The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from CNW Group

Perseus Mining Limited - Exploration Update Côte d'Ivoire and Ghana

Wednesday, October 10, 2012

Perseus Mining Limited - Exploration Update Côte d'Ivoire and Ghana03:33 EDT Wednesday, October 10, 2012NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESSignificant Intercepts from Multiple Deposits and Prospects PERTH, Western Australia, Oct. 10, 2012 /CNW/ - Perseus Mining Limited ("Perseus" or the "Company") (TSX & ASX: PRU) is pleased to provide an exploration update from its Edikan Gold Mine (EGM) in Ghana and Tengrela Gold Project (TGP) inCôte d'Ivoire, West Africa.Tengrela Gold Project (TGP) HighlightsDeeper core drilling results from the Sissingué gold deposit included:SD221 -1.5m at 85.0g/t Au from 53.2m.SD235 -4.5m at 9.7g/t from 33.7m and 16.3m at 2.5g/t Au from 130m.SD236 -47.5m at 1.4g/t from 37.5m and 8.5m at 2.1g/t Au from 109.5m.SD268 -21m at 3.2g/t from 249mSD276 -6.5m at 10.2g/t from 258.6m, 2.5m at 5.2g/t from 284.6m and  4.2m at 2.5g/tAufrom 303.7m.SD277 -1.7m @ 55.2g/t from 210m including 0.5m @ 169.0g/t Au.SD279 -3.4m at 3.05g/t from 140.6m, 37.7m at 2.1g/t from 185.4m, 5m at 2.3g/t from 232m and 8m at 2.6g/t Au from 246mSRD1090 -11m at 7.5g/t from 274m and 9m at 1.3g/t Au from 288m.Extensional RC drilling results from the Sissingué gold deposit including:SRC1136-10m at 5.1/t from 38m including 2m at 17.2g/t Au from 42m.SRC1148-4m at 81.8g/t from 2m including 2m at 155g/t Au from 2m.Exploration drilling at Papara, including 2m at 10.8g/t from 36m and 2m at 18.7g/t Au from 44m.Exploration drilling at Logbog, including 4m at 13.1g/t from 10m, 2m at 37.8g/t from surface and 22m at 1.3g/t Au from 22m.Exploration drilling at Sissingué Rom Pad including 6m at 6.8g/t Au from 54m.Edikan Gold Mine (EGM) HighlightsCore drilling results from the Dadieso deposit included:DDD011-8.0m at 2.9g/tfrom 103.1m, 4.8m at 4.7g/t from 135.2m, 3.7m at 1.9g/t from 171.5m,3.6m at 2.1g/t from 204.6m and 6.9m at 1.8g/t Au from 215.6mDDD012-2.5m at 2.2g/t from 28m, 4.6m at 1.0g/t from 32.9m, 4.6m at 2.2g/t from 91.5m and 18.6m at 1.7g/t Au from 139.1m.DDD014-7.5m at 2.9g/t from 101m, 4m at 1.4g/t from 116m, 1.5m at 3.8g/t from 144.5m and 1.1m at 50.0g/t Au from 155.5m.DDD018-32.5m at 3.5g/t from 39.6m and 11.1m at 1.5g/t Au from 82.7m.DDD020-9.1m @ 1.8g/t from 2.5m, 18.6m @ 1.8g/t from 23m and 19.1m @ 2.8g/t Au from 52.9mCore drilling results from the Nkonya prospect included:NKDD005-16.3m @ 1.2g/t Au from 98.7mNKDD010-12.8m @ 2.9g/t from9.3m, 8.9m @ 2.5g/t from 33.2m and 4.9m @ 1.2g/t Au from 151.2mRefer to Tables 1 to 2 for details of the intercepts.Perseus Managing Director, Mark Calderwood's Comments"We are very encouraged to be obtaining significant intercepts from a number of prospects.  It is also pleasing to be drilling the large Kanadi soil anomaly on the Mbengue license area in Côte d'Ivoire. We currently have four rigs operating in Côte d'Ivoire and three in Ghana, with the likelihood of stepping up exploration in the dry season."Tengrela Gold Project (includes Sissingué), Côte d'IvoireThe Company completed 18,604m of drilling on various prospects at the TGP during the September 2012 Quarter.The next resource increase for the Sissingué deposit is expected to be completed in January 2013, subject to assay turnaround for the final 2,000m of the current infill drilling program.A number of significant intercepts from infill drilling of the Sissingué deposit were returned and are listed in Table 2. Additionally, results have been returned for exploration drilling on the Kanakono, Papara, Logbog and Zinguinasso prospects, with significant intercepts listed in Table 3.  