NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES
Perseus Mining Limited ("Perseus" or the "Company") (TSX:PRU)(ASX:PRU) is
pleased to provide details of further high grade gold intercepts recorded during
recent drilling on the Bokitsi South Deposit at its Edikan Gold Mine (EGM) in
Ghana, West Africa. (Refer to Figure 1 - Location Map). Bokitsi South is the
first of a number of targets to be drill tested with the aim of identifying high
grade mineralisation that can be included in mill feed for the EGM processing
plant.
The drill results which are in addition to the positive drill results described
in our News Release dated 19 June 2014, include the following highlights:
BKRC083 - 16m at 6.4g/t Au from 43m including 3m at 26.7g/t Au from 44m
BKRC084 - 24m at 4.6g/t Au from 60m including 2m at 18.9g/t Au from 68m
BKRC086 - 3m at 5.6g/t Au from 27m (drill hole ended in mineralisation)
BKRC093 - 6m at 8.7g/t Au from 9m including 3m at 16.1g/t Au from 10m
BKRC099 - 4m at 10.8g/t Au from 72m including 1m at 36.0g/t Au from 73m
BKDD048 - 8.7m at 8.7g/t Au from 67.5m including 2.4m at 18.6g/t Au from
72.6m
The Bokitsi drill programme included 37 RC drill holes totalling 2,973 metres.
The drill intercepts summarised above are from the final 22 drill holes of the
programme and are in addition to results from the first 15 drill holes announced
previously. Significant intercepts from all holes in the drill programme are
listed in Table 1 of Attachment 1. Apart from the three holes that were diamond
core tailed due to the presence of water, the predominantly RC drilling program
was conducted with dry samples. (Refer to Figure 2 for a plan of the Bokitsi
South deposit and to Figure 3 for a vertical longitudinal section.)
This drilling programme targeted areas containing Inferred Mineral Resources at
Bokitsi South, as well as testing the southern extent of the lode. The drill
results from the programme will now be incorporated into a revised estimation of
the Mineral Resources at Bokitsi South which will be published early in the
September 2014 Quarter. A maiden Mineral Reserve estimate for the Bokitsi South
deposit based on the updated Mineral Resource data is expected to be released
late in the September 2014 Quarter.
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Perseus Managing Director, Jeff Quartermaine's Comments:
"We continue to be very encouraged by the results from the Bokitsi South
drill programme. A Mineral Resource upgrade and maiden Mineral Reserve
estimate will now be prepared for the deposit and studies to assess the
feasibility of bringing forward the development of the Bokitsi pit will
commence.
Bokitsi South is one of several deposits and prospects on our Edikan
tenements, including Chirawewa, Mampong and Pokukrom, where our exploration
programmes are targeting high grade mineralisation to enhance the grade of
mill feed at our Edikan Gold Mine.
We consider that organic growth is the most cost efficient method of growth
for mining companies and the recent results from the Bokitsi South drilling
programme indicate that our corporate strategy of pursuing growth through
the drill bit is delivering positive results as planned."
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The Bokitsi sediment shear hosted mineralized zone extends along the western
flank of the Fetish deposit to 1.5 kilometres to the south. Mineralisation is
contained in a 5 to 25 metre wide shear zone in volcaniclastic sediments with
silica-sericite alteration, quartz veining and 1 to 3% pyrite plus arsenopyrite.
While the granite hosted deposits at Edikan tend to be wide and low grade, the
sediment shear hosted deposits are narrower with significantly higher grade.
Two discrete deposits have been delineated on the trend, including Bokitsi North
which is located immediately west of the Fetish deposit and Bokitsi South. Oxide
ore was mined from both deposits in the 1990s, with the Bokitsi South lode
exploited by Ashanti Goldfields.
Metallurgical test work conducted on the Bokitsi South gold mineralised material
indicates that it is amenable to processing through the EGM circuit at
marginally lower recoveries than the Edikan granite orebodies.
The drilling program on Bokitsi South has infill-drilled the principal sulphide
lode below the old oxide pit to a nominal 20m by 20m drill spacing and extended
the drill testing to the south in order to expand and upgrade the Mineral
Resource.
