Perseus Mining Announces Open Pit and Underground ORE Reserve Growth at Yaouré
23 AUGUST 2023
NEWS RELEASE
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
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PERSEUS MINING ANNOUNCES OPEN PIT AND UNDERGROUND ORE
RESERVE GROWTH AT YAOURÉ
Perth, Western Australia/August 23, 2023/Perseus Mining Limited (ASX/TSX: PRU) is pleased to announce an increase
to CMA underground Ore Reserves beneath the existing CMA open pit, at its Yaouré Gold Mine in Côte d’Ivoire of
2.7 Mt at 3.46 g/t for 300 koz. The total CMA underground Ore Reserve is now estimated by Perseus to be 4.9 Mt at
3.51 g/t for 559 koz. The CMA orebody remains open down plunge and down dip below the current Indicated Mineral
Resource, and further extensions to the CMA underground Ore Reserves are expected with future drilling during FY24.
Feasibility-level studies on the CMA deposit at Yaouré (approximately four hundred metres down dip from the base of
the open pit) have confirmed the economic and technical viability of underground mining. Resource definition drilling
during FY23 has added Mineral Resources and Ore Reserves down-dip of the CMA underground Pre-Feasibility Study
(PFS) Ore Reserves and readers are referred to ASX release “Perseus Updates Mineral Resource and Ore Reserve
Estimates” dated 28 August 2022 for additional details on the CMA underground PFS.
More widely spaced drilling below the CMA underground Ore Reserve has shown that mineralisation extends deeper
allowing an extension to Inferred Mineral Resources at depth. Extension of Inferred Mineral Resources and continued
drilling success down-dip, provides strong encouragement for further expansion of the CMA underground.
As well as growth to Ore Reserves for the CMA underground, a drill campaign of 22,084 metres during FY23 at the
adjacent Yaouré open pit has resulted in 6.9 Mt at 1.82 g/t for 403 koz of additional Yaouré open pit Ore Reserves
(separate to the CMA open pit). Yaouré open pit Ore Reserves now total 11.8 Mt at 1.49 g/t for 565 koz. The increase
to Yaouré Open pit Ore Reserves is based upon conversion of Inferred Mineral Resources immediately beneath the
existing Yaouré open pit to Indicated Mineral Resources.
CMA underground and Yaouré open pit Ore Reserve increases are in addition to the existing Ore Reserves, adding
additional value and mine life to the Yaouré Gold Mine. The CMA underground Feasibility Study (FS) and the Yaouré
open pit expansion will be released in Perseus’ upcoming Yaouré Gold Mine Life of Mine (LOM) plan.
HIGHLIGHTS
• Indicated Mineral Resources at CMA underground have increased by 439 koz to 7.3 Mt at 4.17 g/t for 976 koz of
contained gold, and Inferred Mineral Resources are estimated at 4.4 Mt at 3.4 g/t gold containing 485 koz of gold.
• Underground Probable Ore Reserves estimated to date total 4.9 Mt of ore grading 3.51 g/t gold and containing
559 koz of gold, which is an increase for FY23 of 2.7 Mt at 3.46 g/t gold containing 300 koz of gold.
• Yaouré open pit Indicated Mineral Resources have increased by 300 koz to 19.2 Mt at 1.27 g/t for 784 koz of
contained gold, and Inferred Mineral Resources are estimated at 3.0 Mt at 1.3 g/t gold containing 124 koz of gold.
• Yaouré open pit Probable Ore Reserves have increased in FY23 by 6.9 Mt at 1.82 g/t for 403 koz of gold, for a total
of 11.8 Mt at 1.49 g/t gold containing 565 koz of gold.
• Yaouré Gold Mine Ore Reserve increases at the CMA underground and the Yaouré open pit will extend the Yaouré
Life of Mine (LOM) and all Ore Reserve additions are inside the mine fence and adjacent to the Yaouré processing
facility. Perseus will prepare an updated LOM Plan for the Yaouré Gold Mine during the September 2023 Quarter.
