Unveiling Nyanzaga's Potential: Positive Drill Results Boost Confidence

In the dynamic world of mining, Perseus Mining Limited has recently shared encouraging news from their Nyanzaga Gold Project in Tanzania. The company has been conducting an infill drilling program to enhance its understanding of the project's mineral resources and inform its mine design plans. As of mid-November 2024, the drilling program's progress has been impressive, with 8 drill rigs operating and a total of 20,278 meters of combined reverse circulation (RC) and diamond (DD) drilling completed. This represents 77% of the budgeted 26,250 meters for the Stage 1 Tusker Hill Infill Resource Development Program.

The drilling program aimed to infill existing drilling, reducing the drilling pattern from 40m x 40m to a nominal drill pattern of 20 m x 40 m. This approach has yielded positive results, with several significant intersections reported. One notable result is from hole NYZDD1340, which intersected 56m @ 3.44 g/t gold from 273m, including 11m @ 22.02 g/t gold from 456m and 11m @ 17.09 g/t gold from 490m. Another encouraging result is from hole NYZRCDD1336, which intersected 114m @ 3.72 g/t gold from 284m, including 4m @ 20.84 g/t gold from 348m and 20m @ 5.18 g/t gold from 361m.

These results align with previous mineral resource estimates for Nyanzaga, which consist of a Measured and Indicated Resource of 24.2 Mt grading 3.64 g/t gold for 2.8 Moz gold and an Inferred Resource of 5.8 Mt grading 2.4 g/t gold for 0.5 Moz gold. However, the new drilling results suggest an increased understanding of the mineralization and higher grades, which could lead to an upward revision of the resource estimate.



Perseus Mining's plan for the Nyanzaga Project is to change the mine design from the prior owner's small open pit plus underground operation to a large-scale open pit operation. The encouraging drill results and improved understanding of the mineralization provide confidence in this new mine design approach. As the drilling program continues, Perseus will also conduct further geotechnical, metallurgical, and sterilization drilling programs to inform final pit designs ahead of the Final Investment Decision (FID), expected to be made by late January 2025.

In conclusion, the recent infill drilling results at the Nyanzaga Project have boosted confidence in the project's mineral resource estimates and mine design plans. Perseus Mining's ongoing efforts to enhance its understanding of the project's mineralization and optimize its mine design position the company for a successful future in the Tanzanian gold mining sector. As we await the completion of the drilling program and the upcoming FID, investors can remain optimistic about the project's potential and Perseus Mining's strategic approach to mineral resource development.