Competent Person Statement:
The information in this report and attachments 1 and 2 that relates to
exploration results is based on, and fairly represents, information and
supporting documentation prepared by Mr Kevin Thomson, a Competent Person who is
a Professional Geoscientist with the Association of Professional Geoscientists
of Ontario. Mr Thomson is an employee of a subsidiary of the Company. Mr Thomson
has sufficient experience, which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity being undertaken, to
qualify as a Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves'") and to qualify as a "Qualified Person" under National Instrument
43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr Thomson
consents to the inclusion in this report of the matters based on his information
in the form and context in which it appears. For a description of Perseus' data
verification process, quality assurance and quality control measures, the
effective date of the mineral resource and mineral reserve estimates contained
herein, details of the key assumptions, parameters and methods used to estimate
the mineral resources and reserves set out in this report and the extent to
which the estimate of mineral resources or mineral reserves set out herein may
be materially affected by any known environmental, permitting, legal, title,
taxation, socio-political, marketing or other relevant issues, readers are
directed to the technical report entitled "Technical Report - Central Ashanti
Gold Project, Ghana" dated May 30, 2011 and the technical report entitled
"Technical Report - Tengrela Gold Project, Cote d'Ivoire" dated December 22,
2010 in relation to the Edikan Gold Mine (formerly the Central Ashanti Gold
Project) and the Tengrela Gold Project respectively.
Caution Regarding Forward-Looking Information: This report contains
forward-looking information which is based on the assumptions, estimates,
analysis and opinions of management made in light of its experience and its
perception of trends, current conditions and expected developments, as well as
other factors that management of the Company believes to be relevant and
reasonable in the circumstances at the date that such statements are made, but
which may prove to be incorrect. Assumptions have been made by the Company
regarding, among other things: the price of gold, continuing commercial
production at the Edikan Gold Mine without any major disruption, development of
a mine at Tengrela, the receipt of required governmental approvals, the accuracy
of capital and operating cost estimates, the ability of the Company to operate
in a safe, efficient and effective manner and the ability of the Company to
obtain financing as and when required and on reasonable terms. Readers are
cautioned that the foregoing list is not exhaustive of all factors and
assumptions which may have been used by the Company. Although management
believes that the assumptions made by the Company and the expectations
represented by such information are reasonable, there can be no assurance that
the forward-looking information will prove to be accurate. Forward-looking
information involves known and unknown risks, uncertainties, and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any anticipated future results, performance or
achievements expressed or implied by such forward-looking information. Such
factors include, among others, the actual market price of gold, the actual
results of current exploration, the actual results of future exploration,
changes in project parameters as plans continue to be evaluated, as well as
those factors disclosed in the Company's publicly filed documents. The Company
believes that the assumptions and expectations reflected in the forward-looking
information are reasonable. Assumptions have been made regarding, among other
things, the Company's ability to carry on its exploration and development
activities, the timely receipt of required approvals, the price of gold, the
ability of the Company to operate in a safe, efficient and effective manner and
the ability of the Company to obtain financing as and when required and on
reasonable terms. Readers should not place undue reliance on forward-looking
information. Perseus does not undertake to update any forward-looking
information, except in accordance with applicable securities laws.
Figure 1. Location of the Bokitsi South Deposit, Figure 2. Plan Map of the
Bokitsi South Resource Infill Drilling, and Figure 3. Vertical Longitudinal
Section of the Bokitsi South Deposit with Recent Infill Drilling Highlighted are
available at the following address:
http://media3.marketwire.com/docs/140701_PerseusMiningLimited_Figure1-2-3.pdf
ATTACHMENT 1 - EDIKAN DRILLING RESULTS
Table 1: Bokitsi South Resource Infill Drilling Results
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Hole East North RL Depth Azm. Incl. From To Width Au
(m) (m)(m ASL) (m) (degrees) (degrees) (m) (m) (m) g/t
