ASX- and TSX-listed Perseus Mining has completed the acquisition of the Nyanzaga gold project, in Tanzania, through the takeover of OreCorp, chairperson and CEO Jeff Quartermaine informs.

The compulsory acquisition process of the remaining OreCorp shares was completed on May 20, and Perseus now owns 100% of the shares in OreCorp.

Perseus is implementing three concurrent work streams, namely the implementation of the resettlement action plan (RAP), additional drilling of the Nyanzaga mineralisation and front-end engineering design (FEED).

The company is starting feasibility-level mining studies with the intention of releasing its first mineral resources and ore reserves estimates during the December quarter.

Drilling to increase Perseus’ understanding of the Nyanzaga mineral resources will begin as soon as possible, taking into account Tanzanian local procurement regulations, the company points out.

FEED studies across the project are under way to optimise engineering and capital cost estimates for the project.

A final investment decision )FID) is expected by year-end, enabling project development to start in the new year with the aim of first gold production during the first quarter of 2027.

“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 an FID for the project by the end of the year.

“Perseus now has three operating mines currently producing gold at a rate of more than 500 000 oz/y and two high-quality development projects that when brought on stream, should ensure that Perseus can maintain or exceed its targeted production level well into the next decade,” says Quartermaine.

“With the objective of operating at least four mines simultaneously, Perseus is well advanced towards confirming its place as a highly profitable, well managed, pan-African gold company that consistently creates benefits for all stakeholders,” he adds.