AI assistant
PERSEUS MINING LIMITED Capital/Financing Update 2006
46513_rns_2006-12-20_35d4259a-7dd5-4ab7-bf8b-ce030956569f.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
ASX/MEDIA RELEASE 21 December 2006
Significant deep diamond drill intercepts Avanfuri Gold Project - Ghana
Highlights
- Results received to date from nine moderately deep diamond drill holes completed on six of the $\bullet$ Ayanfuri deposits confirm the continuation of significant mineralisation with depth.
- Intercepts included 96m at 2.6 g/t, 64m at 2.4 g/t, 6m at 11.1 g/t, 43m at 3.2 g/t, 107.35m at 1.4 g/t, 62m at 1.9 g/t and 25m at 3.6 g/t Au.
- A number of holes intercepted multiple significant intercepts including: ABDD001 which is $\bullet$ mineralised over 159m from 81m to 240m, with several assays still pending; ADD003 was mineralised from 9.1m to 138.7m and from 205m to 248m, with assays pending between 138.7m and 203.7m; and ADD007 which intercepted multiple zones of mineralisation totaling 146m over a hole depth of 199m.
- The extensive widths and grade of mineralisation being encountered to vertical depths of between 150m to $210m$ , in multiple deposits, highlights the large tonnage open pit potential of the Avanfuri project.
- Diamond drilling is expected to re-commence in January, with a rolling 5,000m contract booked.
Perseus Mining (ASX:PRU) is pleased to announce the latest assay results from an ongoing program of diamond drilling at the Ayanfuri gold project, located near Obuasi (Ashanti Gold Mine) in Ghana.
A total of nine diamond holes totaling 2,203m were completed on the Esuajah, Esuajah South, Fetish, Chirewewa, Dadieso and Abnabna deposits. From assays received to date, each of the diamond holes intercepted significant mineralisation and largely confirmed and extended to depth the mineralized zones defined by the shallower RC drilling. Diamond drilling intersections included:
| Esuajah | Drill hole ADD007: | 62m at 1.9 $g/t$ Au from 197m, including 4m at 15.9 $g/t$ Aufrom 247m (preliminary assays). |
|---|---|---|
| Esuajah South | Drill hole ADD001: | 107.35m at 1.4 g/t Au from 99m, including sub-intercepts of5m at 3.3 g/t from 104m, 7m at 3.7 g/t from 119m and 24.4mat $2.2$ g/t Au from 182m. |
| Drill hole ADD002: | 96m at 2.6 g/t Au from 121m, including sub-intercepts of37m at 3.3 g/t from 123m, and 43m at 2.6 g/t Au from 174m. | |
| Fetish | Drill hole ADD003: | 60.7m at 1.6 $g/t$ Au from 78m and 43m at 3.2 $g/t$ Au from205m, including $13m$ at $8.4g/t$ Au from 205m (assays for138.7 to $203.7m$ still pending). |
| Drill hole ADD004: | 38m at 2.0 g/t Au from 171m, including sub-intercepts of 4mat 4.9 $g/t$ from 171m, and 1m at 22 $g/t$ Au from 199m. | |
| Chirawewa | Drill hole ADD006: | 25m at 3.6 $g/t$ Au from 99m, including 1m at 74.6 $g/t$ Aufrom 114m |
| Dadieso | Drill hole DDD001: | 6m at 11.1 $g/t$ Au from 10m, including 2m at 17.1 $g/t$ Aufrom 10m and 1m at 30.4 $g/t$ Au from 15m. |
|---|---|---|
| Abnabna | Drill hole ABDD001: 64m at 2.4 g/t Au from 81m, 28m at 1.8 g/t Au from 146mand $28m$ at 1.1 $g/t$ Au from $212m$ . |
These impressive diamond drill results follow on from significant RC drilling results announced on 27 September, 24 October and 27 November 2006.
Table 1: Drill Intercepts - Esuajah Deposit - Ayanfuri Gold Project
| Hole | North(m) | East(m) | Depth(m) | Incl.704 | Azm. | From(m) | Tо(m) | Width(m) | Aug/t |
|---|---|---|---|---|---|---|---|---|---|
| ADD007 | 7280 | 2480 | 280.7 | $-45$ | 270 | 60 | 82 | 22 | 1.1 |
| incl. | 68 | 74 | 6 | 2.3 | |||||
| 106 | 120 | 14 | 0.9 | ||||||
| incl. | 111 | 116 | 5 | 1.3 | |||||
| 137 | 185 | 48 | 0.7 | ||||||
| 197 | 259 | 62 | 1.9 | ||||||
| incl. | 247 | 251 | 4 | 15.9 |
All samples were assayed by fire assay.
