Perseus Mining Unveils High-Grade Depth Extensions at Nyanzaga Gold Project

Ongoing Drilling Program Advances Nyanzaga Project

Perseus Mining Limited has delivered a promising update on its resource definition drilling at the Nyanzaga Gold Project (NGP) in Tanzania. Since acquiring the project in April 2025, the company has completed over 58,000 meters of drilling focused primarily on the Tusker and Kilimani deposits. This extensive drilling campaign aims to refine the geological model, improve resource confidence, and evaluate extensions of mineralisation both along strike and at depth.

High-Grade Intercepts Reinforce Resource Potential

The recent drilling results reveal multiple significant gold intercepts, with some assays showing exceptionally high grades. Notably, drill hole NYZRCDD1351 returned an extraordinary 1 meter at 307.8 grams per tonne gold, while others like NYZDD1389 and NYZRCDD1399 reported intervals exceeding 40 grams per tonne over several meters. These results underscore the robust nature of the mineralisation and suggest that the Nyanzaga deposits hold considerable untapped potential.

Improved Drill Spacing and Resource Confidence

Perseus has successfully reduced the average drill spacing from 40 by 40 meters to a more detailed 20 by 40 meters pattern, particularly across the main Tusker mineralisation and adjacent Kilimani deposit. This infill drilling enhances the geological understanding and supports the current mineralisation interpretation, which is critical for advancing the project towards production.

Potential for Underground Mining and Extended Mine Life

One of the most intriguing aspects of the drilling update is the confirmation of mineralisation continuing below the current open pit design. This deeper mineralisation opens the possibility of underground mining methods, which could extend the mine life beyond the initial Phase 1 plan of 11 years. Perseus’s CEO Jeff Quartermaine highlighted this potential, emphasizing that further drilling will be necessary to confirm these extensions but expressing confidence in the project's long-term prospects.

Next Steps and Market Implications

Perseus is continuing metallurgical, geotechnical, and sterilisation drilling programs, with completion targeted by December 2025. These efforts will feed into an updated Ore Reserve statement expected in the March 2026 quarter, which will provide the market with a clearer picture of the project's value and production outlook. With production scheduled to commence in January 2027, these developments position Nyanzaga as a potentially significant contributor to Perseus’s portfolio and Tanzania’s gold mining sector.