation volume.
• Drill sample intervals composited to uniform 2 metre down-hole lengths with composite gold grades capped at
10g/t.
• Gold grades estimated by inverse distance squared weightings (IDW) into parent blocks with dimensions 20
metres east x 20 metres north x 10 metres elevation using a 50 metres east x 100 metres north x 100 metre
elevation search ellipsoid with a minimum of four samples required to make an estimate.
• Estimates informed only by samples within the granite.
• Parent blocks sub-blocked against the granite wireframe and interpreted weathering surfaces using a minimum 5
metres east x 5 metres north x 2.5 metres elevation sub-block to reliably estimate the mineralisation volume.
• Densities for weathered, transition and fresh rock assumed to be 1.8, 2.1 and 2.7 tonnes per cubic metre.
• Sub-blocks grading greater than 0.4g/t gold and to a maximum vertical depth of approximately 170 metres.
NEXT STEPS
• Drilling now underway at Nkosuo will focus on extending 80 x 80 metres coverage to the southern limits of the
granite, completing the 40 x 40 metres infill coverage and commencing systematic infill to 40 x 20 metres to support
a Mineral Resource estimate to be undertaken in the June 2022 quarter.
• Metallurgical testwork has commenced and Perseus will complete geotechnical drilling to evaluate Ore Reserve
potential early in the September Quarter of 2022.
• In anticipation that this work will lead to a positive outcome, the Company is in the process of exercising its option
over the Agyakusu permit and has completed some baseline studies to meet the requirements of the ESIA process.
• Exploration more broadly at Edikan will investigate high -order prospects on th e adjacent Agyakusu DML and
Domenase permits where soil geochemical sampling has identified strong gold-in-soil anomalies associated with
mineralised granites.
This announcement has been approved for release by Perseus’s Managing Director 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 and the Nkosuo Exploration Target on the
Agyakusu permit is based on, and fairly represents, information and supporting documentation prepared by Dr Douglas Jones, a
Competent Person who is a Chartered Professional Geologist. Dr Jones is the Group General Manager Exploration of the Company. Dr
Jones 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”). Dr Jones 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 i ts 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, Edikan Gold Mine and Sissingué Gol d
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 c ause 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, th e 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 we ll as
those factors disclosed in the Company's publicly filed document s. 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 fina ncing
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
Email: [email protected]
ABN: 27 106 808 986
www.perseusmining.com
CONTACTS:
Jeff Quartermaine
Managing Director & CEO
Nathan Ryan
Media Relations
+61 4 20 582 887
Claire Hall
Corporate Communications
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APPENDIX 1 - FIGURES
Figure 1.1: Edikan Gold Project – Regional Geology, Tenements and Prospects