Perseus Mining Limited: Further High Grade Drilling Results at Edikan
PERTH, WESTERN AUSTRALIA--(Marketwired - Sept. 14, 2014) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Perseus Mining Limited ("Perseus" or the "Company") (PRU.TO)(PRU.AX) is pleased to announce details of assay results from recent infill drilling on the Mampong deposit at its Edikan Gold Mine (EGM) in Ghana, West Africa. (Refer to Figure 1 - Location Map) These assay results represent the initial drilling results from a planned 5,560m infill drilling program which to date, is approximately half complete.
Highlights
MPRC146 - | 12m at 3.0g/t Au from 32m including 1m at 21.8g/t Au from 39m |
MPRC147 - | 28m at 1.6g/t Au from 60m including 2m at 7.6g/t Au from 66m |
MPRC148 - | 5m at 17.0g/t Au from 53m including 1m at 80.7g/t Au from 53m |
MPRC150 - | 12m at 14.2g/t Au from 8m including 1m at 123.3g/t Au from 10m |
MPRC162 - | 12m at 3.2g/t Au from 56m |
MPRC168 - | 4m at 35.5g/t Au from 59m including 2m at 64.0g/t from 60m |
The Mampong deposit is located between 700m and 2,100m southwest of the operating Abnabna pit at the EGM. The deposit consists of two mineralised zones including a wider, lower grade zone to the north which represents the south-western strike extension of the Abnabna-Fobinso gold-bearing granite, and in the south, a narrower, higher grade zone which is hosted in a separate 10m to 15m wide granitic dyke situated approximately 200m south-east of and parallel to the Abnabna-Fobinso granite. The two mineralised zones at Mampong presently contain an Inferred Mineral Resource of 8.6Mt at 0.9g/t for 257,000oz gold. Mineralisation at Mampong is essentially the same as that in the Abnabna-Fobinso deposits and consists of stockwork quartz veining in altered granite with trace to several percent disseminated pyrite plus arsenopyrite.
Perseus Managing Director, Jeff Quartermaine's Comments: |
"Perseus is committed to a corporate strategy of organically growing cash flows through successful exploration, leading to project development and efficient operation of multiple gold mining operations in a range of geopolitical settings in West Africa. |
The Mampong infill drilling programme forms part of a broader near mine exploration programme intended to identify higher grade mineralisation that has the potential to improve the head grade of mill feed at the Edikan Gold Mine. The drill results announced today are very encouraging in this context and we will be looking forward to additional success when the remainder of the Mampong drilling programme is completed in coming months. |
The positive results at Mampong come on the back of recent drilling success at the Bokitsi deposit where the overall gold grade of the Measured and Indicated Mineral Resource was successfully increased to 3.0g/t." |
The southern, higher grade portion of the Mampong deposit is the subject of the current infill drilling program. The two Mampong zones were previously drilled in several campaigns during 2008 through 2010 to a nominal drill spacing of 40m by 40m, resulting in the present Inferred Mineral Resource. The current 5,560m program was planned to infill previous drilling to a drill spacing of approximately 20m by 20m on the southern higher grade portion of Mampong to better define that portion of the Mineral Resource and upgrade it to an Indicated Mineral Resource for inclusion into the EGM Ore Reserves and life-of-mine plan.
Approximately half of the planned drilling program has been completed, with 2,584 meters of reverse circulation (RC) and 161 meters of diamond core tails drilled to date. Results have been received for 33 of the 40 holes drilled in this program and these are listed in the table in Attachment 1. Although most of the drill intercepts are in line with those from past drilling, several exceptionally high grade intercepts suggest potential for delineating pockets of high grade mineralisation and improvement of the overall grade of the southern Mampong resource, which could elevate it to a priority mining target given its proximity to the Edikan plant site.
The program will resume shortly and be completed next month after the drill rig tests the Agyakusu anomaly north-east along strike from Fobinso and completes a small program of infill and extensional drilling immediately south of the main Bokitsi South high grade lode.