Table 2: Drill Intercepts - Esuajah South Deposit - Ayanfuri Gold Project
| Hole | North(m) | East(m) | Depth(m) | Incl. | Azm. | From(m) | Tо(m) | Width(m) | Aug/t |
|---|---|---|---|---|---|---|---|---|---|
| ADD001 | 6241 | 2062 | 206.35 | -60 | 270 | 99.0 | $206.35*$ | 107.35 | 1.4 |
| incl. | 104.0 | 109 | 5 | 3.3 | |||||
| and | 119.0 | 126 | 7. | 3.7 | |||||
| and | 144.0 | 148 | 4 | 2.1 | |||||
| and | 182.0 | $206.35*$ | 24.35 | 2.2 | |||||
| ADD 002 | 6321 | 2060 | 218.5 | -60 | 270 | 121.0 | 217 | 96 | 2.6 |
| incl. | 123.0 | 160 | 37 | 3.3 | |||||
| $\sim$ $\sim$. | . | $\cdots$ | and | 174.0 | 217 | 43 | 2.6 |
* denotes ended in mineralisation.
All samples were assayed by fire assay.
Table 3: Drill Intercepts - Fetish Deposit - Ayanfuri Gold Project
| Hole | North | East | Depth | Incl. | Azm. | From | To | Width | Au |
|---|---|---|---|---|---|---|---|---|---|
| (m) | (m) | (m) | $^{\circ}$ | $^{\circ}$ | (m) | (m) | (m) | g/t | |
| ADD003 | 5227 | 3385 | 260.6 | $-50$ | 270 | 9.1 | $77,$ | 67.9 | $0.5,$ |
| incl. | 29 | 32 | 3 | 1.6 | |||||
| and | 47 | $48,$ | Ĺ | $4.0,$ | |||||
| and | 63 | 64 | ĺ | 5.6 | |||||
| $78,$ | 138.7 | 60.7 | 1.6 | ||||||
| incl. | $78,$ | $\bf 87$ | 9 | 3.1 | |||||
| 138.7 | 203.7 | 65 | ASP | ||||||
| $205,$ | 248 | 43 | $3.2,$ | ||||||
| incl. | 205 | 218 | 13 | 8.4 | |||||
| ADD004 | 5160 | 3371 | 235 | $-45$ | 270 | $\pmb{\gamma}$ | 113 | 106 | $0.8,$ |
| incl. | $\tau$ | $\mathbf{1}$ | $\overline{\mathbf{4}}$ | 2.0 | |||||
| and | 37.8 | 51 | 13.2 | 1.3 | |||||
| and | 96 | 101 | $\mathfrak s$ | 1.7 | |||||
| and | 107 | 110 | 3 | 3.0 | |||||
| 171 | 209 | 38 | $2.0,$ | ||||||
| incl. | 175 | 179 | 4 | 4.9 | |||||
| and | 188 | 190 | 2 | $5.0,$ | |||||
| and | 199 | 200 | 22.0 | ||||||
| ADD005 | 5084 | 3343 | 236.5 | $-60-$ | 270 | $\theta$ | 157 | 157 | ASP |
| 169 | 175 | 6 | 0.6 | ||||||
| $178,$ | 182 | 4 | $1.2,$ | ||||||
| 187 | 188 | Ť | $2.4,$ | ||||||
| 195 | 197 | 2 | 3.6 | ||||||
| 205 | 208 | 3 | 3.3 |
All samples were assayed by fire assay.
ASP denotes assays pending
Table 4: Drill Intercepts - Chirawewa Deposit - Ayanfuri Gold Project
| Hole | North(m) | East(m) | Depth(m) | Incl. | Azm. | From(m) | Tо(m) | Width(m) | Aug/t |
|---|---|---|---|---|---|---|---|---|---|
| ADD006 | 4520 | 4290 | 294.1 | $-45$ | 270 | 99 | 124 | 25 | 3.6 |
| incl. | 114 | 115 | 74.6 | ||||||
| 134 | 143 | 9 | 0.5 | ||||||
| 187 | 192 | 5 | 0.5 | ||||||
| 200 | 234 | 34 | 0.5 | ||||||
| incl. | 222 | 225 | 2.8 |
All samples were assayed by fire assay.