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BKRC068 2,807 4,400 157 115 307 -50 97 104 7 3.6
----------------------------------------------------------------------------
BKRC069 2,800 4,380 155 105 307 -55 92 96 4 9.2
incl. 92 94 2 17.7
----------------------------------------------------------------------------
BKRC070 2,786 4,340 156 95 307 -45 75 88 13 5.7
incl. 77 82 5 12.6
----------------------------------------------------------------------------
BKRC071 2,803 4,300 159 110 307 -55 91 100 9 2.1
----------------------------------------------------------------------------
BKRC072 2,808 4,260 157 110 307 -55 83 94 11 4.4
incl. 83 85 2 9.1
----------------------------------------------------------------------------
BKRC073 2,793 4,240 151 120 307 -50 56 82 26 1.6
92 94 2 2.9
----------------------------------------------------------------------------
BKRC074 2,770 4,220 149 72 307 -45 44 59 15 4.2
incl. 47 50 3 7.4
and 56 58 2 11.6
----------------------------------------------------------------------------
BKRC075 2,781 4,220 149 84 307 -55 32 33 1 9.5
53 60 7 5.4
incl. 54 56 2 12.4
63 66 3 8.6
incl. 64 65 1 17.6
----------------------------------------------------------------------------
BKRC076 2,819 4,220 153 100 307 -55 90 97 7 6.4
incl. 91 94 3 12.8
----------------------------------------------------------------------------
BKRC077 2,769 4,380 154 65 307 -45 53 62 9 6.8
incl. 55 57 2 12.1
----------------------------------------------------------------------------
BKRC078 2,759 4,400 155 60 307 -45 40 51 11 7.4
incl. 40 44 4 14.3
----------------------------------------------------------------------------
BKRC079 2,775 4,320 157 90 307 -45 66 76 10 6.7
incl. 71 74 3 12.3
----------------------------------------------------------------------------
BKRC080 2,774 4,280 154 120 307 -45 66 68 2 2.6
71 72 1 24.8
111 118 7 1.0
----------------------------------------------------------------------------
BKRC081 2,783 4,260 153 110 307 -45 45 47 2 1.5
67 87 20 8.6
incl. 67 70 3 30.5
and 79 83 4 11.4
----------------------------------------------------------------------------
BKRC082 2,774 4,240 150 112 307 -45 55 56 1 6.9
59 66 7 5.8
incl. 63 65 2 10.0
80 84 4 1.0
----------------------------------------------------------------------------
BKRC083 2760.1 4199.9 148.3 96 270 -50 14 18 4 1.3
43 59 16 6.4
incl. 44 47 3 26.7
----------------------------------------------------------------------------
BKRC084 2800.0 4199.8 149.5 100 270 -50 60 84 24 4.6
incl. 68 70 2 18.9
77 80 3 13
----------------------------------------------------------------------------
BKRC085 2720.4 4159.9 150.7 36 270 -55 5 9 4 1.2
----------------------------------------------------------------------------
BKRC086 2740.4 4140.0 151.5 30 270 -55 27 30 3(i) 5.6
----------------------------------------------------------------------------
BKRC087 2740.6 4120.0 153.3 30 270 -55 NSI
----------------------------------------------------------------------------
BKRC088 2730.6 4080.0 166.6 36 270 -55 NSI
----------------------------------------------------------------------------
BKRC089 2735.0 4159.9 149.1 45 270 -50 NSI
----------------------------------------------------------------------------
BKRC090 2738.9 4039.9 168.1 36 270 -55 3 8 5 1.2
32 35 3 6.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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Hole East North RL Depth Azm. Incl. From To Width Au
(m) (m)(m ASL) (m)(degrees)(degrees) (m) (m) (m) g/t
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BKRC091 2740.2 4060.0 167.1 36 270 -55 29 36 7(i) 2.8
----------------------------------------------------------------------------
BKRC092 2740.5 4099.9 161.7 36 270 -55 35 36 1(i) 1.9
----------------------------------------------------------------------------
BKRC093 2740.4 4020.0 166.1 36 270 -55 9 15 6 8.7
incl. 10 13 3 16.1
----------------------------------------------------------------------------
BKRC094 2720.1 3999.9 165.2 24 270 -55 14 15 1 5.7
----------------------------------------------------------------------------
BKRC095 2740.2 3979.9 157.9 30 270 -55 NSI
----------------------------------------------------------------------------
BKRC096 2810.0 4180.5 150.0 114 270 -55 75 86 11 1.9
----------------------------------------------------------------------------
BKRC097 2790.1 4179.9 149.6 95 270 -50 30 46 16 3.3
56 58 2 48.2
58 59 1 3.2
64 68 4 2
----------------------------------------------------------------------------
BKRC098 2769.7 4179.9 149.9 90 270 -45 40 42 2 1.7
58 60 2 2.1
----------------------------------------------------------------------------
BKRC099 2801.7 4160.0 149.4 102 270 -50 72 76 4 10.8
incl. 73 74 1 36
92 96 4 2
----------------------------------------------------------------------------
BKRC100 2788.7 4140.0 149.7 96 270 -50 54 67 13 1
80 88 8 2.6
----------------------------------------------------------------------------
BKRC101 2769.3 4140.2 149.7 90 270 -45 NSI
----------------------------------------------------------------------------
