Endeavour increases indicated resources at greenfield project to 1.2Moz
Africa-focused gold miner Endeavour Mining has increased the indicated resources at its greenfield Fetekro exploration project, in Côte d'Ivoire, by 141% to 1.2-million ounces.
“We are excited at the value we have created through exploration, as we have effectively deployed about $10-million to generate a resource in excess of one-million ounces of gold at an attractive grade of over 2.5 g/t. Fetekro’s resource scale has reached an important milestone as it is now similar in size and grade to that of our Agbaou mine when it started production in 2014. We are, therefore, eager to advance our exploration efforts to continue to grow the resource base while initiating various environmental and technical studies.
"From a broader perspective, while our immediate focus is on cash flow generation, we are very excited with the internal growth optionality being generated in parallel through our exploration success as it leaves us well poised for future growth,” says Endeavour president and CEO Sébastien de Montessus.
TSX-listed Endeavour began exploration on the Fetekro property in March 2017, following a strategic assessment of its exploration tenements which ranked the property as a top priority target.
The majority of drilling to date has focused on the Lafigué target, where a maiden resource was published in October 2018, based on 32 000 m drilled. Since then about 35 000 m have been drilled to infill and extend the Lafigué deposit, which led to a 700 000 oz increase in indicated resources, while increasing the average grade by 13% to 2.54 g/t gold.
The Lafigué resource estimate now encompasses a mineralised area extending 2.2 km long by 0.6 km wide which remains open at depth and towards the southeast.
At least 30 000 m of additional drilling is scheduled to start in the fourth quarter of this year.
Endeavour expects to publish an updated resource in the second quarter of 2020.
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