Perseus’S Drilling Demonstrates Potential FOR Additional GOLD Resources at Yaouré GOLD MINE
18 JANUARY 2023
NEWS RELEASE
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
1
PERSEUS’S DRILLING DEMONSTRATES POTENTIAL FOR ADDITIONAL
GOLD RESOURCES AT YAOURÉ GOLD MINE
Perth/Western Australia/January 18, 2023/Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide an
update on ongoing exploration at its Yaouré Gold Mine in Côte d’Ivoire, where drilling has returned high-grade
gold results from CMA NorthWest and CMA North Targets, down dip from the recently announced
Underground Ore Reserves, demonstrating potential for further underground resources growth.
HIGHLIGHTS
• CMA NORTHWEST TARGET - infill drilling has returned high-grade intercepts including:
o YRC2142D: 22.00m @ 3.14g/t Au from 281.00m, including 15.00m @ 4.42g/t Au from 283.00m and 3.40m
@ 11.28g/t Au from 294.00m
• CMA NORTH TARGET - infill and extensional drilling of the CMA structure, down dip from the existing
Underground Ore Reserve, has returned multiple very encouraging broad, high-grade intercepts including:
o YRC2181D: 13.20m @ 9.36g/t Au from 332.00m, including 5.80m @ 18.01g/t Au from 337.00m
o YRC2157D: 24.00m @ 3.65g/t Au from 308.00m, including 6.00m @ 10.34g/t Au from 313.00m
o YRC2166D: 13.00m @ 5.99g/t Au from 388.00m, including 2.80m @ 23.74g/t Au from 392.20m
o YRC2180D: 8.00m @ 5.07g/t Au from 322.00m
o YRC2159D: 16.00m @ 3.42g/t Au from 368.00m, including 9.55g/t Au @ 5.17g/t Au from 368.90m
o YRC2161D: 18.00m @ 3.68g/t Au from 337.00m
o YRC2162D: 22.50m @ 2.14g/t Au from 405.50m, including 13.10m @ 3.14g/t Au from 414.90m
o YRC2168D: 20.00m @ 2.17g/t Au from 332.00m
• Drilling to test conceptual targets, including targets generated from a 2020 3D seismic survey, has identified new
“hanging wall” lodes associated with seismic reflectors. Results include:
o YDD0575: 41.00m @ 1.12g/t Au from 437.00m, including 3.00m @ 4.87g/t Au from 514.80m, 1.00m @
19.47g/t Au from 474.00m and 8.80m @ 3.46g/t Au from 506.00m
• Drilling over the next two quarters aims to add confidence to existing Mineral Resources and convert Mineral
Resources from Inferred to Indicated classification, as well as test additional targets, potentially leading to new
discoveries.
2
NEWS RELEASE | PERSEUS’S DRILLING DEMONSTRATES POTENTIAL FOR
ADDITIONAL GOLD RESOURCES AT YAOURÉ GOLD MINE
PERSEUSMINING.COM
Perseus’s Managing Director and CEO, Jeff Quartermaine, said:
“With our three gold mines, Yaouré, Edikan and Sissingué, producing at an annualised rate of more than 500,000
ounces of gold per year, Perseus aims to maintain this level of production to the end of the current decade and
beyond.
Our latest infill and step out drilling results from below Yaouré’s CMA open pit and the recently reported
Underground Reserve have confirmed previous drilling results and give us a growing level of confidence that these
Mineral Resources and Reserves will continue to grow.”
BACKGROUND
Perseus is currently mining the CMA orebody at the Yaouré Gold Mine in Côte d’Ivoire using conventional open-pit
mining methods. The CMA is a tabular zone of mineralisation 2-20 metres thick, which generally grades at 3-7g/t
gold and 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, Perseus completed a 3D Seismic survey 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, it instigated drilling programs and a Pre-Feasibility Study (PFS) 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. Two drilling programs were completed in the first half
of 2022 which resulted in declaration of a maiden Ore Reserve and extension of the Inferred Mineral Resource
down-dip. The CMA underground maiden Ore Reserves was first reported on 30 August 2022 in the ASX
Announcement entitled “Perseus Mining Announces Maiden Underground Ore Reserve at Yaouré”. The two
drilling programs also had a small impact on the open pit Mineral Resource, mainly on the resource classification. A
third drilling program commenced in May 2022 to test if the CMA continued further down dip and to test targets
below the CMA identified from the 3D Seismic survey. Initial results from the deep drilling are included in this
release.