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Table 1: Yaouré Gold Mine Measured & Indicated Mineral Resources9,10,11
DEPOSIT DEPOSIT TYPE
MEASURED RESOURCES INDICATED RESOURCES MEASURED & INDICATED
RESOURCES
QUANTITY GRADE GOLD QUANTITY GRADE GOLD QUANTITY GRADE GOLD
Mt g/t gold ’000 oz Mt g/t gold ’000 oz Mt g/t gold ’000 oz
CMA1,3,4, 6 Open Pit - - - 16.7 1.32 710 16.7 1.32 710
Yaouré2,3,4, 6 Open Pit - - - 19.2 1.27 784 19.2 1.27 784
Satellite deposits5,6 Open Pit - - - 6.6 0.97 206 6.6 0.97 206
Sub Total - - - 42.6 1.24 1,700 42.6 1.24 1,700
CMA8 Underground - - - 7.3 4.17 976 7.3 4.17 976
Heap Leach3,7 Stockpile - - - 0.4 0.61 8 0.4 0.61 8
Stockpiles Stockpile 4.4 0.84 119 - - - 4.4 0.84 119
TOTAL 4.4 0.84 119 50.3 1.66 2,684 54.7 1.59 2,804
Table 2: Yaouré Gold Mine Inferred Mineral Resource9,10
DEPOSIT DEPOSIT TYPE
INFERRED RESOURCES
QUANTITY GRADE GOLD
Mt g/t gold ’000 oz
CMA 1,3,4, 6 Open Pit 2.6 0.7 58
Yaouré2,3,4,6 Open Pit 3.0 1.3 124
Satellite deposits5,6 Open Pit 1.3 0.8 34
CMA8 Underground 4.4 3.4 485
TOTAL 11.3 1.9 701
Notes:
1. Based on June 2022 Mineral Resource estimate.
2. Based on June 2023 Mineral Resource estimate.
3. Depleted for previous mining and to 30 June 2023 mining surface.
4. 0.4 g/t gold cut-off applied to in situ open pit material.
5. Based on Angovia 2 April 2021, Govisou June 2022, and CMA SW August 2022 Mineral Resource models.
6. In situ open pit resources constrained to US$1,800/oz pit shells.
7. Heap leach resources are stated at 0 g/t gold cut-off; only heap leach components with average grade above 0.4 g/t included.
8. June 2023 Mineral Resource estimate, below Stage 3 pit and above 1.5 g/t block grade cut-off.
9. Mineral Resources current as of 30 June 2023.
10. Rounding of numbers to appropriate precision may result in summary inconsistencies.
11. Mineral Resources are reported inclusive of Ore Reserves.
Table 3: Yaouré Gold Mine Ore Reserves5,6
DEPOSIT DEPOSIT TYPE
PROVED PROBABLE PROVED + PROBABLE
QUANTITY GRADE GOLD QUANTITY GRADE GOLD QUANTITY GRADE GOLD
Mt g/t gold ’000 oz Mt g/t gold ’000 oz Mt g/t gold ’000 oz
CMA1,2 Open Pit - - - 11.9 1.81 692 11.9 1.81 692
Yaouré2,3 Open Pit - - - 11.8 1.49 565 11.8 1.49 565
Satellite deposits2,3 Open Pit - - - 4.1 1.03 137 4.1 1.03 137
Sub-Total - - - 27.8 1.56 1,394 27.8 1.56 1,394
CMA4 Underground - - - 4.9 3.51 559 4.9 3.51 559
Stockpiles Stockpile 4.4 0.84 119 - - - 4.4 0.84 119
TOTAL 4.4 0.84 119 32.8 1.85 1,953 37.2 1.73 2,072
Notes:
1. Based on depletion to 30 June 2023 mining surfaces.
2. Variable gold grade cut-offs for each material type, ranging from 0.35 g/t to 0.75 g/t.
3. Pit designs are based on US$1,300/oz gold price for satellites and US$1,500/oz for CMA and Yaouré open pit.
4. Based upon cut-off for development and stoping of 0.5 g/t and 2.5 g/t.
5. Inferred Mineral Resource is considered as waste for optimisation purposes.
6. Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.
Perseus’s Managing Director and CEO Jeff Quartermaine said:
“Since pouring first gold at Yaouré, this mine has repeatedly exceeded our expectations on almost every measure and
made a very significant contribution to the success of our company. The discovery of extensions to the CMA orebody at
depth and confirmation that these Mineral Resources can be economically developed is further evidence that not only
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is the Yaouré Gold Mine an outstandingly good operation, but that it will also continue to contribute benefits to all of
our stakeholders, well beyond our initial estimates.
