Successful Exploration at Perseus’S Ivorian GOLD Mines
22 FEBRUARY 2024
NEWS RELEASE
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
1
SUCCESSFUL EXPLORATION AT PERSEUS’S IVORIAN GOLD MINES
Perth, Western Australia/February 22, 2024/Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide an update
on ongoing exploration activities conducted at and around its two operating gold mines in Côte d’Ivoire.
At the Yaouré Gold Mine , exploration drilling continues to demonstrate the down dip potential of the CMA
underground Mineral Resource; and adds further confidence in opportunities to expand the Yaouré open pit Mineral
Resource. While targeting the continuation of the CMA structure at depth, drilling has located previously unidentified
shallow mineralisation located immediately east of the CMA pit. This mineralisation has been termed the Zain 1
Prospect.
At the Sissingué Gold Mine and Fimbiasso Satellite Pits, ongoing exploration continues to identify extensions to existing
mineral deposits and other prospects that have significant potential to extend the life of the Sissingué operation.
HIGHLIGHTS
YAOURÉ - CMA UNDERGROUND NORTH EXTENSION - The objective of this program is to infill the existing drilling to a
nominal drill pattern of 25 m × 25 m to target an upgrade of the Mineral Resource to higher confidence categories. A
secondary objective is to complete step out drilling to the north to test for extensions to the CMA mineralisation. While
the program is ongoing, results to date include:
o YDD0594: 12m @ 4.58 g/t gold from 325m and 3m @ 6.27 g/t gold from 349m
o YDD0608: 14.25m @ 3.95 g/t gold from 566.75m
o YRC2359D: 10.4m @ 4.35 g/t gold from 362.6m
o YRC2360D: 13.6m @ 4.67 g/t gold from 431.4m
o YRC2361D: 17m @ 3.21 g/t gold from 446m
o YRC2362D: 12.1m @ 24.50 g/t gold from 480.9m, including 1m @ 255.1 g/t gold from 487m
YAOURÉ OPEN PIT - The program is designed to improve confidence in the Mineral Resource and to test for
extensions along strike and down dip. The program is ongoing with assays to date including:
o YDD0604: 16m @ 2.08 g/t gold from 171m
o YRC2367D: 18m @ 2.57 g/t gold from 109m, including 2m @ 9.54 g/t gold from 124m
o YRC2379D: 4.95m @ 6.17 g/t gold from 111.8m, and 12m @ 1.08 g/t gold from 119m, and 18.2m @ 3.32 g/t
gold from 134m
o YRC2380D: 12m @ 1.98 g/t gold from 159m, and 29m @ 2.47 g/t gold from 174m
o YRC2382D: 4m @ 753.46 g/t gold from 130m including 1m @ 3,008.89 g/t gold from 133m, and 15m @ 1.28
g/t gold from 137m
o YRC2383D: 16m @ 1.58 g/t gold from 229m
2
NEWS RELEASE | SUCCESSFUL EXPLORATION AT PERSEUS’S IVORIAN GOLD MINES
PERSEUSMINING.COM
YAOURÉ - ZAIN 1 – The program is ongoing and is designed to assess near-surface mineralisation identified during
the CMA underground north extension drilling. Assay results have returned significant gold intercepts including:
o YRC2390: 13m @ 1.52 g/t gold from 10m
o YRC2396: 14m @ 2.27 g/t gold from 65m and 5m @ 1.17 g/t gold from 90m
o YRC2397: 21m @ 1.13 g/t gold from 49m
o YRC2403: 5m @ 3.56 g/t gold from 24m and 3m @ 2.65 g/t gold from 57m
o YRC2409: 18m @ 1.91 g/t gold from surface
o YRC2411: 7m @ 3.56 g/t gold from 3m
SISSINGUE - FIMBIASSO WEST – A review of the mineralisation at Fimbiasso has identified potential to increase the
Mineral Resource. A three-phase drilling program was designed to infill and extend the mineralisation and is currently
underway. Results to date are encouraging with the primary mineralised zone intersected down dip and along strike.