Perseus announced a maiden Underground Ore Reserve of 2.2Mt at 3.58g/t for 259,000 ounces of contained gold
for the initial stages of mining of the CMA orebody by underground methods beneath the existing CMA open pit.
The Pre-Feasibility Study on the drilled-out portion of the CMA deposit at Yaouré (approximately 200 metres down
dip) has proven the economic and technical viability of underground mining immediately beneath the existing
open pit, providing additional value to the Yaouré Gold Mine. A Feasibility Study for the CMA Underground is now
underway.
More widely spaced drilling below the underground Ore Reserve has shown that mineralisation extends deeper,
allowing an extension to Inferred Mineral Resources at depth. The total Mineral Resource for CMA underground
now exceeds 1Moz (Indicated Mineral Resources at CMA underground amount to 3.7Mt at 4.48g/t for 537,000
ounces of contained gold, and Inferred Mineral Resources are estimated at 3.7Mt at 4.1 g/t containing 488,000
ounces of gold). The current release relates to infill and extensional drilling of the CMA structure. Results continue
to be positive.
GEOLOGY
The CMA gold deposit occurs near the south-eastern flank of the Bouaflé greenstone belt in central Côte d’Ivoire.
Mineralisation is hosted by Paleoproterozoic-aged metabasalts of the Birimian Supergroup. The rocks are
metamorphosed to lower greenschist facies and only locally feature penetrative deformation fabrics.
3
NEWS RELEASE | PERSEUS’S DRILLING DEMONSTRATES POTENTIAL FOR
ADDITIONAL GOLD RESOURCES AT YAOURÉ GOLD MINE
PERSEUSMINING.COM
Gold mineralisation is associated with quartz-albite-carbonate veining in reverse fault structures, forming a series
of interconnected lodes, the best developed of which dip at 25 to 30 degrees to the east. The CMA Underground
resource comprises five lodes with horizontal widths ranging from 2-3 metres up to 15-20 metres. Ninety per cent
of the Indicated Resource tonnage and 93% of the Indicated Resource contained metal is hosted in two principal
lodes. Gold is associated with disseminated pyrite within veins and altered wall-rocks. No significant
concentrations of other economic metals or deleterious elements are known to occur within the mineralisation.
Arsenopyrite and molybdenite occur in trace quantities.
CMA underground Mineral Resource extends from the designed base of the CMA open pit at approximately 200
metres vertical depth, to a maximum vertical depth of approximately 275 metres for Indicated Resources and 425
metres for Inferred Resources. The corresponding down-dip extents beneath the pit design base are approximately
200 metres and 350 metres. The Mineral Resource extends over 1,200 metres in strike length.
CMA RESOURCE INFILL & EXTENSIONAL DRILLING
Perseus last announced results of drilling completed at CMA on 30 August 2022 with the ASX Release “Perseus
Mining Announces Maiden Underground Ore Reserve at Yaouré.” The company continues to undertake infill and
extensional drilling designed to add to the existing Mineral Resources and Ore Reserves at Yaouré and to make
new discoveries. This announcement relates to previously unannounced results received to date from the drilling
at CMA NorthWest, CMA North and CMA Deeps Targets.
CMA NORTHWEST TARGET
Perseus recently completed its FY 2023 Phase One CMA North West drill program and received all assay results.
The program consisted of a total of 26 holes for an aggregate of 8,846.00 metres. The program was designed to
target the NW extension of the CMA where it parallels the faulted contact between basalts and volcaniclastics. It
has achieved 50m down-dip intercepts on 100m spaced sections, over an initial strike length of 650m.