To view Figures 1 and 2, please visit the following link: http://media3.marketwire.com/docs/967903_F1-2.pdf.
Competent Person Statement:
The information in this report and attachments 1 and 2 that relates to exploration results is based on, and fairly represents, information and supporting documentation prepared by Mr Kevin Thomson, a Competent Person who is a Professional Geoscientist with the Association of Professional Geoscientists of Ontario. Mr Thomson is an employee of a subsidiary of the Company. Mr Thomson has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 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 Thomson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Mineral Resources was first reported by the Company in compliance with the JORC Code 2012 in market announcements released on 27 August 2014 and 4 September 2014. The Company confirms that it is not aware of any new information or data that materially affects the information in those market announcements.
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 Tengréla, 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.
ATTACHMENT 1 - EDIKAN DRILLING RESULTS |
Table 1: Mampong Resource Drilling Results |
Hole | East | North | RL | Depth | Azm. | Incl. | From | To | Width | Au |
(m) | (m) | (mASL) | (m) | (°) | (°) | (m) | (m) | (m) | g/t | |
MPRC137 | 24,100 | 13,111 | 158 | 80 | 139 | -50 | 42 | 43 | 1 | 9.0 |
57 | 66 | 9 | 2.6 | |||||||
MPRC138 | 24,100 | 13,090 | 157 | 50 | 139 | -50 | 24 | 29 | 5 | 2.1 |
MPRC139 | 24,160 | 13,080 | 155 | 30 | 139 | -50 | NSI | |||
MPRC140 | 24,140 | 13,080 | 155 | 50 | 139 | -50 | 9 | 14 | 5 | 2.4 |
MPRC141 | 24,120 | 13,081 | 156 | 30 | 139 | -50 | 10 | 16 | 6 | 0.9 |
MPRC142 | 24,140 | 13,100 | 155 | 80 | 139 | -50 | 41 | 49 | 8 | 3.5 |
incl. | 44 | 45 | 1 | 13.9 | ||||||
MPRC143 | 24,100 | 13,150 | 155 | 130 | 139 | -50 | 106 | 110 | 4 | 2.4 |
MPRC144 | 24,080 | 13,080 | 158 | 30 | 139 | -50 | 10 | 14 | 4 | 2.4 |
MPRC145 | 24,040 | 13,080 | 158 | 30 | 139 | -50 | 8 | 10 | 2 | 8.0 |
MPRC146 | 24,020 | 13,120 | 156 | 57 | 139 | -50 | 32 | 44 | 12 | 3.0 |
incl. | 39 | 40 | 1 | 21.8 | ||||||
MPRC147 | 24,020 | 13,099 | 156 | 120 | 139 | -50 | 60 | 88 | 28 | 1.6 |
incl. | 66 | 68 | 2 | 7.6 | ||||||
MPRC148 | 23,980 | 13,110 | 156 | 82 | 139 | -50 | 46 | 50 | 4 | 1.8 |
53 | 58 | 5 | 17.0 | |||||||
incl. | 53 | 54 | 1 | 80.7 | ||||||
MPRC149 | 23,980 | 13,090 | 156 | 50 | 139 | -50 | 26 | 33 | 7 | 1.0 |
MPRC150 | 24,000 | 13,080 | 156 | 30 | 139 | -50 | 8 | 20 | 12 | 14.2 |
incl. | 10 | 11 | 1 | 123.3 | ||||||
and | 16 | 17 | 1 | 29.7 | ||||||
MPRC151 | 23,920 | 13,075 | 162 | 30 | 139 | -50 | 18 | 20 | 2 | 3.2 |
MPRC152 | 23,880 | 13,076 | 164 | 30 | 139 | -50 | 17 | 20 | 3 | 0.8 |
MPRC153 | 23,840 | 13,075 | 163 | 30 | 139 | -50 | 14 | 28 | 14 | 0.8 |
MPRC154 | 23,820 | 13,115 | 161 | 90 | 139 | -50 | 72 | 88 | 16 | 1.1 |
MPRC155 | 23,820 | 13,094 | 165 | 66 | 139 | -50 | 46 | 54 | 8 | 4.1 |
incl. | 52 | 54 | 2 | 13.4 | ||||||
MPRC156 | 23,820 | 13,075 | 165 | 40 | 139 | -50 | 14 | 18 | 4 | 5.1 |
incl. | 15 | 16 | 1 | 14.9 | ||||||
MPRC157 | 23,800 | 13,070 | 167 | 30 | 139 | -50 | 8 | 15 | 7 | 1.4 |
MPRC158 | 23,960 | 13,079 | 160 | 30 | 139 | -50 | NSI | |||
MPRC159 | 23,780 | 13,080 | 170 | 40 | 139 | -50 | 21 | 34 | 13 | 1.2 |
MPRC160 | 23,740 | 13,101 | 170 | 80 | 139 | -50 | 62 | 66 | 4 | 6.4 |
MPRC161 | 23,740 | 13,079 | 172 | 40 | 139 | -50 | 26 | 36 | 10 | 2.1 |
MPRC162 | 23,780 | 13,101 | 167 | 80 | 139 | -50 | 56 | 68 | 12 | 3.2 |
MPRC163 | 23,720 | 13,069 | 168 | 30 | 139 | -50 | 10 | 19 | 9 | 2.8 |
MPRC164 | 23,700 | 13,070 | 166 | 40 | 139 | -50 | 19 | 23 | 4 | 1.0 |