Table 5: Drill Intercepts - Dadieso Prospect - Ayanfuri Gold Project
| Hole | North(m) | East(m) | Depth(m) | Incl.$^{\circ}$ | Azm.⊖ | From(m) | Tо(m) | Width(m) | Aug/t |
|---|---|---|---|---|---|---|---|---|---|
| DDD001 | -9598 | $-409$ | 200.0 | $-50$ | 90 | 10 | 16 | 6 | 11.1 |
| incl. | 10 | 12 | 2 | 17.1 | |||||
| and | 15 | 16 | 30.4 | ||||||
| 125 | 129 | 4 | 3.8 | ||||||
| incl. | 128 | 129 | 12.8 | ||||||
| 129 | 130 | ASP | |||||||
| 136 | 137 | 3.8 | |||||||
| 141 | 180 | 39 | 0.4 | ||||||
| incl. | 141 | 143 | 2 | 1.8 | |||||
| 184 | 190 | 6 | 0.7 |
All samples were assaved by fire assay.
ASP denotes assays pending
Table 6: Drill Intercepts - Abnabna Deposit - Ayanfuri Gold Project
| Hole | North(m) | East(m) | Depth(m) | Incl. | Azm.⊖ | From(m) | Tо(m) | Width(m) | Aug/t |
|---|---|---|---|---|---|---|---|---|---|
| ABDD001 | 13705.249 | 25895.04 | 271.3 | -60 | 180 | 81 | 145 | 64 | 2.4 |
| incl. | 97 | 102 | 5 | 9.0 | |||||
| 145 | 146 | ASP | |||||||
| 146 | 174 | 28 | 1.8 | ||||||
| incl. | 149 | 154 | 5 | 5.3 | |||||
| 174 | 175 | ASP | |||||||
| 175 | 205 | 30 | 0.4 | ||||||
| 205 | 212 | 7 | ASP | ||||||
| 212 | 240 | 28 | 1.1 |
All samples were assaved by fire assav.
ASP denotes assays pending
Background on Ayanfuri Gold Project
In May 2006 Perseus acquired an option to purchase a company which had rights to two mining leases, a prospecting licence at Ayanfuri, (the "Ayanfuri Mine Licences"), a reconnaissance licence and a reconnaissance licence application covering a project area of 510.6sq km. The project is located 25-65 kms south west of Obuasi on the Ashanti Gold Belt in Ghana. Perseus's Grumesa project adjoins the optioned project area to the east. The Obuasi (Ashanti) gold mine, lying to the north-east, is one of Africa's premier mines, having produced in excess of 60 million ounces of gold. It is still being mined.
The Ayanfuri Mine Licences incorporate the Ayanfuri mine, which produced 306,400 ounces of gold from multiple open pits and an oxide ore heap leaching circuit between 1994 and 2001.
Feasibility studies are being conducted for a 2Mtpa CIL plant operation at Ayanfuri and a heap leach operation at Perseus's nearby Grumesa project. Current resources for the Avanfuri project are 268,000 ounces Indicated and 340,000 ounces Inferred for 5 of the 19 deposits previously mined.
At Avanfuri gold mineralization occurs within a series of granitoid stocks intruded along a major deformation zone, and to a lesser extent within the enclosing sheared metasediments. Several shallow open cut mines were developed on the outcropping granitoid stocks in 2001, but exploration and mining was limited as a consequence of the low gold price prevailing at that time.
$To$ discuss any aspect of this announcement. please contact Mark Calderwood af [email protected]
For media enquiries please contact Tiffany Winch-Buist or John Williams at Professional Public Relations on $+61893880944$
Children
Mark Calderwood Managing Director
Perseus Mining listed on ASX in September 2004 to explore and develop several advanced gold projects located in West Africa and Central Asia.
Perseus has experienced staff working in regions which host numerous "World Class" gold deposits, but which remain amongst the least explored by modern techniques.
Perseus has demonstrated the exploration potential of its key projects in Ghana, Ivory Coast and the Kyrgyz Republic and has reported increases its resource base to over 2 million ounces of gold in September 2006.
Active drilling campaigns on projects in Ghana, Ivory Coast and the Kyrgyz Republic should result in further significant resource upgrades by Perseus.
The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Mark Calderwood, who is a 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'. 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.