While there were multiple high-grade intercepts, they were generally thinner than expected and initial indications
are that they will not add significant Ore Reserve ounces. Perseus has delayed Phase Two drilling until drilling is
completed at higher priority areas.
CMA NORTH PROGRAM
Perseus’s FY 2023 Phase One CMA North drill program is currently underway. The program consists of a total of 38
holes for an estimated aggregate of 16,000 metres. To date, 26 holes have been completed for an aggregate of
13,719.20 metres. The program has been designed to target the Northern down-dip extension of the CMA lode
between the 1,000mRL to 900mRL. The program will achieve 60m down-dip intercepts on 50m spaced sections,
over an initial strike length of 600m.
Results from the CMA North program drilling continue to be viewed as extremely encouraging delivering broad
high-grade intercepts and demonstrate strong potential to add to Mineral Resources and Ore Reserves.
CMA SOUTH PROGRAM
Perseus’ FY 2023 South program has recently commenced and will comprise 16 holes for an aggregate of 6275
metres. To date, a total of seven RC pre-collars have been completed for an aggregate of 514 metres. The program
has been designed to drill the target area at intervals of 100m along strike and 120m down dip. No results are
available to date.
CMA DEEPS PROGRAM
Perseus’s CMA Deeps drilling is currently in progress, with six holes completed for an aggregate of 7,275 metres.
These holes are testing multiple targets generated following interpretation of the 2020 3D seismic survey that
4
NEWS RELEASE | PERSEUS’S DRILLING DEMONSTRATES POTENTIAL FOR
ADDITIONAL GOLD RESOURCES AT YAOURÉ GOLD MINE
PERSEUSMINING.COM
clearly identified the CMA structure extending to depth beyond the current drill coverage. Continuous assessment
and interpretation of the results from this drilling have allowed the program to be refined on an ongoing basis.
Early results from the CMA Deeps seismic drilling are promising and continue to demonstrate the potential for
Perseus to materially grow its gold inventory at Yaouré by organic means. Results for 1.5 holes (YDD0569 &
YDD570) were reported to the market on 30 August 2022.
Better Intercepts are included in Table 1 below and in Table 2 in Appendix 1. Figures 1-7 illustrate salient features.
YAOURÉ EXPLORATION – NEXT STEPS
Perseus’s ongoing exploration and study programmes at Yaouré will focus on:
• Continuation of drilling to upgrade the status of Mineral Resources at CMA and Yaouré.
• Continued drilling down dip of the current Underground CMA Ore Reserve to identify the potential for
further resource extensions.
• Continuation of drill testing of targets generated from the 3D seismic survey, with an initial focus on near-
surface targets; and
• Aircore and auger drilling at early-stage regional prospects such as Degbézéré NorthEast.
Table 1: Intercepts from CMA Underground and CMA Down-dip Drilling (>20gxm intercepts)
Hole ID From (m) To (m) Width (m) Gram-meters Gold Gold Intercept
CMA DEEPS TARGET
YDD0575 370.00 378.00 8.00 21.44 8.00m @ 2.68 g/t from 370.00m
YDD0575 437.00 478.00 41.00 45.92 41.00m @ 1.12 g/t from 437.00m
YDD0575 506.00 514.80 8.80 30.45 8.8m @ 3.46 g/t from 506.00m