These prospects will not be included in the next resource upgrade.Mbengue, Côte d'IvoireA 22,000m first pass aircore drilling program has commenced on the 5 km by 2 km Kanadi gold in soil anomaly located 7 kilometers north of Randgold Resources' Tongon mine, with 1,720 meters drilled thus far. Drilling has intercepted quartz veined diorite to granodiorite. Assays are pending.Edikan Gold Mine, GhanaThe Company completed 5,115 meters of drilling at the Edikan Gold Mine and adjoining licenses during the September 2012 Quarter.  Activity has focused on core drilling several prospects to obtain more detailed geological information aimed at improving understanding of the nature of and controls on mineralisation in the different deposit styles in the district.Hole DDD018 at Dadieso was significant as it intercepted a granitoid intrusive over a 20m interval. The hole returned 32.5m at 3.5g/t from 39.6m and 11.1m at 1.5g/t Au from 82.7m.Re-logging of diamond drill core and RC cuttings from a number of deposits is continuing as part of a broader review of Edikan geology and mineralisation controls.Significant recent drill intercepts from Edikan are included in Table 1 below.Production Update - Edikan Gold Mine, GhanaThe Company's September 2012 Quarterly report incorporating production statistics and costs for the Edikan Gold Mine is planned for release on Tuesday 16 October. Details of a teleconference will be released at the end of this week.Mark CalderwoodManaging DirectorAbout Perseus Mining LimitedPerseus Mining Limited (ASX/TSX: PRU) has forged a reputation as one of West Africa's most successful gold explorers focused on under-explored gold belts in West Africa.  In August 2011 Perseus became a producer at its Edikan Gold Mine (previously known as the Central Ashanti Gold Project) in Ghana.   Details of the project and mine plan are set out in the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated May 30, 2011.Perseus is currently considering the development of its Sissingué Gold Project, part of the Tengrela Gold Project in Côte d'Ivoire, with potential production from the end of 2013. Tengrela has the potential to become a significant contributor to the Company's goal to develop into a 400,000-ounce per annum gold producer during 2014.   Details of the project are set out within "Technical Report - Tengrela Gold Project, Ivory Coast" dated December 22, 2010.Perseus will continue its strategy of rapidly increasing its resource and reserve base during the ramp-up of the Edikan Gold Mine and development of the Sissingué Gold Project.Table 1: EGM, Ghana, Recent Exploration Drilling           HoleDepositEastNorthDepthAzm.Incl.FromToWidthAu  (m)(m)(m)(°)(°)(m)(m)(m)g/tDDD011Dadieso610627648349274.46305-50103.1111.182.9      including109.6111.11.57.6       135.2139.954.754.7       171.5175.23.71.9       204.55208.13.552.1       215.6222.56.91.8DDD012Dadieso610367648221237.7305-502830.52.52.2       32.937.54.61.0       91.596.14.62.2       139.1157.718.61.7DDD013Dadieso610365648196152.2130-5059.3633.72.1       99112131.7      including110.41121.67.5DDD014Dadieso610589648177171.9310-50101108.57.52.9       11612041.4       144.51461.53.8       155.5156.61.150.0DDD015Dadieso610435648420130.3310-504651.75.71.3DDD016Dadieso610637648216134310-505766.79.71.0       119.9120.916.0DDD017Dadieso610673648239145.1310-5025.1304.92.3      including27.728.81.15.8DDD018Dadieso610390648329125.7310-5039.672.132.53.5      including58.866.47.611.2       82.793.811.11.5DDD019Dadieso610666648294181.1310-5043.148.152.6       53.655.11.56.1      including53.654.40.811.0       167.03170.93.875.5      including167.941691.0613.5DDD020Dadieso610349648309160.3310-502.511.69.11.8      including7.18.1112.3       2341.618.61.8       52.97219.12.8      including64.566.92.411.1DDD021Dadieso610598648345163.7310-50114.71194.31.8Table 1: EGM, Ghana, Recent Exploration Drilling - (cont.)           