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Share Name | Share Symbol | Market | Type |
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Perseus Mining Ltd | TSX:PRU | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.01 | 0.41% | 2.42 | 2.31 | 2.50 | 2.42 | 2.41 | 2.42 | 3,334 | 22:40:00 |
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. ---------------------------------------------------------------------------- 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." ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- Criteria JORC Code Explanation Commentary ---------------------------------------------------------------------------- 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. ---------------------------------------------------------------------------- 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. ---------------------------------------------------------------------------- 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. ---------------------------------------------------------------------------- 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. ---------------------------------------------------------------------------- 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. ---------------------------------------------------------------------------- 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. ---------------------------------------------------------------------------- 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. ---------------------------------------------------------------------------- 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. ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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. ---------------------------------------------------------------------------- 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. ---------------------------------------------------------------------------- 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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