Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has moved quickly to advance the Nyanzaga Gold Project in Tanzania after acquiring 100% of shares in OreCorp Limited and thus obtaining control over its assets.
The company is implementing three simultaneous workstreams at the project, including a resettlement action plan (RAP), drilling programs and front-end engineering and design (FEED) studies.
PRU is undertaking feasibility-level mining studies on Nyanzaga, intending to produce a mineral resource estimate and ore reserve estimate in the December quarter this year.
Drilling will begin as soon as possible under Tanzanian local procurement regulations.
Targeting fourth producing gold mine
“Perseus is pleased to have completed the acquisition of the Nyanzaga Gold Project through the takeover of OreCorp Limited,” Perseus Mining chair and CEO Jeff Quartermaine said.
“The Nyanzaga Project represents an exciting growth opportunity for Perseus that aligns with our strategy of upgrading the size, quality and geographic distribution of our asset portfolio.
“We have hit the ground running with the various work streams and are working diligently towards the target of taking a final investment decision for the project by the end of the year.
“Perseus now has three operating mines currently producing gold at a rate of more than 500,000 ounces per year and two high-quality development projects that when brought on stream, should ensure that Perseus can maintain or exceed its targeted production level well into the next decade.
“With the objective of operating at least four mines simultaneously, Perseus is well advanced towards confirming its place as a highly profitable, well managed pan-African gold company that consistently creates benefits for all stakeholders.”
The FEED study results will be used to optimise engineering and capital cost estimates for the project.
Perseus intends to make a final investment decision (FID) for Nyanzaga by the end of the year, targeting development in the new year and first gold production in the first quarter of 2027.