Perseus expands Yaouré exploration and confidence

Perseus Mining (ASX:PRU) says exploration drilling at the Yaouré Gold Mine in Côte d’Ivoire continues to bolster its confidence in opportunities to expand the open pit mineral resource. 

The $2.30 billion market capitalisation company’s ongoing exploration and study programs at Yaouré will be focusing on continuing drilling to upgrade the status of mineral resources at CMA and the Yaouré open pit. 

Perseus is also continuing drilling down dip of the current CMA underground mineral resource to identify the potential for further resource extensions. 

Chief Executive Officer and Chairman Jeff Quartermaine says to deliver ‘successful’ exploration, the company has been funding active exploration programs at all 3 operating sites in Côte d’Ivoire and Ghana. 

“The encouraging drill results reported today from our latest exploration campaigns conducted in and around Yaouré and Sissingué gold mines, provide clear evidence that we are well on track to not only improve the quality of our existing asset base by extending the lives of each of these mines, but also maintaining Perseus’s targeted levels of combined gold production of more than 500,000 ounces of gold per year to the end of the current decade and beyond.”

Some of these latest results from Yaouré include hole YDD0594 with 12m @ 4.58 grams per tonne gold  from 325m and 3m @ 6.27g/t Au from 349m; and hole YDD0604 with 16m @ 2.08g/t Au from 171m. 

Results from the Sissingué gold mine in Ghana include hole FMRC0040 with 6m @ 3.78g/t Au from 118m; and hole FMRC0047 with 9m @ 2.10g/t Au from 109m. 

The company is continuing ongoing exploration work at Sissingué to uncover extensions to existing mineral deposits and other prospects that have ‘significant’ potential to extend the life of its operation. 

As previously reported, Perseus is seeking to acquire Orecorp (ASX:ORR) by way of an off-market takeover offer, with Orecorp shareholders receiving a cash consideration of $0.55 per Orecorp share. 

The offer implies a total Orecorp equity value of $258 million. 

The offer will be funded from Perseus’s existing cash and bullion reserves, which amounts to US$594 million as of 30 September 2023. 

Both companies are working together but Orecorp says it has not changed its existing unanimous recommendation in favour of the current offer by Silvercorp Metals, which this news service previously reported

Perseus Mining is a African-focused gold producer, developer, and explorer that operates 3 gold mines.

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Images: Perseus Mining
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.