PERTH (miningweekly.com) – Dual-listed gold miner Perseus Mining has inked an option agreement to acquire a prospecting licence adjoining its Edikan mine, in Ghana.
The prospecting licence, which covers some 23.85 km2, is located between 2 km and 8 km from the Edikan processing facility, with Perseus saying on Monday that artisanal activity on the tenement had exposed an extensive, mineralised granitic system similar to deposits currently being mined at Edikan.
“Agyakusu represents an exciting opportunity to potentially extend the current six year remaining life of our Edikan gold mine,” said Perseus CEO and MD Jeff Quartermaine.
Subject to the completion of customary conditions, Perseus has the right to acquire the Aguyakusu prospecting licence for $600 000, staged over a three-year period, and a commitment to spend up to $1.6-million on exploration during that period.
“The agreement is consistent with Perseus’ three-pronged organic growth strategy, which involves optimisation of our existing asset base, exploration adjacent to our existing infrastructure, and developing an exploration and development pipeline of projects away from existing licence areas, all with the aim of developing a sustainable gold business producing around 500 000 oz/y at a margin of no less than $400/oz,” said Quartermaine.