Perseus Mining Delivers Encouraging Drilling Results at Nyanzaga Gold Project
FROM ITS CURRENT DRILL PROGRAM AT THE NYANZAGA GOLD PROJECT
Perth, Western Australia/July 22, 2025/Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide an update on ongoing resource definition drilling currently being conducted at its Nyanzaga Gold Project (NGP) in Tanzania and to announce some of the more significant drill results achieved since our last exploration announcement, dated December 5, 2024 (see release 'Confidence Boosting Infill Drilling at Nyanzaga Project). Below is a summary of the release. The full release with all drill hole data and results is available at
www.perseusmining.com
,
www.sedarplus.ca
and
www.asx.com.au
.
The current drilling program has been designed to further inform and advance Perseus's proposed open pit mining scenario at NGP as detailed in the Feasibility Study update, released to the market on April 25, 2025 (see release 'Perseus Mining proceeds with development of the Nyanzaga Gold Project').
Drill holes have been designed to infill existing drilling, collect additional information including metallurgical and geotechnical data and most importantly evaluate potential strike and depth extensions to the mineralisation.
As of the end of June 2025, a total of 35,623 m of combined reverse circulation (RC) and diamond (DD) meters have been drilled into the Tusker and Kilimani deposits since the last update in December 2024 (refer Since acquiring the NGP in April 2025, Perseus has drilled a total of 58,609 m, with the majority of this being resource definition drilling into the Tusker and Kilimani deposits.
Infill drilling was designed to improve the average drill spacing across the deposit from 40 m × 40 m to a nominal drill pattern of 20 m × 40 m and was completed across the main Tusker mineralisation and the adjacent Kilimani deposit. Drilling remains ongoing across both Tusker and Kilimani and continues to support the current mineralisation interpretation across both deposits.
More significant drill hole data and related drill results results received from the recent drilling include:
Tusker Deposit
61 m @ 4.35 g/t gold from 235 m;
16 m @ 6.15 g/t gold from 501 m including 6 m @ 14.73 g/t gold from 511 m;
Kilimani DEposit
Further geotechnical, metallurgical and sterilisation drilling programs are on-going or planned, and are scheduled to be completed by December 2025. The results of this work, together with other key activities, will be incorporated into an updated Ore Reserve statement that is to be released to the market in the March 2026 quarter.
Competent Person Statement:
The information in this report and the attachments that relate to exploration drilling results at the Nyanzaga Gold Project is based on, and fairly represents, information and supporting documentation prepared by Mr Glen Edwards, a Competent Person who is a
Chartered Professional Geologist
.
Mr Edwards
is the General Manager Exploration of the Company.
Mr Edwards
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' ('JORC Code 2012') and to qualify as a 'Qualified Person' under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ('NI 43-101').
Mr
Edwards
consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to the Mineral Resources and Ore Reserve at Nyanzaga was updated by the Company in a market announcement 'Perseus Mining proceeds with development of the Nyanzaga Gold Project' released on 28 April 2025. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Nyanzaga Gold Project' dated 10 June 2025 continue to apply.
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 Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, development of a mine at Nyanzaga, 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. 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.
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