The bank has added a "notional mine inventory" of 2.6 million tonnes grading 2 grams per tonne for 170,000 ounces from resources that is currently the subject of Perseus' scrip takeover of Exore Resources.

Exore's Antoinette and Veronique deposits host resources of 6.7Mt grading 2.5gpt for 530,000oz.

The resources are about 70km from Sissingue, which currently has a three-year mine life.

"We note that management commentary appears to favour the option of trucking material from the Exore tenements to the Sissingue plant rather than a process plant relocation," Macquarie said.

As well as feasibility work on the established Exore resources, Perseus also intends to commence broader scale exploration on the Exore ground and deeper drilling below the Sissingue pit.

Sissingue is the smallest of the Perseus' three operations, notwithstanding the emerging Yaoure is in development mode.

However, its contribution will ensure Perseus passes the 500,000oz per annum run-rate in the next couple of years.

Shares in Perseus were trading at A$1.35 in midday trade, capitalising the company at $1.6 billion.