The results that have been announced today are associated with the first 400 metres down dip from the base of the
CMA open pit. Three dimensional seismic surveys have confirmed that the CMA and associated structures continue at
depth for a much greater distance underground and it will require further drilling to confirm that these structures are
mineralised with economically mineable grades at depth. However, based on what we have seen to date, we are
optimistic that once established, the underground operation at Yaouré will continue for many years into the future.
The Yaouré underground mine is Perseus’s first foray into underground mining, with all previous operations having
been open cut operations. While this represents a new style of mining and a new challenge for us as a company, it is
certainly not new to many of the technical staff that are currently employed by Perseus who are very keen to
demonstrate their skills in an underground mining setting. This depth of talent within our existing ranks gives us every
confidence that the Yaouré Underground operation, when it commences, will be every bit as successful as the open pit
operation that has preceded it”.
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INTRODUCTION
Perseus is currently mining the CMA orebody at the Yaouré Gold Mine in Côte d’Ivoire using conventional open pit
mining methods. The CMA orebody is a tabular zone of mineralisation 2-20 metres thick which generally grades at 3-
7 g/t gold and generally dips to the east at 20-35 degrees but can be shallower or steeper locally. Perseus reported
its first open pit Mineral Resource and Ore Reserve in the News Release “Perseus Confirms Quality of Yaouré Gold
Project” dated 3 November 2017 based on a Feasibility Study. The open pit Feasibility Study identified the potential
for the CMA orebody to extend to depth. This was confirmed by a Concept Study entitled “Perseus Mining
Completes Scoping Study for Potential Underground Mine at Yaouré” dated 5 November 2018, which evaluated the
potential to mine the orebody using underground mining methods and produced a maiden Mineral Resource
estimate for the CMA underground.
In 2020, a 3D seismic survey was completed over a large volume around the CMA pit, that provided encouragement
that the CMA orebody continued further down dip from the area assessed in the 2018 Concept Study. Based on the
findings, drilling programs were instigated in 2021 to convert the identified underground Inferred Mineral Resource
to an Ore Reserve and to investigate the potential to extend the underground Inferred Mineral Resource further
down dip. The two drilling programs were completed in the first half of 2022 which culminated with a Pre-Feasibility
Study and maiden Ore Reserve for the CMA underground and continued extension of the Inferred Mineral Resource
down-dip. The two drilling programs also had a small impact on the open pit Mineral Resource, mainly on the
resource classification. Based on the results of the Pre-Feasibility Study, drilling has continued through 2022 and
2023 to support the CMA underground Feasibility Study and expand upon the existing CMA underground Mineral
Resource and Ore Reserve.
After accounting for mine depletion, the CMA open pit Mineral Resources and Ore Reserves are materially
unchanged from those previously stated. Please refer to release to ASX release “Perseus Updates Mineral Resource
and Ore Reserve Estimates” dated 28 August 2019 for additional details.
OPEN PIT MINERAL RESOURCE
The combined 30 June 2023 Yaouré Gold Mine open pit Indicated Mineral Resources is 42.6 Mt at 1.24 g/t gold for
1.7 Moz and Inferred Mineral Resources of 6.9 Mt at 1.0 g/t gold for 216 koz.
The updated Yaouré open pit Mineral Resource estimate is 19.2 Mt at 1.27 g/t gold for 784 koz of Indicated Mineral
Resources and 3.0 Mt at 1.3 g/t gold for 124 koz of Inferred Mineral Resources. The updated Yaouré open pit
estimate includes an additional 22,084 metres in 130 drill holes targeting infill areas and high-grade lodes to
delineate and increase the confidence of the Yaouré open pit Mineral Resource to support an updated Yaouré open
pit Ore Reserve.
The updated CMA open pit Mineral Resource estimate is 16.7 Mt at 1.32 g/t gold for 710 koz of Indicated Mineral
Resources and 2.6 Mt at 0.7 g/t gold for 58 koz of Inferred Mineral Resources. The CMA open pit Mineral Resource
estimate for the Yaouré Gold Mine has been depleted to the 30 June 2023 surveyed mining surface.
