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Synergies in Côte d’Ivoire

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Exore Resources has done the initial drilling work at Bagoé image credit: Crux Investor.

10 October 2020 – Perseus Mining’s acquisition of Exore Resources’ Bagoé gold project in Côte d’Ivoire is an interesting development in the West African mining space.

Bagoé is made up of the Antoinette and Véronique prospects and is only about 70km from Perseus’ existing Sissingué gold mine and mill. The ore body at Bagoé is reasonably shallow compared to other gold deposits in the world, and Perseus plans to reach the ore by means of open pit mining methods. The synergies are obvious and the Bagoé deposit will ensure continuous additional mill feed to the Sissingué plant.

Earlier this year ASX and TSX listed Perseus and Exore entered into a Scheme of Arrangement according to which Perseus acquired all Exore’s assets in northern Côte d’Ivoire.

Earlier this year Exore announced an independently prepared maiden JORC 2012 compliant Mineral Resource estimate for Bagoé. This estimate was based on mineralisation associated with the Antoinette and Véronique prospects. On 28 July 2020, Exore published further drilling results, this time from the Juliette prospect that highlights the potential for additional resources to be delineated along strike from Antoinette.

According to Perseus’s managing director and CEO Jeff Quartermaine the company will now undertake a Definitive Feasibility Study (DFS) to confirm the technical and financial viability of a development concept for Bagoé. Proposed work includes:

  • Drilling at Bagoé is scheduled to start in the second week of October and finish in late December 2020. The target date for completion of the DFS is June 2021.
  • Work will also be undertaken to prepare an Environmental and Social Impact Assessment (ESIA) for Bagoé. Local environmental consultants CECAF have been engaged to undertake this work. A field survey is due to commence in the first week of October 2020 and the fully documented application for the ESIA is scheduled to be filed in the March 2021 quarter.
  • Early stage exploration activities will also commence in parallel with the DFS and ESIA work. Initially exploration will focus on the prospective opportunities identified by Exore on the Bagoé tenement and will include drilling of the Antoinette-Juliette ‘gap’ to follow up previous encouraging intercepts in Air Core (AC) and Reverse Circulation (RC) drilling beneath transported cover.
  • Drilling to follow up encouraging drill intercepts between Antoinette and Antoinette South.
  • Drilling to follow up encouraging intercepts on strike extensions of the Véronique deposit and at regional prospects such as Odette and Brigette.

Quartermaine says that the company’s exploration team, that includes number of former employees of Exore, as well as Perseus’’ drilling contractor are mobilising to site and drilling is expected to be under way by mid-October 2020.

“Perseus is now very keen to move forward to prove the financial viability of a development concept for the Bagoé Gold Project and if possible, increase the size of the mineable Mineral Resource. Given the outstanding performance to date of the plant of our nearby Sissingué gold mine. We are very pleased to potentially have the opportunity to access what we believe will be a material source of additional mill feed within trucking distance of the Sissingué mill, says Quartermaine.  He adds that there is a good deal of work to be done in terms of exploration drilling, evaluation, and licencing before the development of Bagoé becomes a proven concept. “Nevertheless, we are very confident of achieving a positive outcome,” he adds.


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