Ongoing Program Targets Reserve Expansion and Mine Life Extension
Perseus Mining Limited, also known as PRU on the Australian Securities Exchange, has delivered further promising results from its resource definition drilling program at the Nyanzaga Gold Project (NGP) in Tanzania. The company reported updated findings on 22 July 2025 after completing 35,623 metres of combined reverse circulation and diamond drilling since its last update in December 2024.
Location of Perseus Mining Limited’s mining operations and development projects
Drilling Aims to Support Open Pit Development
The latest drilling program seeks to reinforce Perseus’s open pit mining plans at Nyanzaga, based on the April 2025 feasibility study. It also aims to gather geotechnical and metallurgical data while testing strike and depth extensions of gold mineralisation.
Perseus Mining Limited (ASX:PRU) has so far dug up 58,609 metres since the acquisition of the project in April 2025 but majority of the drilling activities have been focusing on the Tusker and Kilimani deposits. Infilling drilling has lowered the spacing, which was 40 metres by 40 metres to 20 metres by 40 metres (in both deposits) enhancing information in data.
Key Intercepts Confirm High-Grade Mineralisation
Recent intercepts from the Tusker deposit include 69m at 3.94g/t gold from 335m in hole NYZRCDD1372 and 21m at 7.99g/t from 375m. Hole NYZRCDD1399 hit 54 meters at 9.69 g/t gold from 577 meters including 2 meters at 118.3 g/t from 591 meters.
Other significant intercepts at Tusker include:
- NYZRCDD1401: 23 metres at 20.87 g/t from 496 metres
- NYZRCDD1351: 63 metres at 6.49 g/t from 435 metres
- NYZDD1390: 10 metres at 15.38 g/t from 264 metres
- NYZRCDD1405: 81 metres at 4.00 g/t from 597 metres
- NYZRCDD1373: 57 metres at 6.50 g/t from 203 metres
The Kilimani deposit also produced notable results, including 44 metres at 4.36 g/t from surface in NYZRC1471, and 22 metres at 4.14 g/t from 47 metres in NYZRC1424.
Nyanzaga Gold Project drill plan
Deep Drilling Reveals Potential for Mine Extension
There are some deeper drill holes including NYZRCDD1397 and NYZRCDD1405 which indicate mineralisation below the existing reserve pit shell. NYZRCDD1397 intersected 64 metres grading 2.91 g/t gold commencing at 660 metres with 23 metres at 4.36 g/t gold beginning at 695 metres.
NYZRCDD1405 crossed 52 metres grading 3.01 g/t gold and 81 metres grading 4.00 g/t gold. The results represent prospect of underground mining and other life-of-mine extensions.
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Updated Reserves and Resources Strengthen Project Value
As of October 2024, Nyanzaga holds an Indicated Mineral Resource of 74.2 million tonnes (Mt) at 1.33 g/t gold for 3.16 million ounces (Moz). Inferred Resources stand at 15.0 Mt at 1.2 g/t for 0.58 Moz. The Probable Ore Reserve totals 52.0 Mt at 1.40 g/t for 2.34 Moz.
These resources cover the Tusker and Kilimani deposits. Tusker hosts 71.1 Mt of Indicated Resources at 1.34 g/t, while Kilimani adds 3.1 Mt at 1.00 g/t.
Next Steps Target Reserve Upgrade by March 2026
Perseus Mining plans to complete remaining geotechnical, metallurgical, and sterilisation drilling by December 2025. The company will incorporate the results into an updated Ore Reserve statement expected in the March 2026 quarter.
Managing Director and CEO Jeff Quartermaine said: “The drill results that have been announced today have resulted from this second phase of drilling and reinforce our confidence in our ability to expand Nyanzaga’s Mineral Resources and Reserves and as a result, potentially extend the life of the mine beyond the currently predicted Phase 1 of 11 years.”
He added that results from beneath the current pit shell support the potential for underground mining methods and further mine life extension.
Nyanzaga Positioned in Tanzania’s Productive Gold Belt
The Nyanzaga Gold Project is located in the Sengerema District of north-western Tanzania, approximately 60 kilometres southwest of Mwanza. The project lies within the Sukumaland Greenstone Belt, near Anglogold Ashanti’s Geita Mine and Barrick’s Bulyanhulu Mine.
Perseus remains focused on de-risking and developing Nyanzaga ahead of the targeted start of gold production in January 2027.