BKRDD047 2832.3 4320.0 162.7 136 270 -55 114 124 10 1.4
----------------------------------------------------------------------------
BKRDD048 2776.7 4299.8 155.3 130 270 -45 67.5 76.2 8.7 8.7
incl. 72.6 75 2.4 18.6
----------------------------------------------------------------------------
BKRDD049 2768.0 4160.0 150.0 81 270 -50 NSI
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Note:
1. NSI means "No significant intercept"
2. "(i)\" denotes drill hole ends in mineralisation
ATTACHMENT 2 - JORC CODE, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
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Criteria JORC Code Explanation Commentary
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Sampling techniques
Nature and quality of Reverse Circulation (RC)
sampling (eg cut channels,drill holes (BKRC holes)
random chips, or specific were routinely sampled at
specialised industry 1m intervals down the
standard measurement toolshole. RC samples were
appropriate to the collected at the drill rig
minerals under by riffle splitting drill
investigation, such as spoils to collect a
down hole gamma sondes, ornominal 1-2 kg sub sample
handheld XRF instruments, and composited into 2m
etc). These examples samples for assay of
should not be taken as unmineralised hanging-wall
limiting the broad meaningmaterial, and 1m samples
of sampling. were submitted for assay
Include reference to of the mineralised zones.
measures taken to ensure Diamond drill (DD) core in
sample representivity and BKRD holes was sampled at
the appropriate 1m intervals by sawing in
calibration of any half the drill core and
measurement tools or submitting half for assay.
systems used. Routine standard reference
Aspects of the material, sample blanks,
determination of and sample field
mineralisation that are duplicates were
Material to the Public inserted/collected at
Report. every 12th sample in the
In cases where 'industry sample sequence on average
standard' work has been in order to gauge and
done this would be ensure sample
relatively simple (eg representivity and quality
'reverse circulation of results from the
drilling was used to laboratory.
obtain 1 m samples from All samples were submitted
which 3 kg was pulverised to Intertek Minerals Ghana
to produce a 30 g charge in Tarkwa for preparation
for fire assay'). In otherand analysis for Gold by
cases more explanation may50g Fire Assay with AAS
be required, such as wherefinish.
there is coarse gold that
has inherent sampling
problems. Unusual
commodities or
mineralisation types (eg
submarine nodules) may
warrant disclosure of
detailed information.
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Drilling techniques
Drill type (eg core, All RC holes were
reverse circulation, open-completed by reverse
hole hammer, rotary air circulation (RC) drilling
blast, auger, Bangka, techniques with a hole
sonic, etc) and details diameter of 5.5 inch and a
(eg core diameter, triple face sampling down hole
or standard tube, depth ofhammer.
diamond tails, face- Three diamond core tails
sampling bit or other were drilled with an NQ
type, whether core is diameter coring bit.
oriented and if so, by
what method, etc).
----------------------------------------------------------------------------
Drill sample recovery
Method of recording and A qualitative estimate of
assessing core and chip sample recovery was done
sample recoveries and for each sample metre
results assessed. collected from the drill
Measures taken to maximiserig.
sample recovery and ensureRiffle split samples were
representative nature of weighed to ensure
the samples. consistency of sample size
Whether a relationship and monitor sample
exists between sample recoveries.
recovery and grade and Drill sample recovery and
whether sample bias may quality is considered to
have occurred due to be adequate for the
preferential loss/gain of drilling technique
fine/coarse material. employed. Wet RC samples
were not an issue as the
RC drill rig had
sufficient air pressure to
ensure dry samples.
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Logging
Whether core and chip All drill samples were
samples have been geologically logged by
geologically and Company Geologists.
geotechnically logged to aGeological logging
level of detail to supportrecorded rock types,
appropriate Mineral visual estimates of the
Resource estimation, abundance of quartz
mining studies and fragments and sulphides
metallurgical studies. plus the degree of
Whether logging is weathering using a
qualitative or standardized logging
quantitative in nature. system.
Core (or costean, channel,All (100%) of material
etc) photography. drilled via RC and DD
The total length and drilling methods was
percentage of the relevantlogged in detail by
intersections logged. Company geologists.
Small samples of RC drill
material were retained in
chip trays and DD core
stored in core trays for
future reference and
validation of geological
logging.
