Perseus Mining Limited (TSX: PRU) (ASX:PRU) is pleased to report continued exploration success at its Yaouré Gold Mine in Côte d’Ivoire.

HIGHLIGHTS

• Recent results from Perseus’s ongoing infill and down-dip extension drilling on the CMA structure at Yaouré confirm strong potential for further mineral resources beneath the CMA open pit.
• Infill drilling of the Inferred resource continues to confirm gold mineralisation consistent with previous results from this area, with recent drill intercepts including:
  • YRC1881D: 10m @ 6.61 g/t Au from 236m
  • YRC1883D: 8.10m @ 7.27 g/t Au from 328.10m
  • YRC1903D: 10m @ 3.03 g/t Au from 337, including 3m @ 8.76 g/t Au from 337m
  • YRC1904D: 13m @ 3.77 g/t Au from 294m
  • YRC1905D: 9.8m @ 4.18 g/t Au from 245m
  • YRC1909D: 6m @ 7.57 g/t Au from 304m
  • YRC1911D: 8m @ 4.40 g/t Au from 227m
  • YRC1913D: 6.3m @ 4.52 g/t from 194.7 and 5.1m @ 6.12 g/t from 305.9m
  • YRC1915D: 10.60m @ 4.36 g/t from 271.4m
  • YRC1916D: 4m @ 4.93 g/t Au from 214.4m, 5.2m @ 2.69 g/t Au from 221.7m, 4m @ 4.21 g/t Au from 235m & 13.2m @ 1.31 g/t Au from 242m
  • YRC1947D: 16.2m @ 5.58 g/t Au from 270m
  • YRC2019D: 15m @ 3.49 g/t Au from 268m including 7m @ 4.91 g/t Au from 268m

• Results returned high-grade intersections in the CMA hanging-wall, reflecting either CMA splays or oblique S-structures:
  • YRC1883D: 1.67m @ 62.29 g/t Au from 314.80m
  • YRC1897D: 4m @ 17.09 g/t Au from 64m
  • YRC1989D: 8m @ 11.42 g/t Au from 60m
  • YRC2047D: 16m @ 3.39 g/t Au from 56m including 4m @ 10.75 g/t Au from 68m

• Perseus will use results to upgrade the CMA Underground Inferred Mineral Resource estimate to Indicated status, enabling a Pre-Feasibility Study (PFS) for an underground mining operation to be completed by late June 2022, including an initial Ore Reserve estimate.
• Step-out drilling on the down-dip extensions of the CMA structure also returned encouraging results, including:
  • YRC1850AD: 5m @ 3.93 g/t Au from 605m and 4m @ 3.98 g/t Au from 628m
  • YRC1855D: 11.10m @ 3.39 g/t Au from 450.40m, including 5m @ 7.16 g/t Au from 452m.

Perseus’s Managing Director and CEO Jeff Quartermaine said:

“With our three gold mines, Yaouré, Edikan and Sissingué, now producing gold at an annualised rate of over 500,000 ounces per year, Perseus’s focus has turned to maintaining this level of production out to the end of the current decade and beyond.

“Our latest infill and step out drilling results from below Yaouré’s CMA open pit confirm previous drill results that indicated that material quantities of additional Indicated Mineral Resources, capable of being economically mined using underground mining methods, may be delineated.

“We are aiming to complete a Preliminary Feasibility Study of this mining operation by the end of the June Quarter 2022, however, timing of the completion of this work will depend on the ultimate footprint size of the orebody as determined by the current drilling programme.”

CMA UNDERGROUND RESOURCE DRILLING, YAOURÉ

Perseus focused recent exploration activities on the Yaouré permits at CMA Underground and CMA down-dip extensions within 2 kilometres of the Yaouré mill (Appendix 1 – Figure 1.1). Results continue to demonstrate the potential for the Company to materially grow its gold inventory at Yaouré organically, through further drilling success.

