Perseus Mining Updates Mineral Resources & Mineral Reserves
PERTH, Aug. 26, 2020 - Perseus Mining Ltd. (“Perseus” or the “Company”) (TSX & ASX: PRU) wishes to update estimates of the Mineral Resources and Mineral Reserves at each of its West African operations. An executive summary is provided below. Full details of the resource and reserve updates are included in the Company’s market release dated August 26, 2020 which is available for download from www.perseusmining.com, www.asx.com.au and www.sedar.com.
Mineral Resources1,2
A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/94ae839c-8d02-474b-87ab-1f6644c12141
Notes
- Notes to individual tables of resources apply in respect of each project.
- Measured and Indicated Mineral Resources are inclusive of Ore Reserves.
- Includes combined Mineral Resources from both the Sissingu? and Fimbiasso deposits.
Mineral Reserves1
| Project | Proved | Probable | Proved and 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 | |
| Edikan2 | 16.3 | 1.01 | 532 | 25.8 | 1.14 | 945 | 42.1 | 1.09 | 1,477 |
| Sissingu? Gold Mine2 | 3.3 | 2.12 | 226 | 0.3 | 2.18 | 18 | 3.6 | 2.12 | 244 |
| Yaour? Gold Project2 | - | - | - | 27.3 | 1.78 | 1,560 | 27.3 | 1.78 | 1,560 |
| Total | 19.7 | 1.20 | 758 | 53.3 | 1.47 | 2,523 | 73.0 | 1.40 | 3,281 |
Notes:
- Refer to Notes to individual tables of Mineral Reserves in respect of each project presented below.
- The Company holds 90% of Edikan Gold Mine (EGM), 86% of Sissingu? Gold Mine (SGM) and 90% of Yaour? Gold Project (YGP) after allowing for Government equity at mining stage.
| Perseus’s Managing Director and CEO, Jeff Quartermaine, commented as follows: “In the last twelve months, our Mineral Resource modelling at Edikan and Sissingu? has proven to be robust with acceptable reconciliations being achieved between contained metal forecast by our block models and the metal we actually recovered at both mines. Notwithstanding this, we have updated our resource models based on the outcomes of our stringent reconciliation processes, striving to continually improve our ability to provide the best possible forecast of future ounce production. Our latest Ore Reserve estimates assume a gold price of US$1,300 per ounce for calculating revenues, US$100 per ounce more the price previously assumed. Pit shells have variously been used to guide pit designs based on gold prices between US$1,040 and US$1,300 per ounce, depending on the mine life of the deposit. This has increased the Ore Reserves at both the AF Gap and Fetish deposits at Edikan. Additional drilling at the Fimbiasso deposits near Sissingu? and the Bokitsi South deposit at Edikan has resulted in modest additions to the Ore Reserves and importantly improved the level of confidence in the accuracy of the various estimates. Despite mining depletion of over three hundred thousand in situ ounces in the last 12 months, Perseus’s total Ore Reserves have incrementally increased due to near mine exploration success and pit optimisations.” |
Jeffrey Quartermaine
Chief Executive Officer and Managing Director
August 26, 2020
To discuss any aspect of this announcement, please contact:
| Managing Director: | Jeff Quartermaine at telephone +61 8 6144 1700 or email jeff.quartermaine@perseusmining.com; | |
| General Manager BD & IR: | Andrew Grove at telephone +61 8 6144 1700 or email andrew.grove@perseusmining.com | |
| Media Relations: | Nathan Ryan at telephone +61 4 20 582 887 or email nathan.ryan@nwrcommunications.com.au (Melbourne) | |
Competent Persons’ Statements:
The November 2019 re-estimate of Bokitsi South open pit Mineral Resources and the March 2020 re-estimate of AF Gap Mineral Resources, both at Edikan, were undertaken by Mr Nicolas Johnson MAIG, of MPR Geological Consultants Pty Ltd. Mr Johnson has sufficient experience, that 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 JORC Code 2012 and a Qualified Person as defined in NI43-101. Mr Johnson has no economic, financial or pecuniary interest in the company and consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.
The June 2020 re-estimates of the Bokitsi South and AF Gap Ore Reserves, were undertaken by Mr Paul Thompson, who is a Fellow of the Australasian Institute of Mining and Metallurgy and is an employee of Perseus Mining Ltd.. Mr Thompson has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the JORC Code 2012 and a Qualified Person as defined in NI43-101 and consents to the inclusion in this report of the matters based on this information in the form and context in which it appears and has approved the inclusion of technical and scientific information in this report.
The information in this report that relates to Esuajah North Mineral Resources estimate was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Mineral Resources & Ore Reserves” released on 29 August 2018. The information in this report that relates to other Mineral Resources and Ore Reserves for the other Edikan deposits (Fetish and Esuajah South Underground) was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Mineral Resources & Ore Reserves” released on 20 February 2020. This report includes an update for mining depletion as at 30 June 2020. The Company confirms that it is not aware of any information that would, in any other respect, result in a material change to the estimate of Mineral Resources and Ore Reserves previously released.
The information in this report that relates to Mineral Resources and Ore Reserves for the Sissingu? deposit was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Resources, Reserves and Life of Mine Plan at Sissingu?” released on 29 October 2018. This report includes an update for mining depletion as at 30 June 2020. The Company confirms that it is not aware of any new information or data that materially affect the information in these market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed.
The March 2020 re-estimates of Mineral Resources at Fimbiasso East and Fimbiasso West deposits were undertaken by Mr Nicolas Johnson MAIG, of MPR Geological Consultants Pty Ltd. Mr Johnson has sufficient experience, that 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 JORC Code 2012 and a Qualified Person as defined in NI43-101. Mr Johnson has no economic, financial or pecuniary interest in the company and consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.
The June 2020 re-estimates of the Fimbiasso East and West Ore Reserves, were undertaken by Mr Paul Thompson, who is a Fellow of the Australasian Institute of Mining and Metallurgy and is an employee of Perseus Mining Ltd.. Mr Thompson has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the JORC Code 2012 and a Qualified Person as defined in NI43-101 and consents to the inclusion in this report of the matters based on this information in the form and context in which it appears and has approved the inclusion of technical and scientific information in this report.
The information in this report that relates to Open Pit and Heap Leach Mineral Resources and Ore Reserves at Yaour? was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Mineral Resources and Ore Reserves” released on 28 August 2019. The Company confirms that it is not aware of any information that would result in a material change to that estimate.
The information in this report that relates to Underground Mineral Resources at Yaour? was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Completes Scoping Study for Potential Underground Mine at Yaour?” released on 5 November 2018. This report includes an adjustment to exclude material lying within the US$1,800/oz pit shell that constrains the Open Pit Mineral Resources. The Company confirms that it is not aware of any information that would, in any other respect, result in a material change to the estimate of Mineral Resources previously released.
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 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 Edikan Gold Mine and the Sissingu? Gold Mine without any major disruption, development of a mine at Yaour?, 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 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.