----------------------------------------------------------------------------
Sub-sampling techniques
and sample preparation If core, whether cut or All dry samples were
sawn and whether quarter, riffle split at the drill
half or all core taken. rig. Wet RC samples were
If non-core, whether not encountered in this
riffled, tube sampled, program. When chips were
rotary split, etc and showing signs of moisture,
whether sampled wet or the drilling switched to
dry. diamond core to avoid wet
For all sample types, the chips in several holes.
nature, quality and Routine field sample
appropriateness of the duplicates of RC samples
sample preparation were taken to evaluate
technique. representivity of samples
Quality control procedureswith the results stored in
adopted for all sub- the master drill database
sampling stages to for reference.
maximise representivity ofAt the Intertek Minerals
samples. Ghana laboratory, samples
Measures taken to ensure were weighed, dried and
that the sampling is crushed to -2mm in a jaw
representative of the in crusher. A 1.5kg split of
situ material collected, the crushed sample was
including for instance subsequently pulverised in
results for field a ring mill to achieve a
duplicate/second-half nominal particle size of
sampling. 85% passing 75um.
Whether sample sizes are Sample sizes and
appropriate to the grain laboratory preparation
size of the material beingtechniques are considered
sampled. to be appropriate for this
stage of gold exploration.
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Quality of assay data
and laboratory tests The nature, quality and For all drill samples,
appropriateness of the analysis for Gold was
assaying and laboratory undertaken at the Intertek
procedures used and Minerals Ghana laboratory
whether the technique is by 50g Fire Assay with AAS
considered partial or finish to a lower
total. detection limit of
For geophysical tools, 0.01ppm. Fire assay is
spectrometers, handheld considered a total assay
XRF instruments, etc, the technique.
parameters used in No geophysical tools or
determining the analysis other non-assay
including instrument make instruments were used in
and model, reading times, the analyses reported.
calibrations factors Review of standard
applied and their reference material, sample
derivation, etc. blanks and duplicates
Nature of quality control suggest there are no
procedures adopted (eg significant analytical
standards, blanks, bias or preparation errors
duplicates, external in the reported analyses.
laboratory checks) and Internal laboratory QAQC
whether acceptable levels checks are reported by the
of accuracy (ie lack of laboratory and routine
bias) and precision have review of the laboratory
been established. QAQC suggests the
laboratory is performing
within acceptable limits.
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Verification of sampling
and assaying The verification of Drill hole data is
significant intersections captured by Company
by either independent or geologists at the drill
alternative company rig and manually entered
personnel. into a digital database.
The use of twinned holes. The digital data is
Documentation of primary verified and validated by
data, data entry the Company's database
procedures, data Manager before loading
verification, data storageinto a master drill hole
(physical and electronic) database on a regularly
protocols. backed-up server.
Discuss any adjustment to Reported drill hole
assay data. intercepts are compiled by
the Company's Group
Exploration Manager.
Twin holes were not
drilled to verify results
as it is considered
unnecessary at this stage
of drilling.
There were no adjustments
to assay data.
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Location of data points
Accuracy and quality of Drill hole collars were
surveys used to locate set out in a local grid
drill holes (collar and datum using a Total
down-hole surveys), Station, with a number of
trenches, mine workings well-established survey
and other locations used bench marks for control.
in Mineral Resource Drill hole collars were
estimation. picked up after drilling
Specification of the grid with a Total Station and
system used. cross-checked with a DGPS
Quality and adequacy of in UTM WGS84 Zone 30N. The
topographic control. accuracy in lateral and
vertical directions is
considered to be within
millimetres.
Drill holes were surveyed
for down hole deviation
using a Reflex EZ-Shot
tool, at 12m and 30m
depth, and every 30m depth
thereafter, plus at the
end-of-hole.
Locational accuracy at
collar and down the drill
hole is considered
appropriate for this stage
of drilling.
----------------------------------------------------------------------------
Data spacing and
distribution Data spacing for reportingThe drilling program was
of Exploration Results. one of infill drilling for
Whether the data spacing an eventual resource
and distribution is update. Previous drilling
sufficient to establish was in-filled to a nominal
the degree of geological spacing of 20 meters X 20
and grade continuity meters in this program.
appropriate for the The reported drilling is
Mineral Resource and Ore sufficient to establish
Reserve estimation geological and grade
procedure(s) and continuity and will be
classifications applied. used for a future resource
Whether sample compositingupdate of the deposit.
has been applied. Sample compositing was
performed only in the
sampled hang-wall waste
material with 2 X 1m
sample composites, however
sample compositing was not
performed in the
mineralised zones and the
original 1 metre samples
were submitted for assay.