After accounting for mine depletion and adjustments for the underground Mineral Resource within the
US$1,800/oz pit shell, the CMA open pit Mineral Resource estimate remains materially unchanged from the
previous CMA open pit estimate reported at 30 June 2019 and readers are referred to ASX release “Perseus
Updates Mineral Resource and Ore Reserve Estimates” dated 28 August 2019 for additional details.
The Yaouré Satellite Deposits open pit Mineral Resources remain materially unchanged from the previous Yaouré
Satellite Deposits open pit estimate reported at 30 June 2019 and readers are referred to ASX release “Perseus
Updates Mineral Resource and Ore Reserve Estimates” dated 28 August 2019 for additional details.
The Yaouré, CMA and Satellite Deposits open pit Mineral Resources are reported at a 0.4 g/t gold cut-off grade
within a US$1,800/oz pit shell.
The CMA, Yaouré and Satellite Deposits open pit Mineral Resource estimates are reported in accordance with the
2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code).
The classification categories of Measured, Indicated and Inferred under the JORC Code are equivalent to the CIM
categories of the same names (CIM, 2014).
The 30 June 2023 estimated open pit Mineral Resources at Yaouré Gold Mine are summarised in Tables 4 and 5
below.
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Table 4: Yaouré Gold Mine Open Pit Measured & Indicated Mineral Resources7,8
DEPOSIT DEPOSIT TYPE
MEASURED RESOURCES INDICATED RESOURCES MEASURED & INDICATED
RESOURCES
QUANTITY GRADE GOLD QUANTITY GRADE GOLD QUANTITY GRADE GOLD
Mt g/t gold ’000 oz Mt g/t gold ‘000 oz Mt g/t gold ’000 oz
CMA1,3,5,6 Open Pit - - - 16.7 1.32 710 16.7 1.32 710
Yaouré2,3,5,6 Open Pit - - - 19.2 1.27 784 19.2 1.27 784
Satellite Deposits3,4,5,6 Open Pit - - - 6.6 0.97 206 6.6 0.97 206
TOTAL - - - 42.6 1.24 1,700 42.6 1.24 1,700
Table 5: Yaouré Gold Mine Open Pit Inferred Mineral Resource7
DEPOSIT DEPOSIT TYPE
INFERRED RESOURCES
QUANTITY GRADE GOLD
Mt g/t gold ’000 oz
CMA1,3,5,6 Open Pit 2.6 0.7 58
Yaouré2,3,5,6 Open Pit 3.0 1.3 124
Satellite Deposits3,4,5,6 Open Pit 1.3 0.8 34
Total 6.9 1.0 216
Notes:
1. Based on June 2022 Mineral Resource estimate.
2. Based on June 2023 Mineral Resource estimate.
3. Depleted for previous mining and to 30 June 2023 mining surface.
4. Based on Angovia 2 April 2021, Govisou June 2022, and CMA SW August 2022 Mineral Resource models.
5. 0.4 g/t gold cut-off applied to in situ open pit material.
6. In situ open pit resources constrained to US$1,800/oz pit shells
7. Rounding of numbers to appropriate precision may result in summary inconsistencies.
8. Mineral Resources are reported inclusive of Ore Reserves
YAOUR É OPEN PIT MINERAL RESOURCE MATERIAL INFORMATION
SUMMARY
A Material Information Summary is provided for the Yaouré open pit Mineral Resource pursuant to ASX Listing Rules
5.8 and 5.9 and the Assessment and Reporting Criteria in accordance with JORC Code 2012 requirements. The
Assessment and Reporting Criteria in accordance with JORC Code 2012 (Table 1) is presented in Appendix 3.
GEOLOGY AND GEOLOGICAL INTERPRETATION
The CMA and Yaouré gold deposits occur near the south-eastern flank of the Bouaflé greenstone belt in central
Côte d’Ivoire. Mineralisation is hosted by Paleoproterozoic-aged metabasalts and granodiorites of the Birimian
Supergroup. The rocks are metamorphosed to lower greenschist facies and only locally feature penetrative
deformation fabrics. Timing of the gold mineralisation event at Yaouré is dated to have occurred circa 2,105+4 Ma
associated with crustal shortening.
