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Endeavour Mining hails maiden resource for Kari Pump discovery at Houndé mine, which confirms its world-class status

Significantly, the maiden resource has increased Houndé's overall measured and indicated resources by 40%

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The gold miner said 98% of the resource had been classified in the higher confidence indicated category

Endeavour Mining Corp (TSE:EDV), the West Africa gold producer, said a new maiden resource for its Kari Pump discovery in Burkina Faso had confirmed its flagship Houndé mine as a world-class asset.

The gold miner said 98% of the resource had been classified in the higher confidence indicated category, which stands at 987,000 ounces of gold at 2.71 g/t  from 11.3 million tonnes.

READ: Endeavour Mining gears up for significant revenue growth from West African gold mines

Significantly, this maiden resource estimate has increased Houndé's overall measured and indicated resources by 40%.

The Kari Pump maiden resource covers an area 1.3km long by 0.8km wide and remains open towards the east, north, northwest and southwest.

It is also amenable to lower cost open pit mining as mineralization starts at surface, noted Endeavour.

"The size and high-grade nature of the resource confirms Houndé as a world-class asset with significant exploration potential to extend its status as a long-life, low-cost flagship mine within our portfolio," said Sébastien de Montessus, president and CEO at Endeavour.

"It is impressive to delineate a maiden resource with more than 98% classified in the indicated category and at a discovery cost of just $9/oz."

Patrick Bouisset, the executive vice-president of exploration and growth, added: "With over 200,000 meters drilled, processed and analyzed in less than 18 months over the Kari area, our team has proven the ability to deliver quickly on high-priority targets.

"Looking ahead, we are excited by the upside potential in the wider Kari area and the other regional targets. As such we have launched another intensive 200,000-meter drill campaign with the goal of quickly delineating more resources.

"More broadly, the exploration success achieved notably at Kari Pump, Ity and Fetekro just two years since the implementation of our 5-year strategic exploration plan in late 2016, demonstrates that we remain on track to reach our ambitious discovery target set at a discovery cost lower than $20/oz."

Since May this year, exploration efforts at Houndé have mainly been focused on the Kari Pump discovery, and more than 71,000 meters have been drilled, which led to the successful delineation of this resource.

Significantly, Kari Pump lies just 7km west of the processing plant, and is one of three high-grade discoveries made in the large Kari gold in soil anomaly which covers a 6km-long by 2.5km-wide area, and represents only 35% of the large Kari gold in soil anomaly.

A second 200,000m drilling program will start before year-end, focused on extending the mineralization at Kari Pump, and delineating a maiden resource for Kari West and Kari Center, the company added.

Shares added 1.l6% in Toronto to $17.48.

Contact Giles Gwinnett at [email protected]

Follow Giles on Twitter @Gile74

Quick facts: Endeavour Mining Corp

Price: 31.63 CAD

TSX:EDV
Market: TSX
Market Cap: $3.51 billion
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