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Orientation of data in
relation to geological Whether the orientation ofIn plan, drilling has been
structure sampling achieves unbiasedperformed approximately
sampling of possible perpendicular to the
structures and the extent strike of controlling
to which this is known, structures and the
considering the deposit mineralisation. In cross-
type. section, drill holes were
If the relationship drilled at high angles to
between the drilling the dip of structures and
orientation and the mineralisation.
orientation of key The drilling has largely
mineralised structures is been drilled at high angle
considered to have to the mineralisation and
introduced a sampling a sampling bias is not
bias, this should be expected to have been
assessed and reported if introduced.
material.
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Sample security
The measures taken to Samples were stored in a
ensure sample security. fenced compound within the
Company's Edikan Mine Site
until being collected at
site by Intertek Minerals
Ghana vehicles and
transported to their
laboratory in Tarkwa.
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Audits or reviews
The Company's sampling
techniques employed in
The results of any audits Ghana were last reviewed
or reviews of sampling in a site visit to the
techniques and data. Edikan Gold Mine by
consultants Runge Limited
(now RungePincockMinarco
Limited) in October of
2010 and are deemed to be
of industry standard and
satisfactory.
----------------------------------------------------------------------------
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
----------------------------------------------------------------------------
Criteria JORC Code Explanation Commentary
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Mineral tenement and
land tenure status Type, reference The reported results are
name/number, location and from the Ayanfuri Mining
ownership including Lease, permit ML1110/1994.
agreements or material The Ayanfuri Mining Lease
issues with third parties is located in the Central
such as joint ventures, Region of Ghana and is
partnerships, overriding owned by Perseus Mining
royalties, native title (Ghana) Limited, a 90%
interests, historical owned subsidiary of
sites, wilderness or Perseus Mining Limited,
national park and with the remaining 10%
environmental settings. owned by the Government of
The security of the tenureGhana. A production
held at the time of royalty of 5% is due to
reporting along with any the government of Ghana
known impediments to and royalties totalling
obtaining a licence to 1.75% are due to other
operate in the area. parties.
The Ayanfuri Mining Lease
is in good standing, valid
through to 30 December
2024.
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Exploration done by
other parties Acknowledgment and Historical exploration and
appraisal of exploration mining was conducted on
by other parties. the property from the
early 1990s up to 2001 by
Cluff Mining (Ghana) Ltd
and Ashanti Goldfields
Corp.
The past exploration was
successful and resulted in
multiple discoveries
leading to mining.
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Geology
Deposit type, geological The Ayanfuri Mining Lease
setting and style of is situated within the
mineralisation. Paleo-Proterozoic Birimian
of Southern Ghana, being
located in the Kumasi
Basin sedimentary group
approximately 5 to 8
kilometres west of the
Ashanti Greenstone Belt.
The subject of this
drilling program was the
Bokitsi South deposit,
which is a sedimentary
shear-hosted Orogenic gold
deposit. Host rocks
consist of mainly
volcaniclastic and
epiclastic meta-sediments
and gold mineralisation is
situated in a silica-
sericite altered shear
zone with quartz veining
plus up to 3% disseminated
pyrite and arsenopyrite.
----------------------------------------------------------------------------
Drill hole Information
A summary of all Reported results are
information material to summarised in Table 1
the understanding of the within the attached
exploration results announcement.
including a tabulation of The drill holes reported
the following information in this announcement have
for all Material drill the following parameters:
holes:
All drill holes have been
easting and northing of reported for which results
the drill hole collar have been received.
elevation or RL (Reduced Grid co-ordinates are a
Level - elevation above local mine grid with the
sea level in metres) of baseline oriented at 38
the drill hole collar deg. east of true north.
dip and azimuth of the Collar elevation is
hole defined as height above
down hole length and sea level in metres (RL)
interception depth and has been determined
hole length with a DGPS.