YDD0575 714.80 722.00 7.20 20.38 7.20m @ 2.83 g/t from 714.80m
YDD0575 769.00 780.00 11.00 22.22 11.00m @ 2.02 g/t from 769.00m
CMA NORTHWEST TARGET
YRC2136D 302.10 317.00 14.90 23.10 14.90m @ 1.55 g/t from 302.10m
YRC2136D 350.60 353.00 2.40 24.24 2.40m @ 10.10 g/t from 350.60m
YRC2136D 377.00 385.30 8.30 24.07 8.30m @ 2.90 g/t from 377.00m
YRC2137D 313.00 325.00 12.00 22.92 12.00m @ 1.91 g/t from 313.00m
YRC2138D 310.00 317.50 7.50 36.90 7.50m @ 4.92 g/t from 310.00m
YRC2142D 281.00 303.00 22.00 69.08 22.00m @ 3.14 g/t from 281.00m
YRC2149DA 12.00 24.00 12.00 26.28 12.00m @ 2.19 g/t from 12.00m
CMA NORTH TARGET
YRC2150D 288.00 308.00 20.00 34.00 20.00m @ 1.70 g/t from 288.00m
YRC2157D 308.00 332.00 24.00 87.60 24.00m @ 3.65 g/t from 308.00m
YRC2159D 368.00 384.00 16.00 54.72 16.00m @ 3.42 g/t from 368.00m
YRC2160D 342.00 350.00 8.00 21.20 8.00m @ 2.65 g/t from 342.00m
YRC2161D 337.00 355.00 18.00 66.24 18.00m @ 3.68 g/t from 337.00m
5
NEWS RELEASE | PERSEUS’S DRILLING DEMONSTRATES POTENTIAL FOR
ADDITIONAL GOLD RESOURCES AT YAOURÉ GOLD MINE
PERSEUSMINING.COM
Hole ID From (m) To (m) Width (m) Gram-meters Gold Gold Intercept
YRC2162D 405.50 428.00 22.50 48.15 22.50m @ 2.14 g/t from 405.50m
YRC2163D 447.50 457.00 9.50 35.44 9.50m @ 3.73 g/t from 447.50m
YRC2164D 400.00 412.00 12.00 39.96 12.00m @ 3.33 g/t from 400.00m
YRC2165D 408.00 421.00 13.00 26.26 13.00m @ 2.02 g/t from 408.00m
YRC2166D 388.00 401.00 13.00 77.87 13.00m @ 5.99 g/t from 388.00m
YRC2166D 420.00 431.90 11.90 35.22 11.90m @ 2.96 g/t from 420.00m
YRC2167D 359.00 366.00 7.00 22.33 7.00m @ 3.19 g/t from 359.00m
YRC2168D 145.00 158.00 13.00 22.23 13.00m @ 1.71 g/t from 145.00m
YRC2168D 332.00 352.00 20.00 43.40 20.00m @ 2.17 g/t from 332.00m
YRC2169D 362.00 371.00 9.00 25.83 9.00m @ 2.87 g/t from 362.00m
YRC2170D 385.00 398.00 13.00 32.50 13.00m @ 2.50g/t from 385.00m
YRC2173DA 32.00 36.00 4.00 24.40 4.00m @ 6.10 g/t from 32.00m
YRC2180D 322.00 330.00 8.00 40.56 8.00m @ 5.07 g/t from 322.00m
YRC2181D 332.00 345.20 13.20 123.55 13.20m @ 9.36 g/t from 332.00m
This announcement has been approved for release by Perseus’s Managing Director and Chief Executive Officer, Jeff
Quartermaine.
6
NEWS RELEASE | PERSEUS’S DRILLING DEMONSTRATES POTENTIAL FOR
ADDITIONAL GOLD RESOURCES AT YAOURÉ GOLD MINE
PERSEUSMINING.COM
COMPETENT PERSON STATEMENT:
The information in this report and the attachments that relate to exploration drilling results at the Yaouré 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. 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 I nstrument 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 w ell
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 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 for egoing 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 m aterially 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: 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
7
NEWS RELEASE | PERSEUS’S DRILLING DEMONSTRATES POTENTIAL FOR
ADDITIONAL GOLD RESOURCES AT YAOURÉ GOLD MINE
PERSEUSMINING.COM
APPENDIX 1 - FIGURES
Figure 1: Yaouré Gold Project – Permits and Prospects
8
NEWS RELEASE | PERSEUS’S DRILLING DEMONSTRATES POTENTIAL FOR
ADDITIONAL GOLD RESOURCES AT YAOURÉ GOLD MINE
PERSEUSMINING.COM
Figure 2: CMA NorthWest and CMA North Targets