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PERSEUS MINING LIMITED Capital/Financing Update 2007
46513_rns_2007-01-14_820d118b-3c7c-4405-be46-8f881c9d68c8.pdf
Capital/Financing Update
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ASX/MEDIA RELEASE 15 January 2007
New Zone Discovered Grumesa Gold Project - Ghana, West Africa
Highlights
- A new strongly gold mineralized zone has been identified from the latest round of drilling at the $\bullet$ Grumesa Gold Project on the Ashanti Gold Belt in Ghana.
- This new zone of mineralization has the potential to impact significantly on the economics of the $\bullet$ planned heap leach project, by providing additional gold ounces and higher grade material which would enhance the cash flow in early years.
- $\bullet$ One hole averaged 1.7g/t Au over its entire length of 60m, including 4m at $6.3g/t$ , 4m at $5.3g/t$ and 12m at 2.3g/t Au. The easternmost hole on the same section intercepted 19m at $1.9g/t$ Au form surface. A third hole, drilled 200m to the south (but off strike), intercepted $66m$ at $0.9g/t$ , including $6m$ at 2.0g/t and 22m at 1.3g/t Au.
- A further 5,000m of RC and diamond drilling is scheduled to commence in January and will cover this under-explored northern portion of the deposit as well as other targets, with the view to delineating more feedstock for the proposed heap leach mining operation at Grumesa.
- Infill drilling on the resource at the southern end of the project returned intercepts including 42m at 2.3g/t, 38m at 1.7g/t, 22m at 1.8, 8m at 3.7g/t, and 6m at 4.5g/t Au.
- The Grumesa Gold Project's existing Inferred gold resource of 800,000 oz will be upgraded in April to incorporate results from the latest round of drilling and the proposed 5,000m drilling program.
Perseus Mining Limited (ASX: PRU) is pleased to announce the discovery of a new zone containing gold mineralization of significant grade and width at its Grumesa Gold Project in Ghana, where existing Inferred resources stand at 29Mt at 0.9g/t Au for 800,000 ounces of gold. The new zone appears to coincide with a geophysical anomaly that is 1,500m long and up to 200m wide. The more significant intercepts from the latest drilling are set out in the table below. They are additional to the results reported in the September 2006 quarterly report.
The new discovery was made from limited exploration drilling carried out in late 2006 in conjunction with infill resource drilling on the proposed stage 1 pit area situated approximately 800m to the south (see map).
The new zone of mineralization has the potential to impact significantly on the economics of the planned heap leach project, for which a feasibility study is in progress, by providing additional gold ounces and higher grade material which would enhance the cash flow in early years.
The infill resource drilling also completed on the southern portion of the deposit will enable a partial upgrade of the Inferred resources to Indicated category. Resource modeling is currently underway and it is planned to announce a resource upgrade after results from the proposed 5,000m drilling program are to hand.
Kayeya Gold Deposit - Grumesa Gold Project
The Grumesa Project feasibility study is continuing and Perseus has entered into an agreement to purchase heap leach plant and equipment for use on the project. The Company has also purchased land which will be affected by the proposed development and will submit an environmental impact statement when a leach pad design is completed in late January 2007.
To discuss any aspect οf this announcement, please contact Mark Calderwood at [email protected]
For media enquiries please contact Tiffany Winch-Buist or John Williams at Professional Public Relations on +61 8 9388 0944.
CD-
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 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.
| Table 1: Significant Drill Intercepts - Grumesa Gold Project | ||
|---|---|---|
| Hole | North | East | Depth | Azm. | Incl. | From | To | Width | Au |
|---|---|---|---|---|---|---|---|---|---|
| (m) | (m) | (m) | $^{\circ}$ | $^{\circ}$ | (m) | (m) | (m) | g/t | |
| KRC183 | 89320 | 60180 | 73 | 90 | -60 | $\overline{2}$ | 73 | 71 | $0.9\,$ |
| incl. | 16 | 30 | $\overline{14}$ | 1.6 | |||||
