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Endeavour Mining nudges higher as it posts maiden resource for Fetekro greenfield project

The resource is for the Lafigue target and the firm has also identified 14 further nearby targets

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Endeavour is a West Africa-focused mining group

Endeavour Mining Corp (TSE:EDV) has unveiled a maiden resource for its greenfield Fetekro project in the Ivory Coast, which, it says, underlines the prospectivity of the project.

The resource is for the Lafigue target and the firm has also identified 14 further nearby targets. The report shows for Lafigue an indicated resource of 6.8 million tons for 494,000 ounces of the yellow metal at 2.25 g/t (grams per ton) grade.

READ: Côte d'Ivoire is emerging as one of Africa’s premier destinations for gold mining investment

The lower confidence inferred resource is 3 million tons at 225,000 ounces at a grade of 225 g/t (grams per ton).

Meanwhile, the firm also said that based on the recently completed gold-in-soil geochemical campaign, structural mapping and ground/airborne geophysics campaigns performed, a further 14 nearby targets have also been identified.

A 45,000-metre drill program has started and will continue into 2019, with a focus on the Lafigue target and testing new targets.

An updated resource estimate is expected in late 2019.

"We are very pleased with the maiden resource as it demonstrates the prospectivity of the Fetekro property," said Patrick Bouisset,  the executive vice president of exploration and growth.

"A second exploration campaign at the Lafigue target has been launched quickly with the goal of converting the inferred resources and extending the outlined resource."

Significantly, Bouisset added: "The delineated Lafigue resource encompasses only approximately two-thirds of the total mineralized area defined to date and it remains open at depth, in multiple directions.

"Based on the initial analysis of the ore characteristics and orebody shape, we believe it could be amenable to open pit mining as mineralization starts at the surface while the preliminary metallurgical test work done suggests the potential for high gold recovery rates.

"Looking ahead, we are excited by the 14 additional targets identified to date, which supports our belief that Fetekro has the potential to become a new stand-alone project."

Fetekro lies in north-central Cote d'Ivoire, around 500km from Abidjan, within the northern end of the Oume-Fetekro greenstone belt.

Exploration resumed in March last year, following the full reinterpretation of the historical data. Drilling mainly focused on the highly prospective Lafigue target where a large mineralized vein system was defined over an area 2.5km long by 0.6km wide.

Three main mineralized zones have been identified at the Lafigue target - the Lafigue South, Center, and North -, with Lafigue Center and North remaining open at depth and towards the southeast, east and northeast.

The drill results published in September suggested that the Lafigue target remains open at depth and to the southeast.

Shares in Toronto nudged 1.05% higher at $21.08.

Quick facts: Endeavour Mining Corp

Price: 33.18 CAD

TSX:EDV
Market: TSX
Market Cap: $3.68 billion
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Endeavour Mining's head of exploration and growth details his 2019 ambitions

Patrick Bouisset, executive vice president of exploration and growth at Endeavour Mining  Corporation (TSE:EDV), speaks to Proactive's Andrew Scott while in London. The miner has five operating mines in the Birimian greenstone belt - in the Ivory Coast, it has the Agbaou and Ity...

on 24/5/19

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