Perseus is on track to deliver on its plan of producing more than 500,000 ounces gold per annum from FY2022, with each of its Edikan, Sissingue and Yaoure gold mines in production and producing to plan.
Perseus Mining Ltd (ASX:PRU) (TSE:PRU) (OTCMKTS:PMNXF) (FRA:P4Q) has demonstrated potential for organic growth of gold inventories across its multi-mine asset portfolio in Côte d’Ivoire with further broad high-grade results from regional drilling at Sissingué and Yaouré.
Wide intercepts of shallow gold mineralisation up to 93 metres at 2.74 g/t gold from 0 metres and 24 metres at 1.18 g/t from 98 metres were returned from Govisou, 3 kilometres from the Yaouré mine.
Drilling at Bagoé permit, 70 kilometres from the Sissingué mine, confirmed gold mineralisation at Antoinette, Véronique and Juliette prospects with results up to 18 metres at 8.42 g/t from 78 metres.
On track towards 500,000 ounces
Yaouré is the company’s third operating gold mine, commencing production in December 2020 while the Bagoé exploration licence has potential for the economic exploitation of gold deposits by open pit mining and either processing in-situ or transporting ore to Sissingué.
The company remains on track to deliver its plan of producing more than 500,000 ounces gold per annum from FY2022, with each of its Edikan (Ghana), Sissingue and Yaoure gold mines in production and producing to plan.
Shares closed more than 5% higher to A$1.19 on volume of more than 8.7 million while the company's market cap is approximately A$1.349 billion.
Aimed at extending life of mines
Managing director and CEO Jeff Quartermaine said: “For the last five years or so, Perseus has been very focused on funding the development of new mines.
“In that time, we have spent nearly US$400 million developing two new mines, one at Sissingué and the other at Yaouré in Côte d’Ivoire.
“This has left little capital available to invest in the organic growth of our company.
“With the completion of construction and the pouring of first gold at Yaouré in December 2020, we are now able to adequately fund exploration programs aimed at extending the lives of all our existing mines and organically growing our company.”