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Drilling Delivers More Strong Results
PERTH, Western Australia, Dec. 7 /CNW/ - Perseus Mining Limited (ASX /TSX: PRU) ("Perseus" or the "Company") is pleased to provide a drilling update on the Company's gold projects in Ghana and Côte d'Ivoire, West Africa.
Perseus is continuing active and systematic infill and exploration drill programs on its Central Ashanti Gold Project ("CAGP") in Ghana and the Tengrela Gold Project in Côte d'Ivoire, to test a number of targets and to facilitate several resource and reserve upgrades during the next 12 months. Details are provided below.
- Exceptional infill and extensional drill intercepts at Esuajah South deposit, Central Ashanti Gold Project (CAGP), Ghana, included:
|Hole ESDD006||- 39m at 6.5g/t Au from 301m and 16m at 3.7g/t Au from 240m|
|Hole ESDD007||- 111m at 2.0g/t Au from 140m|
|Hole ESDD008||- 151m at 2.8g/t Au from 136m|
|Hole ESDD010||- 78m at 2.1g/t Au from 216m and 13m at 3.7g/t Au from 306m|
|Hole ESDD011||- 68m at 3.3g/t Au from 167m|
|Hole AKRDD247||- 58m at 4.0g/t Au from 239m|
|Hole AKRDD249||- 101.9m at 2.6g/t Au from 262m to the end of the hole|
- Infill resource drilling results from the Fetish deposit, CAGP in Ghana, included:
|EFDD040||- 13m at 13.3g/t Au from 187m|
|EFDD062||- 10m at 7.6g/t Au from 178m|
- Significant intercepts from exploration drilling at CAGP, Ghana, included:
|Chirawewa||- hole CHDD006||- intercepted multiple zones including 31m at 3.0g/t Au from 105m, 10m at 2.0g/t Au from 142m, 4m at 9.5g/t Au from 159m and 1m at 30.8g/t Au from 288m|
|Bokitsi SE||- hole BKRC24||- 8m at 11.8g/t Au from 68m|
|- hole BKRDD007||- 12m at 5.4g/t Au from 84m Au and 12m at 2.7g/t Au from 120m|
|- hole BKRDD009||- 12m at 5.0g/t Au from 124m|
- Continued strong infill drill results from Sissingue, part of the Tengrela Gold Project in Côte d'Ivoire, included:
|Hole SD129||- 65.8m at 4.0g/t Au from 26.2m|
|Hole SGC024||- 20m at 8.5g/t Au from 48m to the end of the hole.|
|Hole SGC027||- 22m at 5.1g/t Au from 18m to the end of the hole.|
|Hole SGC021||- 7m at 13.1g/t Au from 21m and 6m at 10.7g/t Au from 34m.|
|Hole SGC029||- 9m at 9.8g/t Au from 56m to the end of the hole.|
|Hole SGC020||- 14m at 5.9g/t Au from 7m.|
Perseus Managing Director, Mark Calderwood's said:
"The latest results continue the trend of significant mineralised widths at the CAGP and will be the final ones included in the updated resource and reserve estimates for the Esuajah South and the Abnabna-Fobinso deposits in Ghana. The intercepts from Sissingue, are also excellent."
"The Company has passed the 250,000m of drilling targeted for 2010 and has increased the number of priority drill targets."
Esuajah South, Central Ashanti Gold Project, Ghana
The current phase of drilling at Esuajah South has been completed and resource modelling will be undertaken as a precursor to the commencement of pit design work and reserve estimation in December. The drill results highlight the potential for a significant increase to the 2009 Indicated mineral resource estimate of 6.9Mt at 1.7g/t Au containing 377,000 ounces of gold.
The Esuajah South granite body gradually increases in average width from less than 30m at surface to more than 80m from 400m depth. This wide, higher grade, granite has excellent potential for combined open pit and bulk underground mining.
Abnabna-Fobinso, Central Ashanti Gold Project, Ghana
Deep drilling is currently testing downward extensions to known gold mineralised shoots. Resource modelling has been completed based on drilling to the end of September and pit design work is currently underway with the aim of releasing an updated reserve estimate.
Exploration Drilling, Central Ashanti Gold Project, Ghana
A number of anomalous to significant gold intercepts were recorded outside resource areas, including:
Chirawewa - Hole CHDD006 intercepted new zones of mineralisation west of the main Chirawewa deposit. Significant gold intercepts in the hole included 31m at 3.0g/t Au from 105m, 10m at 2.0g/t Au from 142m and 4m at 9.5g/t Au from 159m. The same hole also intercepted 1m at 30.8g/t Au from 288m within the main Chirawewa zone. Please refer to Table 2.
Bokitsi SE - The Bokitsi South area continues to produce significant drill intercepts, including BKRC24 - 8m at 11.8g/t Au from 68m, BKRDD007 - 12m at 5.4g/t Au from 84m Au and 12m at 2.7g/t Au from120m, and BKRDD009 - 12m at 5.0g/t Au from 124m, refer Table 2.
The Chirawewa South, Besem Gap, Esuajah NE and Mampong prospects also returned notable intercepts. These are contained in Table 2 below.