Gold mineralisation is predominantly associated with quartz-albite-carbonate veining in reverse fault (Y) structures,
forming a series of interconnected lodes with the best developed structures typically dipping at 25 to 30 degrees to
the east. Gold mineralisation is also associated with extensional sub-vertical strike-slip fault (S) structures
commonly orientated in a general east-west strike, in addition to the reverse fault structures (Appendix 1 – Figure
3). Gold is associated with disseminated pyrite within veins and altered wall-rocks. Arsenopyrite and molybdenite
occur in trace quantities. No significant concentrations of other economic metals or deleterious elements are
known to occur with the mineralisation.
The Yaouré open pit resource comprises thirty-two discretely modelled lodes with variable widths ranging from 1-3
metres up to 15-20 metres in approximate thicknesses. Fifty percent of the Indicated Resource ounces is hosted in
eleven of the modelled lodes with the other fifty percent of the Indicated Resource ounces contained in the
remaining lodes and background domains.
The Yaouré open pit Mineral Resource is currently defined to a maximum vertical depth of approximately 400 m
from surface with Indicated Resources defined to an approximate depth of 250 metres and Inferred Resources
defined to an approximate depth of 350 metres. The Mineral Resource extends over 1,500 metres in strike length.
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DRILLING TECHNIQUES
The Yaouré open pit Mineral Resource estimate is informed by RC and diamond core intercepts in holes drilled
between 2007 and 2015 by Amara Mining plc, and holes drilled from 2017 onward by Perseus Mining (Table 6).
Fifty three percent of the drill hole metres that inform the Yaouré open pit resource estimate are comprised from
diamond core samples.
Table 6: Yaouré Open Pit Resource Estimate Drilling Breakdown by Drill Type and Period
Company
No. Holes Metres
RC DD1 Total RC DD1 Total
Amara Mining 713 344 1,057 49,084.00 76,284.70 125,368.70
Perseus Mining 773 129 902 41,264.00 23,408.60 64,672.60
Total 1,486 473 1,959 90,348.00 99,963.30 190,041.30
1. DD figures include drill holes with RC pre-collars.
A total of 130 new drill holes for 22,084 metres are included in the updated 30 June 2023 Mineral Resource
estimate compared with the previous Mineral Resource estimate. The 130 new drill holes targeted infill areas and
high-grade lodes to delineate and increase the confidence of the Yaouré open pit Mineral Resource to support an
updated Yaouré open pit Ore Reserve.
Drill hole collar locations were surveyed by qualified surveyors using total station or differential GPS equipment and
reported in UTM Zone 30N with elevation converted to mine grid by adding 1,000 metres to the natural
topographic datum height. Both RC and diamond core holes were down-hole surveyed at approximately 30 m
intervals. Diamond core in fresh rock was routinely oriented.
DRILL COVERAGE
The Yaouré deposit is delineated by regular spaced drilling on an approximate 25 × 25 metre grid to a depth of
between 200 and 250 metres below natural surface between 777,000 mN and 777,750 mN; and between 100 to
150 metres below natural surface between 776,500 mN and 777,000 mN. This drill spacing is considered sufficient
to define Indicated Mineral Resources. Partial coverage is achieved at an approximate 50 × 50 metre spacing to
approximately 300 and 350 metres below natural surface between 777,000 mN and 777,750 mN; and between 150
to 250 metres below natural surface between 776,500 mN and 777,000 mN. This drill spacing is considered
sufficient to define Inferred Mineral Resources.
Holes have generally been drilled dipping at -55 to -75 degrees toward 270 degrees (UTM grid) azimuth,
approximately orthogonal to the dip and strike of the reverse fault structures and drill intercept lengths closely
approximate true widths of mineralisation for the reverse fault structures. Intercepts are typically oblique for the
general east-west strike-slip fault structures with true widths approximately 65% of the intercept length. The 2023
drilling has been preferentially orientated where possible to intersect these structures at a more orthogonal angle.
Mineralisation remains open at depth.
SAMPLING
RC drill samples were collected over 1 metre intervals and split using multi-stage riffle splitters. Subsample weights
were nominally 3 kilograms. For some Amara and most Perseus RC drilling, sample recovery was measured by
weighing bulk recovered samples. For Amara and Perseus RC drill campaigns, s amples were logged visually for
recovery, moisture and contamination. The majority of Amara and Perseus RC samples were logged as dry and
sample contamination in RC holes is not considered a significant risk to the reliability of the resource estimate.