Significant results include:
o FMRC0040: 6m @ 3.78 g/t gold from 118m
o FMRC0047: 9m @ 2.10 g/t gold from 109m
o FMRC0061: 5m @ 9.69 g/t gold from 0m
o FMRC0063: 9m @ 3.95 g/t gold from 40m
o FMRC0064: 11m @ 5.47 g/t gold from 2m
o FMRC0071: 6m @ 5.62 g/t gold from 46m
o FMRC0072: 11m @ 3.97 g/t gold from 28m
o FMRC0088B: 5m @ 3.85 g/t gold from 156m
o FMRC0089: 12m @ 2.62 g/t gold from 143m
o FMRC0090: 13m @ 2.66 g/t gold from 142m
o FMRC0094: 15m @ 2.38 g/t gold from 130m
o FMRC0096: 4m @ 4.48 g/t gold from 115m
o FMRC0098: 18m @ 4.05 g/t gold from 132m
SISSINGUÉ – AIRPORT WEST – RC drilling was conducted at Airport West and Binkadi to follow up on previous drill
results. Some 3,890m were drilled in 46 RC holes. More significant assays results include:
o SRC1405: 3m @ 6.51 g/t gold from 38m and 28m @ 1.62 g/t gold from 66m
o SRC1407: 12m @ 1.77 g/t gold from 63m
o SRC1411: 11m @ 1.83 g/t gold from 35m
o SRC1412: 8m @ 13.71 g/t gold from 20m
o SRC1413: 2m @ 23.38 g/t gold from 49m and 13m @ 3.83 g/t gold from 52m
o SRC1434: 7m @ 3.19 g/t gold from 41m
o SRC1442: 5m @ 3.87 g/t gold from 7m and 5m @ 5.85 g/t gold from 39m
o SRC1445: 5m @ 3.26 g/t gold from 12m
3
NEWS RELEASE | SUCCESSFUL EXPLORATION AT PERSEUS’S IVORIAN GOLD MINES
PERSEUSMINING.COM
Perseus’s Chairman and CEO, Jeff Quartermaine, said:
“Perseus considers that organic growth through successful exploration , is the most cost-effective way to grow our
business and to create value for stakeholders. To deliver this outcome, Perseus has been funding active exploration
programs at all three of its operating sites including the Yaouré and Sissingué gold mines in Côte d’Ivoire and the
Edikan gold mine in Ghana.
The encouraging drilling results reported today from our latest exploration campaign s conducted in and around the
Yaouré and Sissingué gold mines, provide clear evidence that we are well on track to not only improve the quality of
our existing asset base by extending the lives of each of these mines, but also maintaining Perseus’s targeted levels
of combined gold production of more than 500,000 ounces of gold per year to the end of the current decade and
beyond.”
CENTRAL CÔTE D’IVOIRE
YAOURE GOLD MINE – EXPLORATION UPDATE
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 -7 g/t
gold and dips to the east at 20 -35 degrees but can be shallower or steeper locally. Over the past few years’
exploration has continued to expand the Mineral Resources and Ore Reserves and has demonstrated the economic
viability of an underground operation on the CMA Lode below the CMA open pit.
In August 2023 the company announced an increase to CMA underground Ore Reserves beneath the existing CMA
open pit, of 2.7 Mt at 3.46 g/t gold for 300,000 ounces. The total CMA underground Ore Reserve is now estimated
to be 4.9 Mt at 3.51 g/t gold for 559,000 ounces. 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.
In August 2023 as well as announcing the growth to Ore Reserves for the CMA underground, results of the FY23
exploration drilling campaign at the Yaouré open pit were released. The Y aouré open pit drilling programs have
resulted in 6.9 Mt at 1.82 g/t gold for 403,000 ounces 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 gold for 565,000 ounces. 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 NORTH PLUNGE
The Phase One drill program has been completed and all assay results have been received. The program consisted
of a total of 27 holes for an aggregate of 11,349 meters. Phase One comprised approximately 2,160m of RC and
9,189m of diamond drilling. The aim being to infill the existing drilling to a nominal drill pattern of 25 m × 25 m and to
upgrade resources to higher confidence resource categories. The Phase Two program is underway with 4,581 m
completed to date to achieve a nominal 100 m × 100 m drill spacing to assess the plunging minerali sation towards
the north. Infill drilling has returned high-grade intercepts including:
o YDD0608: 14.25m @ 3.95 g/t gold from 566.75m
o YDD0616: 4m @ 2.58 g/t gold from 138m, and 14m @ 5.41 g/t gold from 420m
o YDD0594: 12m @ 4.58 g/t gold from 325m and 3m @ 6.27 g/t gold from 349m
o YDD0595: 10m @ 2.80 g/t gold from 315m
o YRC2352D: 4m @ 3.74 g/t gold from 347m
o YRC2350D: 2.75m @ 6.57 g/t gold from 413.25m