MPRC165 | 23,700 | 13,090 | 164 | 80 | 139 | -50 | 54 | 58 | 4 | 0.9 |
MPRC166 | 24,060 | 13,090 | 161 | 55 | 139 | -50 | 25 | 34 | 9 | 1.9 |
MPRC167 | 23,940 | 13,085 | 167 | 50 | 139 | -50 | 40 | 42 | 2 | 2.0 |
MPRC168 | 23,940 | 13,105 | 167 | 80 | 139 | -50 | 59 | 63 | 4 | 35.5 |
incl. | 60 | 62 | 2 | 64.0 | ||||||
MPRDD017 | 24,020 | 13,160 | 154 | 140 | 139 | -50 | PEND | |||
MPRDD018 | 23,980 | 13,150 | 154 | 126 | 139 | -50 | PEND | |||
MPRDD019 | 24,140 | 13,120 | 154 | 130 | 139 | -50 | PEND | |||
MPRDD020 | 23,700 | 13,130 | 158 | 120 | 139 | -50 | PEND | |||
MPRDD021 | 23,740 | 13,140 | 160 | 130 | 139 | -50 | PEND | |||
MPRDD022 | 24,060 | 13,110 | 164 | 76 | 139 | -50 | 58 | 66 | 8 | 4.2 |
MPRDD023 | 24,060 | 13,150 | 162 | 130 | 139 | -50 | PEND | |||
MPRDD024 | 24,140 | 13,160 | 162 | 123 | 139 | -50 | PEND |
Notes: | NSI = | No significant intercept |
PEND = | Assays are pending | |
ATTACHMENT 2 - JORC CODE, 2012 Edition - Table 1 |
Section 1 Sampling Techniques and Data |
Criteria | JORC Code Explanation | Commentary | ||
Sampling techniques | Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. | Reverse Circulation (RC) drill holes (MPRC holes) were routinely sampled at 1m intervals down the hole. RC samples were collected at the drill rig by riffle splitting drill spoils to collect a nominal 1-2 kg sub sample and composited into 2m samples for assay of unmineralised hanging-wall material, and 1m samples were submitted for assay of the mineralised zones. | ||
Drilling techniques | Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). | All RC holes were completed by reverse circulation (RC) drilling techniques with a hole diameter of 5.5 inch and a face sampling down hole hammer. | ||
Drill sample recovery | Method of recording and assessing core and chip sample recoveries and results assessed. | A qualitative estimate of sample recovery was done for each sample metre collected from the drill rig. | ||
Logging | Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. | All drill samples were geologically logged by Company Geologists. | ||
Sub-sampling techniques and sample preparation | If core, whether cut or sawn and whether quarter, half or all core taken. | All dry samples were riffle split at the drill rig. Wet RC samples were not encountered in this program. When chips were showing signs of moisture or the drilling became slow, the drilling switched to diamond core to avoid wet chips in several holes. | ||
Quality of assay data and laboratory tests | The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. | For all drill samples, analysis for Gold was undertaken at the Intertek Minerals Ghana laboratory by 50g Fire Assay with AAS finish to a lower detection limit of 0.01ppm. Fire assay is considered a total assay technique. | ||
Verification of sampling and assaying | The verification of significant intersections by either independent or alternative company personnel. | Drill hole data is captured by Company geologists at the drill rig and manually entered into a digital database. | ||
Location of data points | Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. | Drill hole collars were set out in a local grid datum using a Total Station, with a number of well-established survey bench marks for control. | ||
Data spacing and distribution | Data spacing for reporting of Exploration Results. | The drilling program was one of infill drilling for an eventual resource update. Previous drilling was in-filled to a nominal spacing of 20 meters X 20 meters in this program. | ||
