Perseus Reports 66 Metre Drill Intersection Grading 3.1 g/t Gold at Mahale
08 Noviembre 2013 - 8:01PM
Marketwired Canada
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES
Perseus Mining Limited ("Perseus" or the "Company") (TSX:PRU)(ASX:PRU) is
pleased to announce significant exploration drilling results from its Mahale
exploration permit in Cote d'Ivoire, West Africa.
Highlights
Significant initial follow-up reverse circulation (RC) drilling results at the
Bele Prospect located on the Mahale exploration permit area, included:
MHRC019 - 66m at 3.1g/t Au from 30m ending in mineralisation, including 18m
at 7.2g/t Au from 50m.
MHAC024 - 14m at 6.2g/t Au from 82m ending in mineralisation, including 4m
at 10.7g/t Au from 88m.
(Refer to Table 1 for details of the intercepts)
Comments from Perseus's Managing Director, Jeff Quartermaine
"The impressive drill results achieved at Mahale have provided further support
to the proposition that a significant additional inventory of mineable,
mineralised material may be located within trucking distance of our proposed
Sissingue Gold Mine development site.
"A number of air core and rotary air blast drilling results from the current
drilling programme are pending and further follow-up RC drilling is planned. The
results from this next phase of evaluation could materially alter the current
development strategy for the Sissingue Gold Mine and create significant value
for our shareholders. A reassessment of the Sissingue Gold Mine Development
project is currently scheduled for early in 2014."
MAHALE PROJECT
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/pru1108fig1.pdf.
Recent RC drilling at the Bele Prospect on the Mahale exploration permit in Cote
d'Ivoire (Figure 1) has returned very significant results in several holes
following up on air core (AC) hole MHAC285 (10m at 10.2g/t gold and 9m at 5.8g/t
gold) reported on 17 September 2013. Hole MHRC019 drilled 40m to the south of
MHAC285 returned 66m at 3.1g/t gold from 30 including 18m at 7.2g/t gold from
50m and ended in mineralisation. Hole MHRC024 drilled 40m to the north of
MHAC285 returned 14m at 6.2g/t gold from 82m including 4m at 10.7g/t gold from
88m, also ending in mineralisation. Several additional RC holes drilled in this
initial follow up RC drilling program returned significant intercepts. Refer to
Figures 2 and 3 plus Table 1 for the details.
Fences of shallow AC drilling recently completed 160m to the north and south of
MHAC285 returned anomalous results including 20m at 1.3g/t gold, indicating that
the mineralisation in this area of the Bele Prospect is open along strike to the
north and south.
Mineralisation at the Bele Prospect located approximately 40km to the southwest
of the Sissingue Gold Project, consists of quartz veining with disseminated
pyrite hosted by a granite to granodiorite intrusion close to its contact with
metasediments and metavolcanics. Limited scout air core drilling to test gold in
soil and auger anomalism identified several areas of mineralisation around the
northern edge of this intrusive (Figure 2). Results have been received for 11 of
the 12 RC drill holes totalling 992m completed to date to further evaluate these
several areas of mineralisation identified in air core drilling. A multipurpose
rig will be brought in from another drilling contractor to pick up the pace of
follow-up RC drill testing and to permit several core tails to be drilled in
order to better understand the mineralisation at Bele and to test the
mineralisation at depth.
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/pru1108fig2.pdf.
To view Figure 3, please visit the following link:
http://media3.marketwire.com/docs/pru1108fig3.pdf.
The AC drill rig has resumed scout drilling of geochemical anomalism around the
intrusive contact, thus far largely untested by drilling. Assays are pending for
87 AC holes representing approximately 2,400m of drilling. In addition, the
Company's own rotary air blast (RAB) drill rig was recently mobilized to the
Mahale project to infill the auger drilling conducted at Bele in February
through March 2013 in order to refine targeting for the AC and RC drilling. The
RAB rig has completed 98 short holes for 575m with all assays pending.
With four drill rigs running, including the soon to be added multi-purpose rig,
exploration at the Bele Prospect will be better positioned to rapidly assess and
drill out the known zones of mineralisation and potentially identify additional
zones for follow up.
Table 1: Mahale Project, Recent Exploration Drilling Results
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hole Prospect East North Depth Azm. Incl.
(m) (m) (m) (degrees) (degrees)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MHAC4222 Bele 770,148 1,137,160 42 90 -55
incl.
----------------------------------------------------------------------------
MHRC018 Bele 770,140 1,136,960 92 90 -55
----------------------------------------------------------------------------
MHRC019 Bele 770,180 1,136,960 96 90 -55
incl.
incl.
----------------------------------------------------------------------------
MHRC021 Bele 770,180 1,137,000 90 90 -55
----------------------------------------------------------------------------
MHRC024 Bele 770,140 1,137,040 96 90 -55
incl.
----------------------------------------------------------------------------
MHRC025 Bele 770,180 1,137,040 94 90 -55
----------------------------------------------------------------------------
----------------------------------------------------------------------------
------------------------------------------------------
------------------------------------------------------
Hole From To Width Gold
(m) (m) (m) g/t
------------------------------------------------------
------------------------------------------------------
MHAC4222 16 36 20 1.3
20 24 4 4.7
------------------------------------------------------
MHRC018 84 90 6 2.3
------------------------------------------------------
MHRC019 30 96(i) 66 3.1
50 68 18 7.2
58 60 2 30.2
------------------------------------------------------
MHRC021 2 8 6 2.1
56 66 10 1.6
------------------------------------------------------
MHRC024 66 78 12 0.6
82 96(i) 14 6.2
88 92 4 10.7
------------------------------------------------------
MHRC025 68 72 4 4.6
------------------------------------------------------
------------------------------------------------------
Notes:
1) All MHRC holes are Reverse Circulation (RC) holes.
2) MHAC422 is an Air Core (AC) hole.
3) The type of analytical 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.
4) RC drill samples consisted of 2 metre composites assayed by 50g fire
assay by Bureau Veritas Cote d'Ivoire (a division of Bureau Veritas) in
Abidjan, Cote d'Ivoire.
5) AC drill samples consisted of 4 metre composites analysed by 24hr 1kg
bottle roll (BLEG) by Bureau Veritas Cote d'Ivoire (a division of Bureau
Veritas) in Abidjan, Cote d'Ivoire.
6) Only exploration holes with combined intercepts of greater than 10 grams
metres are included.
7) True widths of intercepts from the exploration holes are currently
unknown.
8) (i) denotes hole ended in mineralization.
Jeffrey A Quartermaine, Managing Director and Chief Executive Officer
Competent Person Statement: The information in this report that relates to
exploration results, mineral resources or ore reserves is based on information
compiled by Mr Kevin Thomson, who is a Professional Geoscientist with the
Association of Professional Geoscientists of Ontario. Mr Thomson is an employee
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 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 Thomson 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' 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, Cote d'Ivoire" dated
December 22, 2010 in relation to 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Perseus Mining Limited (Perth)
Jeff Quartermaine
Managing Director
+61 8 6144 1700
jeff.quartermaine@perseusmining.com
Perseus Mining Limited
Kevin Thomson
Exploration Manager
+1 647 638 1949
kevin.thomson@perseusmining.com
Perseus Mining Limited (Melbourne)
Nathan Ryan
Investor Relations
+61 (0) 420 582 887
nathan.ryan@nwrcommunications.com.au
Perseus Mining Limited (Toronto)
Rebecca Greco
Investor Relations
+1 416 822 6483
fighouse@yahoo.com
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