Perseus Mining expects to increase the life of the Edikan gold operations in Ghana by 18 to 24 months after completing a feasibility study on the nearby Nkosuo Project and adding considerable mineral resources and ore reserves.

The feasibility study outlined ore reserves of 10 million tonnes, grading 1.04 g/t gold for 332,000 ounces at the deposit, which is just seven kilometres from the Edikan operations.

The study has outlined indicated resources of 14.5 million tonnes at 0.91 g/t gold for 422,000 ounces and inferred resources of 950,000 tonnes at 0.9 g/t for 27,000 ounces. Nkosuo measured and indicated mineral resources as at June 30, 2022.

Nkosuo, which is just seven kilometres North-North West of the Edikan mine, hosts ore reserves of 10 million tonnes grading 1.04 g/t gold for 332,000 ounces.

The company said that planned processing of the Nkosuo ore reserves in the Edikan mill was expected to increase the life of the operation by 18 to 24 months extending mine life to full year 2027.

Perseus managing director and CEO Jeff Quartermaine said:

“The addition of mineral resources and ore reserves from the Nkosuo Project adds significantly to the mine life at Edikan Gold Mine. [This] is ensuring that operations can continue while Perseus conducts further exploration on the recently acquired Agyakusu Exploration Permit and two other adjoining exploration permits that are under option to Perseus.

“We believe that the discovery of additional ore reserves in trucking distance of existing infrastructure is the most cost-effective means available to Perseus of creating value for shareholders.
Jeff Quartermaine

resources — mining equipment in use in mining operation

Further Exploration Underway

In line with this objective, further exploration on the nearby tenements will be well funded by Perseus, Quartermaine said adding that, “we are optimistic of discovering further deposits of a similar scale to Nkosuo that will further add to the mine life of the Edikan operation”.

In April 2022, Perseus provided new information on the company’s drilling results from the Nkosuo prospect on the Agyakusu Prospecting Licence. Like previous results for the drilling rounds in other similar mines, these results marked the beginning of the estimation of the Mineral Resource estimate for Nkosuo which was completed by the end of the June 2022 quarter.

That said, the company is expected to continue with its exploration drive as results demonstrate strong potential for the mineralization of gold resources at the Nkosuo mine deposit. On the back of the successful drilling programmes, Perseus is on track to consolidate its position as a reliable 500,000oz per year gold producer.

“Perseus intends to continue exploring on each of the Agyakusu, Agyakusu-DML and Domenase exploration licence areas, all of which are under option to Perseus and all of which are located within comfortable trucking distance of our Edikan mill.”
Jeff Quartermaine

Exploration drilling commenced at the Nkosuo prospect on the Agyakusu PL on July 1, 2021, with the first highly encouraging results being reported last year within four months of exploration, and further updated in January 2022.

In its last update of the drilling results in April 2022, Perseus had drilled a total of 36,895 metres in 97 Reverse Circulation, 19 diamond drilling holes and 103 RC pre-collared diamond holes.