Diamond core was sawn in half using a diamond blade saw, with one half sent for assaying and the other half
stored in core trays for reference. Samples were normally taken over 1 metre intervals or shorter lengths to reflect
sampling to geological contacts. For most Amara and Perseus core drilling, core recoveries were measured and
considered reasonable with negligible core loss recorded.
SAMPLE ANALYTICAL METHODS
Samples were mainly prepared on site by Cluff, Amara and Perseus in a dedicated sample preparation facility.
Sample preparation typically comprised drying, crushing to -2 millimetres and pulverising of a 1.5 kilogram
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subsample. Internal laboratory checks required at least 85% of the pulp passing -75 microns. The remainder of
samples were prepared by commercial laboratories using nearly identical processes.
Assaying has been carried out by various commercial laboratories consistently using 50 -gram Fire Assay (“FA”)
technique with Atomic Absorption Spectroscopy (“AAS”) determination prior to 2023. Commencing in 2023 gold
analysis has been conducted using the Chrysos PhotonAssay™ determination method at MSALABs in
Yamoussoukro.
A consistent regime of quality assurance has been employed including submission of duplicate pulp samples, coarse
blanks and certified reference materials.
ESTIMATION METHODOLOGY
Mineral Resources were estimated for gold using either Ordinary Kriging (OK) or Inverse Distance (ID) methods of
1 metre down-hole composited gold grades from RC and diamond drilling. The geological modelling and resource
estimation was conducted using Leapfrog Geo™ software and the Edge™ module.
Discrete individual lodes (domains) were modelled using the interval selection tool and vein modelling function in
Leapfrog Geo™. Domain intervals were selected based on geological characteristics of the mineralisation and a
nominal cut-off grade of 0.2 g/t gold.
The estimation approach and estimate search strategy was chosen on an individual domain basis based on inputs
criteria including the number of samples, drill hole spacing, lode (domain) orientation and variogram model
analysis. Estimates were undertaken as hard boundaries into parent blocks with dimensions of 8.0 mE by 16.0 mE
by 5.0mRL. The block size was selected based on drill hole spacing, the geometry of the mineralisation and the
selective mining unit. Parent blocks were sub-blocked to 0.5 mE by 1.0 mN by 0.625 mRL to improve the volume
definition of the domains.
Search ellipses were oriented to reflect the strike and dip directions of each of the lodes and where applicable
dynamic anisotropy was applied. Top-cuts were applied based on an individual lode (domain) basis and ranged
between 10 g/t to 40 g/t gold.
Bulk densities were applied to the block model by oxidisation type and lithology, with values of 1.80 t/m3 for
completely weathered material, 2.10 t/m3 for transitional weathered material, 2.70 t/m3 for sediments in fresh
material, 2.85 t/m3 for basalt in fresh material, 2.80 t/m3 for intrusive porphyritic dykes and 2.75 t/m3 for
granodiorite.
Gold grade estimates were validated statistically by comparing mean composited grades to mean estimated grades,
by gold grade trends in easting, northing and elevation Swath plots and by visual checks in Leapfrog.
RESOURCE CLASSIFICATION
Indicated Mineral Resources are confined to areas of approximately 25 metres by 25 metres drill coverage, with
Inferred classified estimates in more broadly sampled mineralisation typically at a 50 metre by 50 metre drill
coverage. Inferred Mineral Resources in places extend to a maximum of around 100 metres from drilling.
POTENTIAL FOR EVENTUAL ECONOMIC EXTRACTION
Mineral Resources comprise blocks with an estimated gold grade above 0.4 g/t Au, the average break-even cut-off
grade that derives from cost and revenue parameters estimated in the Yaouré open pit Ore Reserve based on a
gold price of US$1,800/oz.
There are no regulatory, environmental, or social impact considerations presently known that are likely to impact
eventual economic extraction of the Mineral Resource.
The Mineral Resource estimate stated herein does not consider other modifying factors that might arise out of
mine planning and design such as ore loss, mining dilution or other mineralised material that might be mined
during general open pit production activities.
