Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has delivered updated estimates of its mineral resources and ore reserves across its African operations.
Another year of organic growth
The company says it has delivered another year of organic growth from resource definition drilling and studies, leading to new resources and reserves that add to the long-term sustainability of the group’s production profile.
As of June 30, the group’s total measured and indicated (M&I) mineral resources are estimated at 115.9 million tonnes grading 1.31 g/t gold and containing 4.9 million ounces of gold.
This represents a decrease from the 122.8 million tonnes grading 1.31 g/t for 5.2 million ounces reported in June 2023 and is primarily due to mining depletion.
The group’s proved and probable ore reserves also declined to 64.9 million tonnes at 1.39 g/t gold, containing 2.9 million ounces, compared to 73.8 million tonnes at 1.45 g/t gold for 3.4 million ounces as of the previous year.
West African operations
Yaouré Gold Mine’s updated M&I mineral resource is estimated at 55.6 million tonnes grading 1.52 g/t gold, containing 2.7 million ounces. Inferred resources are estimated at 17.4 million tonnes grading 1.7 g/t gold, containing 926,000 ounces.
At the Sissingué Gold Mine, the combined M&I mineral resource is estimated at 8.7 million tonnes grading 1.57 g/t gold, containing 441,000 ounces. Inferred resources are estimated at 200,000 tonnes grading 1.4 g/t gold, containing 11,000 ounces.
The updated M&I mineral resource for the Edikan Gold Mine is now estimated at 51.5 million tonnes grading 1.04 g/t gold, containing 1.7 million ounces. Inferred resources are estimated at 6.4 million tonnes grading 1.5 g/t gold, containing 317,000 ounces.
The company is committed to expanding its portfolio and developing its existing resources through continued exploration.
New resources to include
The upside is that the company acquired OreCorp Ltd, which adds the Nyanzaga Gold Project in Tanzania to its portfolio but the newly acquired mineral resources and ore reserves are not yet incorporated into official JORC-compliant estimates.
The 'foreign' resource estimate reported by OreCorp for Nyanzaga comprises 24.2 million tonnes at 3.61 g/t for 2.8 million ounces in the measured and indicated categories with an additional 5.8 million tonnes at 2.4 g/t gold for 500,00 ounces in the inferred category.
Nyanzaga has a probable ore reserve estimate of 40.0 million tonnes grading 2.02 g/t gold for 2.6 million ounces and Perseus plans to upgrade the resources and reserves to JORC compliance.
It is a similar story at the Meyas Sand Gold Project in northern Sudan which has an indicated resource of 79.9 million tonnes at 1.3 g/t for 3.3 million ounces and an inferred resource of 18.5 million tonnes at 1.2 g/t for 700,000 ounces. The project has a probable mineral reserve estimate of 79.9 million tonnes at 1.1 g/t for 2.9 million ounces.