Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has underscored the long-term sustainability of its West African assets by delivering another year of positive growth from resource definition drilling and studies.
This has led to an increase in the mineral resources and proven and probable ore reserves across the three projects.
The company expanded the group's measured and indicated (M&I) mineral resource estimate (MRE) to 122.8 million tonnes grading 1.31 g/t gold for 5.2 million ounces of gold.
This compares to the year-ago estimate of 132.9 million tonnes grading at 1.19 g/t gold for 5.1 million ounces.
Perseus’ proven and probable ore reserves now stand at 73.8 million tonnes grading at 1.45 g/t gold for 3.4 million ounces, a growth from the June 2022 estimate of 72.5 million tonnes grading at 1.39 g/t gold for 3.3 million ounces.
The company used a gold price of $1,500 per ounce in calculating the ore reserves, compared to the $1,300 price assumption used in June last year.
Perseus mineral resources.
Perseus ore reserves.
Côte d’Ivoire projects
At the Yaouré Gold Mine, the completion of an underground feasibility study, combined with underground and open pit resource definition drilling and studies, has converted the inferred mineral resources to indicated and increased the deposit’s reserves by 5.5 million tonnes grading 2.31 g/t for 410,000 ounces of gold for a total of 37.2 million tonnes at 1.73 g/t containing 2.1 million ounces.
The company announced yesterday that the combined M&I mineral resource, now estimated at 54.7 million tonnes grading at 1.59 g/t gold for 2.8 million ounces of contained gold, has increased the mine’s life significantly.
Read: Perseus Mining boosts Yaouré gold ore reserves; to update mine life plan shortly
Over at the Sissingué Gold Mine, the M&I resource stands at 5.9 million tonnes grading at 1.73 g/t for 326,000 ounces of gold, while a further 300,000 tonnes of material grading 1.8 g/t gold for 15,000 ounces of gold is classified as inferred.
The mineral resource comprises the remaining in-situ mineralisation at the Sissingué mine, Fimbiasso East and West deposits and mineralisation at the Antoinette, Juliette and Veronique deposits at the Bagoé Project.
The proven and probable ore reserves for Sissingué are estimated as 4.2 million tonnes grading 1.83 g/t gold for 247,000 ounces.
Ghanaian operations
The updated M&I mineral resource for the Edikan Gold Mine in Ghana is estimated as 62.2 million tonnes grading at 1.03 g/t gold, containing 2.1 million ounces of gold.
This reflects a change from the previous resource, which was estimated at 70.5 million tonnes grading at 1.02 g/t for 2.3 million ounces of gold.
An additional 6.2 million tonnes grading at 1.6 g/t gold containing 311,000 ounces of gold have been classified as inferred.
Meanwhile, the proven and probable ore reserves are estimated at 32.5 million tonnes grading 1.08 g/t gold for 1.1 million ounces.
Sudan resources
As well as the West African assets, Perseus holds the Meyas Sand Gold Project (MSGP, formerly Block 14) in northern Sudan near the border with Egypt, which was gained from the acquisition of Orca Gold Inc.
The MSGP is a large and scalable resource with a MRE consisting of an indicated resource of 79.9 million tonnes grading 1.3 g/t for 3.3 million ounces and an inferred resource of 18.5 million tonnes grading 1.2 g/t for 700,000 ounces.
This project has a probable mineral reserve estimate of 79.9 million tonnes grading 1.1 g/t for 2.9 million ounces.
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