07:09 AM EDT, 05/31/2024 (MT Newswires) -- Perseus Mining ( PMNXF ) overnight Thursday provided an update on its Nyanzaga gold project in Tanzania after it completed its acquisition of OreCorp, which controls Nyanzaga.

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

Perseus is commencing feasibility level mining studies on Nyanzaga with the intention of releasing its first mineral resources and ore reserves estimates during the December quarter.

Drilling is expected to commence as soon as possible and is designed to increase the company's understanding of the Nyanzaga mineral resources. FEED studies are underway to optimize engineering and capital cost estimates for the project.

A final investment decision for the project is expected by the end of the year, allowing project development to start in the new year. First gold production is targeted for the first quarter of 2027.

"Perseus is pleased to have completed the acquisition of the Nyanzaga gold project through the takeover of OreCorp," said Perseus President and CEO Jeff Quartermaine. "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."