Sissingue, Tengrela Gold Project, Côte d'Ivoire
Drilling has slowed during October and November as a function of rig availability and a break for the presidential election process. Drill results for the period, however, continue to underpin the quality of the project, with intercepts such as 65.8m at 4.0g/t, 20m at 8.5g/t, 22m at 5.1g/t, 7m at 13.1g/t and 9m at 9.8g/t Au. Table 3 contains details of the intercepts.
About Perseus Mining Limited
Perseus Mining Limited (ASX/TSX: PRU) has forged a reputation as one of the West Africa's most successful gold explorers. Focused on under-explored gold belts in West Africa, Perseus is on track to become a producer by the third quarter of 2011 at its Central Ashanti Gold Project in Ghana. The Company plans to produce at the initial rate of 220,000 ounces of gold in year 1 in Ghana and plans to increase this to 300,000 ounces per annum by 2013.
Perseus is now also working on development of its Tengrela Gold Project in Côte d'Ivoire, with production targeted for late 2012. Tengrela has the potential to become a significant contributor in the Company's goal to develop into a 400,000 ounce per year gold producer by 2013.
With 25,000m of drilling planned each month across its projects, Perseus will continue its strategy of rapidly increasing its resource and reserve base during the development of the CAGP and Tengrela.
In addition to its projects in Ghana and Côte d'Ivoire, Perseus retains a 28 per cent stake in Manas Resources Limited (ASX: MSR) which it spun off in 2008 as a focused Kyrgyz Republic gold explorer and developer. Perseus also has a 19.9% stake in, as well as a strategic alliance with, Burey Gold Limited (ASX: BYR), a listed exploration company focussed on Guinea, West Africa.
The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Mark Calderwood, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Calderwood is a Director and full-time employee of the Company. Mr Calderwood has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 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 Calderwood consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. For a description of Perseus's data verification process, quality assurance and quality control measures, the effective date of the mineral resource and mineral reserve estimates contained herein, details of the key assumptions, parameters and methods used to estimate the mineral resources and reserves set out in this report and the extent to which the estimate of mineral resources or mineral reserves set out herein may be materially affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues, readers are directed to the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated November 30, 2009 and the technical report entitled "Technical Report - Tengrela Gold Project, Ivory Coast" dated September 02, 2010 in respect of the Central Ashanti Gold Project and the Tengrela Gold Project, respectively.
Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on assumptions and judgments of management regarding future events and results. Such forward-looking information, includes but is not limited to information with respect to future exploration and drilling, procurement of financing, procurement of necessary regulatory approvals, the development of a mine at the Central Ashanti Gold Project, and development of a mine at Tengrela .
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 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.
Table 1: CAGP, Ghana, Infill and Extensional Drilling
Table 1: CAGP, Ghana, Infill and Extensional Drilling (continued)
Table 1: CAGP, Ghana, Infill and Extensional Drilling (continued)
|1)||All holes were core drilled through the mineralised zone.|
|2)||Core holes sampled at 1m intervals.|
|3)||Oxide samples or low sulphur fresh rock samples analysed using 50grm fire assays by independent laboratory, Intertek Minerals Limited in Ghana.|
|4)||High sulphide content samples analysed using 25gram fire assays by Intertek Minerals Limited in Ghana.|
|5)||Only holes with combined intercepts of greater than 40 gram metres included.|
|6)||The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated November 30, 2009.|
|7)||The true width of intercepts from recent drilling at Esuajah South ranges from 55-80% of the intercept width.|
|8)||The true width of intercepts from recent drilling at Fetish ranges from 75-85% of the intercept width.|
Table 2: Recent Anomalous Exploration Intercepts, CAGP, Ghana
|1)||All CHRC, MPRC, BGRC and ENS holes are RC holes.|
|2)||All CHDD, BKRDD holes are core holes.|
|3)||RC holes were sampled at 1m intervals and composited to 2m intervals.|
|4)||Core holes were sampled at 1m intervals.|
|5)||Oxide samples or low sulphur fresh rock samples were analysed using 50grm fire assays by Intertek Minerals Limited in Ghana.|
|6)||High sulphide content samples were analysed using 25gram fire assays by Intertek Minerals Limited in Ghana.|
|7)||Only holes with combined intercepts of greater than 10 gram metres are included.|
|8)||The true width of intercepts from recent drilling at the new Chirawewa, Chirawewa South, Fetish North and Esuajah NE occurrences is currently unknown. The true width of intercepts along the Bokitsi and Mampong zones is about 70% of the intercept width.|
|9)||The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated November 30, 2009.|
Table 3: Significant Intercepts Sissingue Gold Deposit, Côte d'Ivoire
|1)||SGC holes are reverse circulation drill holes; SD holes are core drill holes.|
|2)||The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled "Technical Report - Tengrela Gold Project, Ivory Coast" dated September 02, 2010.|
|3)||Drill samples were assayed by 50g fire assays by Intertek Minerals Limited, an independent laboratory in Ghana.|
|4)||True width of intercepts from the current program at the Sissingue deposit is about 55-77% of the intercept width.|
|5)||* denotes open ended intercept.|
|6)||Only holes from Sissingue with combined intercepts of greater than 40 gram metres are included.|
For further information: For further information:
Perseus Mining Limited, ABN 27 106 808 986, 30 Ledgar Road, Balcatta, Western Australia, 6021, PO Box 717, Balcatta, WA, 6914, Telephone: (618) 9240 6344, Facsimile: (618) 9240 2406, Email address: [email protected], Website: www.perseusmining.com