Australian mining company Perseus Mining has initiated feasibility studies on the Nyanzaga Gold Project in Tanzania following the acquisition of mining company OreCorp. The acquisition process concluded on May 20, 2024, granting Perseus full ownership of OreCorp.
The company is advancing three concurrent work streams: implementing the Resettlement Action Plan, conducting additional drilling of the Nyanzaga mineralization and Front-End Engineering Design studies. These efforts aim to optimize engineering and capital cost estimates for the project.
“Perseus is pleased to have completed the acquisition of the Nyanzaga Gold Project through the takeover of OreCorp Limited. The Nyanzaga Project represents an exciting growth opportunity for Perseus that aligns with our strategy of upgrading the size, quality and geographic distribution of our asset portfolio. We have hit the ground running with the various work streams and are working diligently towards the target of taking a final investment decision for the project by the end of the year,” said Chairman and CEO of Perseus Mining Jeff Quartermaine.
Perseus plans to release its first Mineral Resources and ore reserves estimates by Q4 2024, with a Final Investment Decision expected by year-end. Project development is anticipated to start in the new year, targeting first gold production in Q1 2027. Drilling to enhance understanding of Nyanzaga’s Mineral Resources will commence soon, in accordance with Tanzanian procurement regulations.