o YRC2357D: 3m @ 12.4 g/t gold from 142m, 2m @ 5.10 g/t gold from 231m, and 4.7m @ 4.62 g/t gold from
487.7m
4
NEWS RELEASE | SUCCESSFUL EXPLORATION AT PERSEUS’S IVORIAN GOLD MINES
PERSEUSMINING.COM
o YRC2355D: 5.25m @ 3.80 g/t gold from 413.15m
o YRC2356D: 6.65m @ 3.80 g/t gold from 399.95m
o YRC2359D: 10.4m @ 4.35 g/t gold from 362.6m
o YRC2360D: 13.6m @ 4.67 g/t gold from 431.4m
o YRC2361D: 17m @ 3.21 g/t gold from 446m
o YRC2362D: 12.1m @ 24.50 g/t gold from 480.9m, including 1m @ 255.1 g/t gold from 487m (visible gold)
YAOURÉ OPEN PIT PROGRAM
The program is designed to improve confidence and test for extensions to the previously reported Mineral Resource,
with drilling mineralisation along strike and down dip. Phase One of the program was completed with a total of
4,323 m drilled in 33 holes. Phase Two drilling is underway with 4,074 m drilled in 35 holes . Results to date are
viewed as encouraging, have confirmed geometry, thickness and grade of both “C” and “S” type structures and have
indicated strike and depth potential. Phase Three and Four will follow in H1 24. More significant intercepts received
to date include:
o YDD0600: 4.15m @ 5.48 g/t gold from 19.85m
o YDD0604: 16m @ 2.08 g/t gold from 171m
o YDD0605: 8.75m @ 1.54 g/t gold from 39.25m
o YRC2367D: 18m @ 2.57 g/t gold from 109m, including 2m @ 9.54 g/t gold from 124m
o YRC2369D: 26.35m @ 1.29 g/t gold from 128.65m
o YRC2370D: 18m @ 1.13 g/t gold from 164m
o YRC2379D: 4.95m @ 6.17 g/t gold from 111.8m, and 12m @ 1.08 g/t gold from 119m, and 18.2m @ 3.32 g/t
gold from 134m
o YRC2380D: 12m @ 1.98 g/t gold from 159m, and 29m @ 2.47 g/t gold from 174m
o YRC2381D: 5m @ 4.90 g/t gold from 116m
o YRC2382D: 4m @ 753.46 g/t gold from 130m including 1m @ 3,008.89 g/t gold from 133m, and 15m @ 1.28
g/t gold from 137m
o YRC2383D: 16m @ 1.58 g/t gold from 229m
o YRC2384D: 4.1m @ 4.61 g/t gold from 183m
ZAIN 1 PROSPECT
The Zain 1 prospect was identified during drilling of the CMA underground north extension program. Shallow near
surface intercepts, located immediately east of the CMA open pit were followed up. A preliminary program totalling
2,796 m in 31 RC holes was executed. Results confirmed the presence of additional mineralised structures previously
intersected in the CMA drilling, with next steps for the prospect currently being determined. Significant intercepts
received included:
o YRC2390: 13m @ 1.52 g/t gold from 10m
o YRC2393: 10m @ 1.06 g/t gold from 41m
o YRC2394: 8m @ 1.02 g/t gold from 80m
o YRC2395: 5m @ 1.38 g/t gold from 16m and 4m @ 2.83 g/t gold from 40m
o YRC2396: 14m @ 2.27 g/t gold from 65m and 5m @ 1.17 g/t gold from 90m
o YRC2397: 21m @ 1.13 g/t gold from 49m
o YRC2398: 4m @ 2.22 g/t gold from 76m and 3m @ 5.34 g/t gold from 122m
o YRC2399: 8m @ 2.00 g/t gold from 101m
5
NEWS RELEASE | SUCCESSFUL EXPLORATION AT PERSEUS’S IVORIAN GOLD MINES
PERSEUSMINING.COM
o YRC2403: 5m @ 3.56 g/t gold from 24m and 3m @ 2.65 g/t gold from 57m
o YRC2409: 18m @ 1.91 g/t gold from surface
o YRC2411: 7m @ 3.56 g/t gold from 3m
o YRC2416: 2m @ 5.81 g/t gold from 32m
YAOURE WEST PROGRAM
A review of exploration potential on the Yaouré West permit has prioritised several high-quality exploration targets
which are currently being assessed. In addition to this , a drone magnetic survey has been completed targeting the
eastern contact of an intrusion, NW trending fault blocks, and a target defined from the interpretation of airborne full
tensor gravity gradiometry data. Auger and aircore drilling programs are expected to commence Q1 24.
YAOURÉ EXPLORATION NEXT STEPS
Perseus’s ongoing exploration and study programs at Yaouré will focus on continuation of drilling to upgrade the status
of Mineral Resources at CMA and Yaouré open pit and to continue drilling down dip of the current CMA underground
Mineral Resource to identify the potential for further resource extensions. In addition to this the Zain 1 Prospect will
continue to be investigated. Drill testing of targets at Yaouré West as well as those generated from the 3D seismic
survey will also be undertaken during H1 2024.
Figures illustrating the key aspects of the Central Côte d’Ivoire exploration activities 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.