As noted in Perseus’s ASX release “Positive Exploration Results at Perseus’s Yaouré Mine” dated 14 October 2021, recent drilling at the CMA Underground prospect focused on infill drilling to firm up previously defined underground resources extending below the currently planned CMA pit. Perseus defined an Inferred Mineral Resource of 1.8 million tonnes grading 6.1 g/t Au, extending to a maximum 275 metre down dip beneath the open pit resource (refer Resources and Reserves ASX announcement 24 August 2021), with potential to extend mineralisation further down dip beyond this (Appendix 1 – Figure 1.2). Perseus has also completed a Scoping Study which identified the potential to mine the CMA structure using underground mining methods (refer to “Perseus Mining Completes Scoping Study for Potential Underground Mine at Yaouré” dated 5th November 2018).

Following completion of drilling within the cutback zone of the CMA South open pit, Perseus extended infill drilling north along the CMA structure where grades are generally higher than at the southern end. Drilling during the last quarter comprised 12,437 metres in 56 reverse circulation (“RC”) pre-collared diamond (“DD”) holes, infilling the existing 50 x 50 metres coverage to a nominal 25 x 25 metres pattern to allow conversion of the Inferred resource to Indicated. Results continued to provide encouragement, with intercepts generally consistent with those previously encountered in both thickness and grade (Appendix 1 – Figures 1.3-1.4). Of note has been the presence of 2-3 stacked lodes in places, either as a result of anastomosing of the main lode or structural repetition. This feature has also been noted in the open pit workings, locally significantly increasing the ounces of gold per vertical metre.

The style of mineralisation remains consistent with that encountered previously, comprising pervasive, moderate to strong, pink-pale brown albite and carbonate alteration developed within a well-defined structure marked by quartz carbonate veins, fault veins, multi dilatant fault breccia, cataclasis and shearing.

Better intercepts from the CMA infill drilling are shown in Table 1 below, with a complete summary of significant results included in Appendix 2 – Table 2.1.

CMA down-dip DRILLING, YAOURÉ

Perseus stepped up drilling to investigate the next 300 metre down-dip from the current CMA Underground resource, with 9,511 metres drilled in 18 RC pre-collared DD holes. This work focused within the “Magazine Zone” ahead of stocking of the magazine with explosives. The step-out program is also guided by Perseus’s early 2020 3D seismic survey that clearly identified the CMA structure extending to depth beyond the current drill coverage.

Perseus is undertaking drilling on an initial 100 x 200 metres pattern to better define the position of the CMA structure and the intensity of mineralisation. If results are encouraging, this will be infilled to 100 x 100 metres to allow an initial Inferred Mineral Resource Estimate.

Better intercepts from the Yaouré step out drilling are shown in Table 1 below and in Appendix 1 – Figures 1.5 & 1.6, with a complete summary of significant results included in Appendix 2 – Table 2.2.

Table 1: Intercepts from CMA Underground and CMA Down-dip Drilling

NEXT STEPS AT CMA

Perseus’s ongoing exploration and study programmes at Yaouré will focus on:

• Continuation of drilling to convert the Inferred Resource at CMA to an Ore Reserve to be potentially exploited by underground mining methods and drilling down dip of the Inferred Resource to identify the potential for further resource extensions.

  Perseus is completing drilling to convert the Inferred CMA resource to an Ore Reserve as the first part of a Pre-Feasibility Study (PFS). Geotechnical, hydrological, mining and metallurgical studies have commenced as drilling and assaying results become available. Target completion for the PFS remains the end of the June Quarter 2022, with timing dependent on the ultimate footprint size of the orebody.

• Continuation of drill testing of targets generated from the 3D seismic survey, with an initial focus on near-surface targets.
• Aircore drilling and augering at early-stage regional prospects such as Degbezere NE.

Competent Person Statement:

The information in this report and the attachments that relate to exploration drilling results at the Yaouré Project is based on, and fairly represents, information and supporting documentation prepared by Dr Douglas Jones, a Competent Person who is a Chartered Professional Geologist. Dr Jones is the Group General Manager Exploration of the Company. Dr Jones 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. Dr Jones consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.