Perseus settles Orca buy

20th May 2022 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Gold miner Perseus Mining has completed the acquisition of TSX-V-listed Orca Gold Inc.

Perseus, which held an initial 15% interest in Orca, offered its shareholders 0.56 Perseus shares for every Orca share held, with the total consideration paid for Orca estimated at C$215-million, including C$17-million that Perseus previously spent on acquiring the initial stake in the takeover target.

The ASX- and TSX-listed Perseus on Friday said that it has now issued more than 125.2-million shares to Orca shareholders, bringing the company’s total shares on issue to over 1.3-billion.

Orca’s main asset is a 70% interest in the Block 14 project that is located in northern Sudan near the border with Egypt. It is a large and scalable resource with a mineral resource estimate consisting of an indicated resource of 79.9-million tonnes grading 1.3 g/t gold for 3.3-million ounces of gold and an inferred resource of 18.5-million tonnes grading 1.2 g/t gold for 0.7-million ounces of gold.

The Block 14 project has a probable mineral reserve estimate of 79.9-million tonnes grading 1.1 g/t gold for 2.9-million ounces of gold.

Orca also owns a 31.4% interest in TSX-V-listed Montage which announced completion of a feasibility study at its cornerstone Koné gold project, located in Côte d’Ivoire, in February.