Exciting Updates on Perseus Mining's Nyanzaga Gold Project

Exciting Developments at the Nyanzaga Gold Project

Perseus Mining Limited (ASX/TSX: PRU) is thrilled to share recent advancements in its resource definition drilling at the Nyanzaga Gold Project located in Tanzania. This recent update aims to bolster the company’s understanding of the mineral resources at Nyanzaga, enhancing investor and stakeholder confidence in the project’s potential.

Infill Drilling Initiatives

The drilling program at Nyanzaga commenced in August 2024, with the goal of filling any gaps left from previous owners’ work and providing critical insights for a shift in mine design. The plan is to transition from a smaller open pit and underground operation to a significantly larger open pit operation under the direction of Perseus Mining.

Drilling Progress

As of mid-November 2024, the project has seen the deployment of eight drill rigs leading to the completion of 20,278 meters of combined reverse circulation (RC) and diamond (DD) drilling for the Stage 1 Tusker Hill Infill Resource Development Program. This impressive figure represents 77% of the targeted 26,250 meters for the Tusker program. The objective is to enhance confidence in the mineralization, upgrading prior drilling spacings from 40 m × 40 m down to a 20 m × 40 m grid pattern.

Encouraging Results

Although the project is ongoing, the early results from the infill drilling are promising. Significant intercepts achieved so far include:

• NYZDD1340: 56m @ 3.44 g/t gold from 273m and 111m @ 5.02 g/t gold from 438m, with substantial hits of 11m @ 22.02 g/t gold and 11m @ 17.09 g/t gold.
• NYZRCDD1336: 114m @ 3.72 g/t gold from 284m, showcasing a robust 4m interval of 20.84 g/t gold.
• NYZRCDD1353: 42m @ 4.74 g/t gold from 158m, pending further results.
• NYZDD1329: 41.6m @ 3.99 g/t gold from 35m, including a remarkable 16m @ 7.13 g/t gold.
• Further notable results from additional drill holes also indicate strong mineralization potential.

Future Plans for the Nyanzaga Project

In alignment with these developments, ongoing geotechnical, metallurgical, and sterilization drilling efforts are underway. These initiatives aim to gather vital information necessary for finalizing pit designs, with Perseus Mining targeting a Final Investment Decision (FID) likely to occur in January 2025.

Resource Estimates

The Nyanzaga Gold Project boasts impressive Mineral Resource Estimates classified as follows: a Measured and Indicated Resource of 24.2 Mt grading 3.64 g/t gold for a total of 2.8 million ounces, alongside an Inferred Resource of 5.8 Mt grading 2.4 g/t gold, representing around 0.5 million ounces. The Probable Ore Reserve Estimate stands at 40.1 Mt grading 2.01 g/t gold for a total of 2.6 million ounces. These lucrative figures reinforce the project’s potential success.

Additional Project Developments

As Perseus Mining gears up for construction, significant strides are being made in preparation for the full-scale development of Nyanzaga. Highlights of the ongoing work include the nearing completion of the Front End Engineering Design (FEED) and the Resettlement Action Plan, which is vital for community housing initiatives. Furthermore, early works to prepare the site for construction are moving ahead smoothly.

Commitment to Local Communities

Perseus Mining emphasizes the importance of community involvement, aiming to ensure that the Nyanzaga project benefits all stakeholders. Constructions of community housing are on track, signifying a commitment to the welfare of local residents during the project's advancement.

Looking Ahead

Jeff Quartermaine, Managing Director and CEO, expresses enthusiasm about the Nyanzaga Gold Project, stating that the results obtained so far have boosted confidence in the project’s potential. Perseus Mining anticipates making a Final Investment Decision in January 2025 which could see the production of the first gold from the Nyanzaga mine by early 2027, adding value to their portfolio focused on African mining operations.

Frequently Asked Questions

What is the significance of the Nyanzaga Gold Project?

The Nyanzaga Gold Project is vital for Perseus Mining, providing opportunities for growth and potential profits through extensive gold resources.

When was the drilling program initiated?

The drilling program at Nyanzaga began in August 2024 as part of a strategic effort to enhance resource understanding.

What are the key results from the infill drilling?

Initial reports show promising results with significant gold grades from various drill holes enhancing confidence in the resource estimate.

How does the project benefit local communities?

Perseus Mining is committed to supporting local communities through housing initiatives and sustainable development during the project lifecycle.

What is the timeline for production at Nyanzaga?

If all goes as planned, Perseus Mining aims for the first gold production by early 2027 following the completion of construction post-FID.

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