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Perseus Mining advises the implementation of the Scheme of Arrangement between Perseus and Exore Resources has been 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, located approximately 70 km from Perseus’s Sissingué Gold Mine.

On 4 May 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.

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On 28 July 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. Refer to Figure 1 below for a map showing the location of these prospects.

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.

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Perseus now intends to undertake a 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.
  • Conducting acid base accounting test work and waste characterisation analysis.
  • Drone surveys to generate Digital Elevation Models and aerial photographs to be used for planning and mapping purposes.
  • A study of proposed ore transport routes.

Drilling at Bagoé is scheduled to start in the second week of October and finish in late December 2020. The target date for completion of the DFS is June 2021.

Work will also be undertaken to prepare an Environmental and Social Impact Assessment (ESIA) for Bagoé. Local environmental consultants CECAF have been engaged to undertake this work.

A field survey is due to commence in the first week of October 2020 and the fully documented application for the ESIA is scheduled to be filed in the March 2021 quarter.

Early stage exploration activities will also commence in parallel with the DFS and ESIA work. Initially exploration will focus on the prospective opportunities identified by Exore on the Bagoé tenement and will include:

  • Drilling of the Antoinette-Juliette ‘gap’ to follow up previous encouraging intercepts in AC and RC drilling beneath transported cover.
  • Drilling to follow up encouraging drill intercepts between Antoinette and Antoinette South.
  • Drilling to follow up encouraging intercepts on strike extensions of the Véronique deposit and at regional prospects such as Odette and Brigette.

Perseus’s MD & CEO, Mr Jeff Quartermaine says:

“With the completion of the Exore Scheme of Arrangement, Perseus is now very keen to move forward to prove the financial viability of a development concept for the Bagoé Gold Project and if possible, increase the size of the mineable Mineral Resource.

“Given the outstanding performance to date of the plant of our nearby Sissingué Gold Mine, we are very pleased to potentially have the opportunity to access what we believe will be a material source of additional mill feed within trucking distance of the Sissingué mill.

“Our exploration team, that includes number of former employees of Exore, as well as our drilling contractor are mobilising to site and drilling is expected to be under way by mid-October 2020.

“There is a good deal of work to be done in terms of exploration drilling, evaluation and licencing before the development of Bagoé becomes a proven concept, but we are very confident of achieving a positive outcome and as a result, place Perseus in a position to continue to generate significant benefits for all of our stakeholders through our northern Ivorian operations.”