Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has bolstered ore reserves at its Yaouré Gold Mine in Côte d’Ivoire through new estimates of underground reserves for the CMA deposit as well as at the Yaouré open pit with an updated life of mine (LOM) plan for the mine to be prepared this quarter.
Underground probable ore reserves of the CMA deposit now stand at 4.9 million tonnes at 3.51 g/t for 559,000 ounces, an increase of 2.7 million tonnes at 3.46 g/t for 300,000 ounces.
Indicated mineral resources at CMA underground now stand at 7.3 million tonnes at 4.17 g/t for 976,000 ounces of contained gold and inferred resources at 4.4 million tonnes at 3.4 g/t gold for 485,000 ounces.
The increases are based on exploration activity in the first 400 metres down dip from the base of the CMA open pit.
Open pit estimates
Perseus has also updated probable ore reserves at the Yaouré open pit by 6.9 million tonnes at 1.82 g/t for 403,000 ounces of gold, for a total of 11.8 million tonnes at 1.49 g/t containing 565,000 ounces.
The Yaouré open pit indicated resource has increased by 300,000 ounces to 19.2 million tonnes at 1.27 g/t for 784,000 ounces of contained gold while inferred mineral resources are estimated at 3.0 million tonnes at 1.3 g/t containing 124,000 ounces.
The updated Yaouré open pit estimates were based on an additional 22,084 metres in 130 drill holes targeting infill areas and high-grade lodes adjacent to the Yaouré open pit, which were completed this year.
Yaouré Gold Mine measured and indicated mineral resources.
Yaouré Gold Mine inferred mineral resources.
To extend LOM
Resource definition drilling during FY23 has added mineral resources and ore reserves down-dip of the CMA underground pre-feasibility study (PFS) ore reserves.
Ore reserve increases at the CMA underground and the Yaouré open pit will extend the Yaouré LOM with all reserve additions inside the mine fence and adjacent to the Yaouré processing facility.
Feasibility-level studies on the CMA deposit, which is about 400 metres down dip from the base of the open pit, have confirmed the economic and technical viability of underground mining.
“Outstanding” gold mine
Perseus managing director and chief executive officer 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 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.
“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."
Heading underground
The Yaouré Gold Mine is the company’s first foray into underground mining and with the orebody remaining open below the indicated resource, CMA has the potential to be a long-life operation.
“The Yaouré underground mine is Perseus’s first foray into underground mining, with all previous operations having been open cut operations," Quartermaine said.
“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.”
Shares have been as much as 3.27% higher on the ASX in the first hour of trading to A$1.74.
To learn more about the ore reserve growth, click here.
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