UNDERGROUND MINERAL RESOURCE
The CMA underground Mineral Resource estimate for the Yaouré Gold Mine has been updated to include all recent
CMA resource drilling. The updated CMA underground Mineral Resource estimate is 7.3 Mt at 4.17 g/t gold for
976 koz of Indicated Mineral Resources and 4.4 Mt at 3.4 g/t gold for 485 koz of Inferred Mineral Resources.
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The updated CMA underground resource estimate includes an additional 44,711.9 metres in 100 drill holes
targeting the CMA lode to delineate and increase the confidence of the CMA underground Mineral Resource to
support the updated CMA underground Ore Reserve. The CMA underground is reported below the CMA Stage 3 pit
design at a 1.5 g/t gold cut-off grade.
The underground Mineral Resource estimates are reported in accordance with the 2012 Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). The classification categories
of Measured, Indicated and Inferred under the JORC Code are equivalent to the CIM categories of the same names
(CIM, 2014).
The 30 June 2023 estimated underground Mineral Resource at CMA are summarised in Tables 7 and 8 below.
Table 7: CMA Underground Measured & Indicated Mineral Resource2,3
DEPOSIT DEPOSIT TYPE MEASURED RESOURCES INDICATED RESOURCES
MEASURED & INDICATED
RESOURCES
QUANTITY GRADE GOLD QUANTITY GRADE GOLD QUANTITY GRADE GOLD
Mt g/t gold ’000 oz Mt g/t gold ’000 oz Mt g/t gold ’000 oz
CMA 1 Underground - - - 7.3 4.17 976 7.3 4.17 976
TOTAL - - - 7.3 4.17 976 7.3 4.17 976
Table 8: CMA Underground Inferred Mineral Resource2
DEPOSIT DEPOSIT TYPE
INFERRED RESOURCES
QUANTITY GRADE GOLD
Mt g/t gold ‘000 oz
CMA 1 Underground 4.4 3.4 485
Total 4.4 3.4 485
Notes:
1. June 2023 Mineral Resource estimate, below Stage 3 pit and above 1.5 g/t block grade cut-off.
2. Rounding of numbers to appropriate precision may result in summary inconsistencies.
3. Mineral Resources are reported inclusive of Ore Reserves
CMA UNDERGROUND MINERAL RESOURCE MATERIAL
INFORMATION SUMMARY
A Material Information Summary is provided for the CMA underground Mineral Resource pursuant to ASX Listing
Rules 5.8 and 5.9 and the Assessment and Reporting Criteria in accordance with JORC Code 2012 requirements. The
Assessment and Reporting Criteria in accordance with JORC Code 2012 ( Table 1) is presented in Appendix 3.
GEOLOGY AND GEOLOGICAL INTERPRETATION
The CMA and Yaouré gold deposits occur near the south-eastern flank of the Bouaflé greenstone belt in central
Côte d’Ivoire. Mineralisation is hosted by Paleoproterozoic-aged metabasalts and granodiorites of the Birimian
Supergroup. The rocks are metamorphosed to lower greenschist facies and only locally feature penetrative
deformation fabrics. Timing of the gold mineralisation event at Yaouré is dated to have occurred circa 2 ,105+4 Ma
associated with crustal shortening.
Gold mineralisation is predominantly associated with quartz-albite-carbonate veining in reverse fault (Y) structures,
forming a series of interconnected lodes with the best developed structures typically dipping at 25 to 30 degrees to
the east. Gold mineralisation is also associated with extensional sub -vertical strike-slip fault (S) structures
commonly orientated in a general east-west strike, in addition to the reverse fault structures (Appendix 1 – Figure
3). Gold is associated with disseminated pyrite within veins and altered wall-rocks. Arsenopyrite and molybdenite
occur in trace quantities. No significant concentrations of other economic metals or deleterious elements are
known to occur with the mineralisation.
The CMA Underground Mineral Resource comprises fifteen discrete lodes with typical thicknesses ranging from 2-3
metres up to 15-20 metres. Eighty-nine percent of the Indicated Mineral Resource tonnage and ninety-two percent
of the Indicated Mineral Resource contained ounces is hosted in the principal CMA and bifurcated hangingwall lode
(structure).