Orientation of data in relation to geological structure | Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. | In plan, drilling has been performed approximately perpendicular to the strike of controlling structures and the mineralisation. In cross-section, drill holes were drilled at high angles to the dip of structures and mineralisation. | ||
Sample security | The measures taken to ensure sample security. | Samples were stored in a fenced compound within the Company's Edikan Mine Site until being collected at site by Intertek Minerals Ghana vehicles and transported to their laboratory in Tarkwa. | ||
Audits or reviews | The results of any audits or reviews of sampling techniques and data. | The Company's sampling techniques employed in Ghana were last reviewed in a site visit to the Edikan Gold Mine by consultants Runge Limited (now RungePincockMinarco Limited) in October of 2010 and are deemed to be of industry standard and satisfactory. | ||
Section 2 Reporting of Exploration Results |
(Criteria listed in the preceding section also apply to this section.) |
Criteria | JORC Code Explanation | Commentary | ||
Mineral tenement and land tenure status | Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. | The reported results are from the Nanankaw Mining Lease, permit ML1110/1994. The Nanankaw Mining Lease is located in the Central Region of Ghana and is owned by Perseus Mining (Ghana) Limited, a 90% owned subsidiary of Perseus Mining Limited, with the remaining 10% owned by the Government of Ghana. A production royalty of 5% is due to the government of Ghana and royalties totalling 1.75% are due to other parties. | ||
Exploration done by other parties | Acknowledgment and appraisal of exploration by other parties. | Historical exploration and mining was conducted on the property from the early 1990s up to 2001 by Cluff Mining (Ghana) Ltd and Ashanti Goldfields Corp. | ||
Geology | Deposit type, geological setting and style of mineralisation. | The Nanankaw Mining Lease is situated within the Paleo-Proterozoic Birimian of Southern Ghana, being located in the Kumasi Basin sedimentary group approximately 5 to 8 kilometres west of the Ashanti Greenstone Belt. | ||
Drill hole Information | A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: | Reported results are summarised in the table in Attachment 1 to the attached announcement. | ||
Data aggregation methods | In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. | Drill hole intercepts are reported from 1m metre down hole samples. | ||
Relationship between mineralisation widths and intercept lengths | These relationships are particularly important in the reporting of Exploration Results. | Previous drilling has well established the geometry and orientation of the mineralisation being drilled in this program, and drilling has been planned to be nearly perpendicular to the strike and dip of the mineralisation. | ||
Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. | Figure 1 is a general location map of the Mampong deposit, relative to other deposits at the Edikan Gold Mine. | ||
Balanced reporting | Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. | All drill holes drilled in this program are shown in Figure 2 (Drill Plan). | ||
Other substantive exploration data | Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. | There is no other exploration data which is considered material to the results reported in this announcement. | ||
Further work | The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). | The drilling reported represents approximately half of planned infill drilling program at Mampong. The drilling program is planned to be completed next month once access issues are resolved. | ||