Perseus Mining Shares are Up on Exploration Update (ASX:PRU)

Perseus Mining Shares are Up on Exploration Update (ASX:PRU)

The Perseus Mining Ltd [ASX:PRU] share price is up 4.87% today (at time of writing) after releasing exploration results at Côte d’Ivoire.

Perseus Mining is a gold producer, developer, and explorer. They have three gold mines in West Africa: Edikan (located in Ghana), and Sissingué and Yaouré, both in Côte d’Ivoire.

REVEALED: What’s Next for Aussie Gold Stock Prices? Learn more.

Good drilling results at Yaouré and Bagoé

 Perseus gave an update on their exploration activities at Yaouré and Bagoé in Côte d’Ivoire.

For Yaouré, exploration focused on Angovia 2 and Govisou prospects. These are both located within 5 km from the Yaouré mill.

They drilled 61 reverse circulation holes at Govisou prospect through 5,642m. Results included 35m at 3.49 grams per tonne of gold from 105m, 25m at 3.33 g/t gold from 55m, and 52m at 3.02 g/t gold from 28m.

Perseus obtained Bagoé’s exploration licence in September last year, after acquiring Exore Resources Limited. The licence is located 70 km south of Perseus’s Sissingué gold mine.

At Bagoé, Perseus drilled 52 Air Core, 252 Reverse Circulation, and 6 diamond drilling holes in a total of 18,665m along their Antoinette, Veronique, and Juliette prospects.

Some of the drilling results included 18m at 8.42 g/t gold from 78m, 7m at 7.78 g/t Au from 52m, and 10m at 6.16 g/t Au from 20m.

Jeff Quartermaine, Perseus’s Managing Director and Chief Executive Officer, had this to say:

The results published today illustrate the significant potential for the delineation of further Mineral Resources and Ore reserves in the vicinity of existing infrastructure at each of our mines. Our Yaouré tenements are showing excellent potential for further discoveries and the drilling results achieved at Bagoé demonstrate why Perseus acquired Exore Resources Limited last year and promise to provide mill feed to materially extend the life of our Sissingué operation.

What could happen next the PRU share price?

 Perseus will be using the results from Bagoé for a Definitive Feasibility Study (DFS). They expect the DFS will be done in the June quarter this year. For Yaouré, Perseus is planning more drilling, focusing in Govisou.

The share price for Perseus Mining was $1.18 at time of writing, up from $1.13 at yesterday’s close.

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 Selva Freigedo,
For The Daily Reckoning Australia