Perseus Mining Acquires Bagoé Gold Project

PERTH, Western Australia, Sept. 28, 2020 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) ”) wishes to advise that that on Friday September 25, 2020, the implementation of the Scheme of Arrangement between Perseus and Exore Resources Limited (Exore) was completed, resulting in Perseus acquiring all of Exore’s assets including a portfolio of exploration properties situated in northern Côte d’Ivoire. This included PR 321 that hosts the Bagoé Gold Project (Bagoé), located approximately 70 kilometres from Perseus’s Sissingué Gold Mine.

On May 4, 2020, Exore announced an independently prepared maiden JORC 2012 compliant Mineral Resource estimate for Bagoé. This estimate was based on mineralisation associated with the Antoinette and Véronique prospects. On July 28, 2020, Exore published further drilling results, this time from the Juliette prospect that highlight the potential for additional resources to be delineated along strike from Antoinette.

Perseus’s pre-acquisition evaluation of Exore’s exploration work at Bagoé indicated potential for the economic exploitation of Antoinette and Véronique by open pit mining and either processing in-situ or transporting ore to Sissingué for processing.

Perseus now intends to undertake a Definitive Feasibility Study (DFS) to confirm the technical and financial viability of a development concept for Bagoé. Proposed work includes:

• Reverse circulation (RC) drilling of each of the Antoinette, Véronique and Juliette prospects to generate sufficient data to enable estimation of Measured and Indicated Resources and conversion into Ore Reserves.
   
• Twinning of four RC holes at Antoinette and five RC holes at Véronique with core drilling to verify the widths and grades of key Exore RC drill intercepts that drive the currently defined optimisation pit shells.
   
• Drilling of four diamond HQ3 core holes at Antoinette and two HQ3 core holes at Véronique to characterise geotechnical conditions in the vicinity of pit walls.
   
• Conducting additional metallurgical test work to determine the performance characteristics of the ore through the Sissingué plant and variability testing.
   
• Drilling water bore holes and aquifer testing to determine dewatering requirements, water chemistry and water supply at each of the prospects.
   
• Multi-element assays of selected mineralised intercepts for ore chemistry characterisation, to assist tailings geochemistry assessment.