HoleDepositEastNorthDepthAzm.Incl.FromToWidthAu  (m)(m)(m)(°)(°)(m)(m)(m)g/tNKDD005Nkonya619866656215154.7271.3-49.898.711516.31.2NKDD007Nkonya619669656316144.1307-55114.9119.34.43.5      including115.6116.81.210.2NKDD008Nkonya619741656134133269.7-49.125.632.87.21.5NKDD010Nkonya620573657135156.1307-509.312.12.82.9       33.242.18.92.5      including36.339.12.85.5       151.2156.14.91.2Notes 1)     All holes were core drilled through the mineralised zone.2)     Core holes sampled at 1m intervals or less to geological contacts.3)     Oxide samples or low sulphur fresh rock samples analysed using 50grm fire assays by independent laboratory, Intertek Minerals Limited in Ghana.4)     High sulphide content samples analysed using 25gram fire assays by Intertek Minerals Limited in Ghana.5)     Only holes with combined intercepts of greater than 40 gram metres are included for Dadieso and 10gmm for Nkonya.6)     The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measuresare consistent with those described in the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated May 30, 2011.7)     The true width of intercepts from recent drilling at Dadieso ranges from 65-75% of the intercept width.8)     The true width of intercepts from recent drilling at Nkonya are currently unknown.Table 2: TGP, Côte d'Ivoire, Recent Infill and Extensional Drilling            HoleDepositEastNorthDepthAzm.Incl.FromToWidthAu  (m)(m)(m)(°)(°)(m)(m)(m)g/tSD221Sissingué806,6901,154,540222.7270-6053.254.71.585.0SD233Sissingué806,8001,154,140174.7270-5599110.711.72.8      including100.61010.450.0SD234Sissingué806,5101,154,42017690-5047.754.87.13.4       122140182.4       161.517412.51.0SD235Sissingué806,8201,154,120168.7270-6333.738.24.59.7      including36.738.21.523.7       130146.2816.282.5SD236Sissingué806,5451,154,320172.590-5037.58547.51.4      including8283111.2       109.51188.52.1SD241Sissingué806,4601,154,320192.790-5016216972.6       17418174.0      including177178112.7SD243Sissingué806,5201,154,400205.590-5028.542.5614.063.3      including3940.51.523.3SD252Sissingue806,7071,154,600203.65270-557781.54.53.7      including8081112.8       100.0111.411.351.0       180.0203.6523.651.4SD258Sissingue806,5801,154,400114270-5543.152.59.41.3       73.279.756.552.4      including7576112.3SD259Sissingue806,4051,154,18036690-5067.569.21.710.0       200214.214.21.7       25626372.7      including256257110.4       272.62785.41.9Table 2: TGP, Côte d'Ivoire, Recent Infill and Extensional Drilling (cont.)           HoleDepositEastNorthDepthAzm.Incl.FromToWidthAu  (m)(m)(m)(°)(°)(m)(m)(m)g/tSD267Sissingue806,4401,154,22029190-5016717146.9      including167168117.8       180185.665.662.0       24425063.7SD268Sissingue806,4501,154,300279.790-50249270213.2      including.255.562560.4421.4      and259260112.1      and268.5269.250.7520.3SD275Sissingue806,3701,154,24039390-506673.57.52.1       277286.759.755.3      including279280137.6SD276Sissingue806,3451,154,160384.490-50258.6265.16.510.2      including258.6259.751.1510.8      and264265.11.140.0       284.6287.12.55.2       303.7307.94.22.5SD277Sissingue806,4301,154,42032490-50189.82192.833.015.8       20220751.7       210211.71.755.2      including211.2211.70.5169.0SD278Sissingue806,4651,154,320263.790-50210236261.6      including235.12360.914.0SD279Sissingue806,4901,154,26032190-507.591.546.6       140.631443.373.0       185.38223.137.722.1      including193194123.2       23223752.3       24625482.6SRC1136Sissingue806,8191,154,42080270-553848105.1      including4244217.2SRC1137Sissingue806,8081,154,45880270-55418142.1      including141625.7       5466121.6SRC1148Sissingué806,7801,154,74080270-5526481.8      