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Endeavour reports maiden resource for Ity Mine, identifies new exploration targets

Monday, November 7, 2016 9:21
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Endeavour Mining Corporation (TSE:EDV) announced on Monday a maiden Mineral Resource estimate for its recent Bakatouo and Colline Sud discoveries at its Ity Gold Mine in Cote d’Ivoire.

It also announced the identification of several new high-priority near-mill exploration targets following the completion of its Auger drilling program.

The Bakatouo and Colline Sud deposits, both located within 2.5km from the current processing plant, are characterised by their high-grade and close-to-surface mineralization and remain open in various directions.

Moreover, a large portion of the resource is amenable to the heap leach process with oxide and fresh mineralization content making up 42% of the total Indicated resource ounces. This suggests the potential to both extend the existing heap leach operation and improve the economics of the future Carbon-in-Leach project, for which a feasibility study is expected shortly.

“The results of our Auger drilling program coupled with our gold in soil and structural analysis indicate that the overall potential of the area extends well beyond our present resource footprint,” said Patrick Bouisset, Executive Vice-President Exploration and Growth of Endeavour.

“We look forward to continuing to expand our ongoing exploration program to further explore the newly identified near-mine targets and along the wider 80 kilometer trend, for which a high-resolution Airborne geophysical survey is expected to be initiated before year-end.”

The company also detailed the next steps.

Exploration which has resumed on Colline Sud is expected to continue in the first half of 2017.

Exploration is also expected to soon resume on Bakatouo and on the newly-defined exploration targets and continue in the first half of 2017.

Further insights on the medium-term exploration will be detailed in the upcoming Exploration Strategic Review for both the near-mine and Greater Ity Areas.

High-resolution Airborne geophysical survey (Mag/Spectro/VTEM) is expected to be initiated before year-end on the 80km-long Greater Ity Area

Finally, a Feasibility Study for Ity Carbon-in-Leach Project is expected to be published later this week, which will be updated in the first half of 2017 to include the Bakatouo and Colline Sud discoveries.

Story by ProactiveInvestors


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