NORTHERN CÔTE D’IVOIRE
SISSINGUÉ GOLD OPERATION – EXPLORATION UPDATE
The Sissingué Operation is located in the north of Côte d’Ivoire, near the border of Mali, and commenced production
in January 2018. Ore is sourced from one main open pit and several smaller satellite open pits on the Sissingué Mining
Licence as well as from the Fimbiasso East and West Satellite Pits, located some 50 km west, and processed through a
conventional 1.4 million tonnes per annum CIL processing facility.
A review of exploration opportunities on the Sissingué and Fimbiasso mining licences as well as the Mahale exploration
permit, identified a number of potential targets which have been drill tested over the past seven months. At Sissingué
initial results from the Airport West prospect look encouraging although further work will be needed to determine the
extent of mineralisation and potential economic viability. At the currently operating Fimbiasso West deposit ongoing
drilling continues to demonstrate along strike and down dip extension potential.
AIRPORT WEST
RC drilling was conducted at Airport West and Binkadi to follow up on previous drill results. Some 3,890m were drilled
in 46 RC holes. More significant intercepts received to date include:
o SRC1405: 3m @ 6.51 g/t gold from 38m and 28m @ 1.62 g/t gold from 66m
o SRC1407: 12m @ 1.77 g/t gold from 63m
o SRC1411: 11m @ 1.83 g/t gold from 35m
o SRC1412: 8m @ 13.71 g/t gold from 20m
o SRC1413: 2m @ 23.38 g/t gold from 49m and 13m @ 3.83 g/t gold from 52m
o SRC1434: 7m @ 3.19 g/t gold from 41m
o SRC1442: 5m @ 3.87 g/t gold from 7m and 5m @ 5.85 g/t gold from 39m
o SRC1445: 5m @ 3.26 g/t gold from 12m
6
NEWS RELEASE | SUCCESSFUL EXPLORATION AT PERSEUS’S IVORIAN GOLD MINES
PERSEUSMINING.COM
FIMBIASSO WEST
A three-phase drilling program was designed to test for extensions along strike and down dip at the operating Fimbiasso
West deposit. The program is ongoing with a total of 175 holes for an aggregate of 16,075 m of RC and diamond core
drilling completed until the end of January 2024. Significant intercepts received to date include:
o FMRC0040: 6m @ 3.78 g/t gold from 118m
o FMRC0047: 9m @ 2.10 g/t gold from 109m
o FMRC0061: 5m @ 9.69 g/t gold from 0m
o FMRC0063: 9m @ 3.95 g/t gold from 40m
o FMRC0064: 11m @ 5.47 g/t gold from 2m
o FMRC0071: 6m @ 5.62 g/t gold from 46m
o FMRC0072: 11m @ 3.97 g/t gold from 28m
o FMRC0088B: 5m @ 3.85 g/t gold from 156m
o FMRC0089: 12m @ 2.62 g/t gold from 143m
o FMRC0090: 13m @ 2.66 g/t gold from 142m
o FMRC0094: 15m @ 2.38 g/t gold from 130m
o FMRC0096: 4m @ 4.48 g/t gold from 115m
o FMRC0098: 18m @ 4.05 g/t gold from 132m
FIMBIASSO AND SISSINGUÉ EXPLORATION NEXT STEPS
Perseus’s ongoing exploration and study programs at Fimbiasso will focus on the continuation of drilling to increase the
Mineral Resource and associated resource classification, and to close out the mineralisation. At Sissingué, additional
drilling is envisaged at Airport West where the mineralisation remains open towards the south and at depth. Numerous
other regional targets will also be tested by drilling.
Drill collar details and significant intercepts (>2 m above 0.5 g/t gold Au) are summarised in Table 2 in Appendix 2.
Figures illustrating the key aspects of the Northern Côte d’Ivoire exploration activities are presented in Appendix 1.
This Announcement has been approved for release by Perseus’s Chairman and Chief Executive
Officer, Jeff Quartermaine.
7
NEWS RELEASE | SUCCESSFUL EXPLORATION AT PERSEUS’S IVORIAN GOLD MINES
PERSEUSMINING.COM
COMPETENT PERSON STATEMENT:
The information in this report and the attachments that relate to exploration drilling results is based on, and fairly represents,
information and supporting documentation prepared by Mr Daniel Saunders, a Competent Person who is a Fellow of the
Australasian Institute of Mining and Metallurgy. Mr Saunders is the Group Resource Geologist of the Company. Mr Saunders 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 Reporti ng 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 Saunders 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 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, 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 foregoing list i s 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 th at 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 dif ferent 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
Executive Chairman & CEO
Nathan Ryan
Media Relations
+61 4 20 582 887
8
NEWS RELEASE | SUCCESSFUL EXPLORATION AT PERSEUS’S IVORIAN GOLD MINES
PERSEUSMINING.COM
APPENDIX 1 - FIGURES
Figure 1: Yaouré Gold Project – Permits with Regional Geology