Perseus Mining Limited (ASX/TSX: PRU) Provides Update on Resource Definition Drilling at Nyanzaga Gold Project

2 min read | December 05, 2024 03:12 AM EST | By Team Kalkine Media

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Perseus Mining Limited (ASX/TSX: PRU) Provides Update on Resource Definition Drilling at Nyanzaga Gold Project — Image source: Shutterstock

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Highlights

Perseus Mining successfully progresses its resource definition drilling at Nyanzaga Gold Project in Tanzania.

20,278 meters of drilling completed by mid-November 2024, representing 77% of the Stage 1 Tusker Hill program.

The drilling aims to support a shift towards large-scale open pit mining design at Nyanzaga.

Perseus Mining Limited (ASX/TSX: PRU) is pleased to announce an update on its ongoing resource definition drilling at the recently acquired Nyanzaga Gold Project in Tanzania. The drilling program, which began in August 2024, is focused on improving the company’s understanding of the Nyanzaga mineral resource. This work is designed to supplement and enhance the results from previous owners, helping Perseus to refine its plans for a large-scale open pit operation at the site.

The drilling program has been critical in moving away from the prior owner's plan of a small open-pit plus underground operation and towards Perseus's vision for a much larger, more efficient open-pit mining operation. The updated mine design is expected to significantly increase the project’s scale, leading to improved economics and enhanced resource utilization.

As of mid-November 2024, Perseus had eight drill rigs actively operating at Nyanzaga, and a total of 20,278 meters of combined reverse circulation (RC) and diamond drilling (DD) was completed under the Stage 1 Tusker Hill Infill Resource Development Program. This represents 77% of the planned 26,250 meters for the program, which is part of the broader effort to increase resource confidence and refine the geological model for the Nyanzaga project.

The drilling program is primarily focused on infilling existing drill holes that were previously spaced at 40 meters by 40 meters. The goal is to reduce this spacing to a nominal 20 meters by 40 meters, thereby increasing the density of the resource data. This increased density will provide Perseus with the necessary confidence to update the resource model and support the transition to a larger-scale open-pit operation.

Perseus Mining has remained committed to advancing its understanding of Nyanzaga’s mineralization and improving the quality of its resource estimates. The successful completion of the ongoing drilling program will be a crucial step towards unlocking the full potential of the project and driving future growth for the company.

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