| and | 60 | 68 | 8 | $1.8\,$ | |||||
| KRC184 | 89320 | 60161 | 60 | 90 | -60 | $\overline{2}$ | 52 | 50 | 0.9 |
| incl. | $48\,$ | 52 | $\overline{4}$ | 3.7 | |||||
| KRC186 | 89360 | 60180 | 50 | 270 | -60 | $\mathbf 2$ | 46 | 44 | $0.6\,$ |
| incl. | 32 | 40 | 8 | 2.0 | |||||
| KRC187 | 89360 | 60200 | 80 | 270 | -60 | 28 | 68 | 40 | $1.0\,$ |
| incl. $-60$ |
34 24 |
50 $62\mathrm{*}$ |
16 | 1.3 $1.7\,$ |
|||||
| KRC188 | 89360 | 60220 | 62 | 270 | 38 | ||||
| KRC190 | 89300 | 60167 | 100 | 270 | $-60$ | $\overline{2}$ | 94 | 92 6 |
0.4 |
| KRC194 | 89361 | 60320 | 58 | 270 | -60 | 18 | 24 $58\mathrm{*}$ |
0.7 | |
| KRC195 | 89361 | 60340 | 60 | 270 | -60 | 28 18 |
$60*$ | 30 42 |
$0.8\,$ |
| incl. | 22 | 50 | 28 | 2.3 3.0 |
|||||
| KRC196 | 89362 | 60360 | 60 | 270 | $-60$ | 20 | 52 | 32 | $0.8\,$ |
| KRC198 | 89360 | 60400 | 50 | 270 | -60 | 10 | 28 | 18 | 1.3 |
| 38 | 42 | $\overline{4}$ | 2.7 | ||||||
| KRC200 | 89440 | 60250 | 120 | 270 | -60 | 56 | 64 | $\bf 8$ | 1.5 |
| 76 | 84 | $\bf 8$ | 1.0 | ||||||
| KRC201 | 89440 | 60221 | 120 | 270 | -60 | 76 | 106 | 30 | 1.1 |
| incl. | 84 | 90 | 6 | $2.8\,$ | |||||
| KRC202 | 89440 | 60190 | 100 | 270 | -60 | 56 | 78 | 22 | $1.1\,$ |
| incl. | $72\,$ | 78 | 6 | $1.8\,$ | |||||
| KRC203 | 89440 | 60160 | 80 | 270 | -60 | $\overline{2}$ | 30 | 28 | $\mathbf{1.1}$ |
| incl. | 12 | 22 | 10 | $1.7\,$ | |||||
| KRC207 | 89480 | 60160 | 80 | 270 | -60 | 26 | $80*$ | 54 | 0.5 |
| incl. | 36 | 44 | 8 | $1.3\,$ | |||||
| KRC208 | 89480 | 60141 | 70 | 270 | $-60$ | $\mathbf{1}$ | 65 | 64 | 0.5 |
| KRC209 | 89481 | 60121 | 50 | 270 | $-60$ | $\mathbf{1}$ | 9 | $\bf 8$ | 3.7 |
| 26 | 30 | $\overline{4}$ | 3.1 | ||||||
| KRC210 | 89540 | 60100 | 50 | 270 | $-60$ | $\mathbf{I}$ | 44 | 43 | 1.0 |
| KRC211 | 89540 | 60121 | 70 | 270 | -60 | 18 | 56 | 38 | $0.9\,$ |
| incl. | 18 | 30 | $12 \,$ | 1.5 | |||||
| KRC212 | 89540 | 60140 | 100 | 270 | -60 | 36 | 60 | 24 | 1.2 |
| incl. | 42 | 48 | 6 | 3.2 | |||||
| KRC213 | 89540 | 60170 | 120 | 270 | -60 | 72 | $120*$ | 48 | $1.0\,$ |
| KRC219 | 89540 | 60281 | 30 | 90 | incl. $-60$ |
74 $\overline{2}$ |
88 24 |
14 22 |
2.0 $1.8\,$ |
| incl. | 4. | 10 ° | 6 | $4.8\,$ | |||||
| KRC222 | 89360 | 60239 | 76. | 270 | $-60$ | 46 | 76* | 30 | 1.2 |
| KRC229 | 89580 | 60220 | 40 | 270 | -60 | $\theta$ | 18 | 18 | 1.5 |
| KRC232 | 89580 | 60280 | 30 | 270 | -60 | 18 | $30*$ | 12 | 2.5 |
| incl. | 18 | 24 | 6 | 4.5 | |||||
| KRC236 | 89620 | 60149 | 50 | 90 | -60 | 28 | 50* | 22 | 1.0 |
| incl. | 30 | 36 | 6. | 1.6 |
| Hole | North | East | Depth | Azm. | Incl. | From | T 0 | Width | Aц |
|---|---|---|---|---|---|---|---|---|---|
| (m) | (m) | (m) | $^{\circ}$ | $\binom{5}{2}$ | (m) | (m) | (m) | g/t | |
| KRC238 | 89621 | 60190 | 50 | 90 | $-60$ | 22 | 42 | 20 | 1.1 |
| incl. | 26 | 32 | 6. | 1.5 | |||||
| KRC239 | 89621 | 60209 | 50 | 90 | $-60$ | 32 | 50* | 18 | 1.6 |
| incl. | 38 | 50* | 12 | 2.1 | |||||
| KRC265 | 90400 | 59872 | 40 | 90 | $-50$ | 12 | 40* | 28 | $1.0\,$ |
| incl. | 12 | 20 | 8 | 1.7 | |||||
| and | 28 | 30 ° | 2 | 3.5 | |||||
| KRC276 | 90698 | 60132 | 100 | 270 | -50 | Ť | 72 | 71 | 0.4 |
| KRC277 | 90700 | 60045 | 100 | 270 | $-50$ | 29 | $100*$ | 71 | 0.4 |
| KRC279 | 90992 | 60015 | 100 | 270 | $-50$ | 34 | $100*$ | 66 | 0.9 |
| incl. | 50 | 56 | 6 | 2.0 | |||||
| and | 78 | $100*$ | 22 | $1.3\,$ | |||||
| KRC288 | 91197 | 60682 | 60 | 270 | $-50$ | $\theta$ | $60*$ | 60 | $1.7\,$ |
| incl. | 2 | 6 | 4 | 6.3 | |||||
| and | $28\,$ | 32 | 4 | 5.3 | |||||
| and | 40 | 52 | 12. | 2.3 | |||||
| KRC289 | 91196 | 60702 | 60 | 270 | $-50$ | 3 | 22 | 19 | 1.9 |
| incl. | $\overline{14}$ | 22. | 8 | 3.3 | |||||
| KRC292 | 90699 | 60015 | 100 | 90 | $-50$ | $\overline{2}$ | $100*$ | 98 | 0.4 |
| KRC293 | 89240 | 60325 | 80 | 270 | -60 | 1 | 44 | 43 | 0.7 |
| KRC294 | 89280 | 60350 | 100 | 270 | $-60$ | $\bf{0}$ | 36 | 36 | 0.9 |
| 82 | 96 | $\overline{14}$ | 1.0 |
Table 1: Significant Drill Intercepts - Grumesa Gold Project (continued)
* ended in mineralisation.
Mineralised intersections are reported where hole contains intercepts of over 20 gram-metres. All samples were assayed by 1kg bottle roll cyanide leach (only leach recovered grades reported).
Holes KRC183 - KRC247, KRC293 - 294 were infill drill holes.