including242155.0SRD1090Sissingué806,3901,154,40036890-50274285117.5      including274.82783.213.3       28829791.3Notes 1)     All holes are core holes.2)     The type of analytical or testing utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled "Technical Report - Tengrela Gold Project, Cote d'Ivoire" dated December 22, 2010.3)     Drill samples were assayed by 50g fire assay by ALS Mali SARL (a division of ALS Minerals) in Bamako, Mali.4)     Only exploration holes with combined intercepts of greater than 40 grams metres are included.5)     True widths of intercepts from Sissingué range from 60% to 90% of the intercept width.Table 3: TGP, Côte d'Ivoire, Recent Exploration Drilling            HoleDepositEastNorthDepthAzm.Incl.FromToWidthAu  (m)(m)(m)(°)(°)(m)(m)(m)g/tKRC109Kanakono806,3101,144,3409090-55404227.2       464822.3LLC119Logbog780,9001,111,0409090-551014413.1LLC130Logbog780,8301,110,8009090-552244221.3      including222425.5LLC134Logbog780,7701,110,7209090-55647062.4      including646626.4LLC143Logbog7810251,111,2009090-55344065.2LLC145Logbog780,9701,111,3605190-5502237.8PRC110Papara799,1801,174,8008090-503638210.8PRC138Papara799,4601,172,8008090-504446218.7PRC139Papara799,4201,172,8008090-50162043.5PRC142Papara796,5301,173,2008090-502429.8ZRC042Zinguinasso795,5801,113,4408490-554254120.9ZRC047Zinguinasso795,6851,113,6008090-55526081.4Notes 1)     All holes are RC holes.2)     The type of analytical or testing utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled "Technical Report - Tengrela Gold Project, Cote d'Ivoire" dated December 22, 2010.3)     Drill samples were assayed by 50g fire assay by ALS Mali SARL (a division of ALS Minerals) in Bamako, Mali.4)     Only exploration holes with combined intercepts of greater than 10 grams metres are included.5)     True widths of intercepts from the exploration holes are currently unknown.The information in this report that relates to exploration results is based on information compiled by Mr Mark Calderwood, who is a Charted Professional Member of The Australasian Institute of Mining and Metallurgy.  Mr Calderwood is a Director and full-time employee of the Company.  Mr Calderwood has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'") and to qualify as a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").  Mr Calderwood consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. For a description of Perseus's data verification process, quality assurance and quality control measures, the effective date of the mineral resource and mineral reserve estimates contained herein, details of the key assumptions, parameters and methods used to estimate the mineral resources and reserves set out in this report and the extent to which the estimate of mineral resources or mineral reserves set out herein may be materially affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues, readers are directed to the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated May 30, 2011 and the technical report entitled "Technical Report - Tengrela Gold Project, Ivory Coast" dated December 22, 2010 in respect of the Edikan Gold Mine (formerly the Central Ashanti Gold Project) and the Tengrela Gold Project, respectively.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 without any major disruption, development of a mine at Tengrela, 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.  SOURCE: Perseus Mining LimitedFor further information: To discuss any aspect of this announcement, please contact: Mark Calderwood at telephone +61 8 6144 1700 or email mark.calderwood@perseusmining.com Nathan Ryan at telephone +61 3 9622 2159 or email nathan.ryan@nwrcommunications.com.au (media) Rebecca Greco at telephone +1 416 822 6483 or email fighouse@yahoo.com (Toronto)