Dip is the inclination of
If the exclusion of this the hole from the
information is justified horizontal. Azimuth is
on the basis that the reported relative to the
information is not local grid as the
Material and this direction toward which the
exclusion does not detracthole is drilled.
from the understanding of Down hole length of the
the report, the Competent hole is the distance from
Person should clearly the surface to the end of
explain why this is the the hole, as measured
case. along the drill trace
Intersection depth is the
distance down the hole as
measured along the drill
trace.
Intersection width is the
down hole distance of an
intersection as measured
along the drill trace
Hole length is the
distance from the surface
to the end of the hole, as
measured along the drill
trace.
Table 1 reports all of the
drilling results from this
program and repeats
initial results first
reported on June 19, 2014.
----------------------------------------------------------------------------
Data aggregation methods
In reporting Exploration Drill hole intercepts are
Results, weighting reported from 1m metre
averaging techniques, down hole samples.
maximum and/or minimum A minimum cut-off grade of
grade truncations (eg 0.5 g/t Au is applied to
cutting of high grades) the reported intervals.
and cut-off grades are Maximum internal dilution
usually Material and is 2m within a reported
should be stated. interval.
Where aggregate interceptsNo grade top cut-off has
incorporate short lengths been applied.
of high grade results and No metal equivalent
longer lengths of low reporting is used or
grade results, the applied.
procedure used for such
aggregation should be
stated and some typical
examples of such
aggregations should be
shown in detail.
The assumptions used for
any reporting of metal
equivalent values should
be clearly stated.
----------------------------------------------------------------------------
Relationship between
mineralisation widths These relationships are Previous drilling has well
and intercept lengths particularly important in established the geometry
the reporting of and orientation of the
Exploration Results. mineralisation being
If the geometry of the drilled in this program,
mineralisation with and drilling has been
respect to the drill hole planned to be nearly
angle is known, its natureperpendicular to the
should be reported. strike and dip of the
If it is not known and mineralisation.
only the down hole lengthsThe mineralised zone dips
are reported, there shouldon average 50 deg to the
be a clear statement to southeast, and drilling
this effect (eg 'down holewas inclined at -50 to -45
length, true width not to the northwest. True
known'). thicknesses of drill
intercepts ranges between
approximately 85% and 100%
of the down-hole length.
Results are reported as
down hole length.
----------------------------------------------------------------------------
Diagrams
Appropriate maps and Figure 1 is a general
sections (with scales) andlocation map of the
tabulations of intercepts Bokitsi South deposit,
should be included for anyrelative to other deposits
significant discovery at the Edikan Gold Mine.
being reported These Figure 2 is a plan map of
should include, but not beprevious and recent drill
limited to a plan view of hole collars at Bokitsi
drill hole collar South.
locations and appropriate Figure 3 is a vertical
sectional views. Longitudinal Section of
the Bokitsi South deposit
highlighting recent infill
drilling with intercepts
greater than 50
gramsXmeters annotated.
----------------------------------------------------------------------------
Balanced reporting
Where comprehensive All drill holes drilled in
reporting of all this program are shown in
Exploration Results is notFigure 2 (Drill Plan).
practicable,
representative reporting
of both low and high
grades and/or widths
should be practiced to
avoid misleading reporting
of Exploration Results.
----------------------------------------------------------------------------
Other substantive
exploration data Other exploration data, ifThere is no other
meaningful and material, exploration data which is
should be reported considered material to the
including (but not limitedresults reported in this
to): geological announcement.
observations; geophysical
survey results;
geochemical survey
results; bulk samples -
size and method of
treatment; metallurgical
test results; bulk
density, groundwater,
geotechnical and rock
characteristics; potential
deleterious or
contaminating substances.
----------------------------------------------------------------------------
Further work
The nature and scale of Limited infill drilling
planned further work (eg may be planned to test in
tests for lateral further detail the
extensions or depth northern and southern
extensions or large-scale extensions of the Bokitsi
step-out drilling). South deposit at shallow
Diagrams clearly levels.
highlighting the areas of An update to the Bokitsi
possible extensions, South deposit resource is
including the main planned for the September
geological interpretations2014 Quarter.
and future drilling areas,
provided this information
is not commercially
sensitive.
----------------------------------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
To discuss any aspect of this announcement, please contact:
Perseus Mining Limited
Managing Director:
Jeff Quartermaine
+61 8 6144 1700
jeff.quartermaine@perseusmining.com (Perth)
Perseus Mining Limited
Investor Relations:
Nathan Ryan
+61 4 20 582 887
nathan.ryan@nwrcommunications.com.au (Melbourne)
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