ENDEAVOUR SIGNIFICANTLY EXTENDS HIGH
GRADE MINERALIZATION AT FETEKRO
View News Release in PDF
FETEKRO EXPLORATION HIGHLIGHTS:
- In line with Endeavour's objective of discovering a
standalone greenfield project, exploration resumed on Fetekro in
2017
- With nearly 32,000 meters drilled on the property during
2017-2018, focused primarily on the highly prospective Lafigué
target, Fetekro is to date Endeavour's most advanced greenfield
exploration property
- Lafigué target highlights:
- A large mineralized vein system was defined over an area
2.5km long by 0.6km wide, remaining open at depth and towards the
southeast
- Notable selected intercepts include: 7.97g/t Au over 26.9m,
25.90g/t Au over 10.9m, and 13.21g/t Au over 7.6m
- A maiden resource is expected to be published in Q4-2018 and
a follow-up drill program is scheduled to start in
Q4-2018
- The preliminary assessment of the recently completed
gold-in-soil geochemical campaign indicates the occurrence of
additional targets located in proximity to Lafigué, where a drill
program has been scheduled for 2019
Abidjan, September 24, 2018 - Endeavour
Mining (TSX:EDV)(OTCQX:EDVMF) is pleased announce positive drill
results for the Fetekro greenfield exploration property, located in
north-central Côte d'Ivoire approximately 500km from Abidjan.
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. Since then, a total of 312 Reverse Circulation ("RC") and
Diamond Drilling ("DD") holes have been drilled, amounting to
nearly 32,000 meters. Drilling mainly focused on the highly
prospective Lafigué target where a large mineralized vein system
was defined over an area 2.5km long by 0.6km wide, remaining open
at depth and towards the east. All available data is being
interpreted and a maiden resource estimate is expected to be
published in Q4-2018 and a follow-up drilling program is scheduled
to start in Q4-2018.
In addition, a gold-in-soil geochemical campaign
was recently completed. Its preliminary assessment indicates the
occurrence of additionnal targets located in proximity to Lafigué,
where a drill program has been scheduled for 2019.
Patrick Bouisset, Executive Vice-President
Exploration and Growth stated: "We are pleased to continue to
deliver against our two key objectives from our 5-year exploration
strategy outlined in 2016. Following the significant near-mine
exploration success already achieved, in line with our first
objective of extending mine lives, we are now excited to report the
results from Fetekro, which is our most advanced greenfield
exploration property.
The Lafigué target, located within the Fetekro
property, has been the primary focus of our recent greenfield
exploration program. The discovery of extensive mineralization over
such a large area, coupled with the identification of nearby
prospects, is very encouraging. We are eager to publish a maiden
resource later this year, which may bring us one step closer to
achieving our second key objective within our 5-year exploration
program - that of discovering of a standalone greenfield project in
West Africa."
ABOUT THE FETEKRO PROPERTY
The Fetekro property corresponds to the PR 329
exploration license which covers approximately 247 square
kilometers located in north-central Côte d'Ivoire, nearly 500km
from Abidjan, as shown in Figure 1 below. Fetekro is located in the
northern end of the Oumé-Fetekro greenstone belt which extends over
300km in a north/northeast direction within the Proterozoic
Birimian series of central Côte d'Ivoire. This greenstone belt is
composed primarily of volcano-sediments, consisting mainly of mafic
to intermediate metavolcanics, felsic metavolcanics and clastic
meta-sediments, that are bound and intruded by granitoid complexes.
Known gold deposits such as Bonikro and Agbaou are hosted within
the same belt.
Endeavour is the operator of the licence in
joint-venture with Société pour le Développement Minier de la Côte
d'Ivoire ("SODEMI").
Historical drilling between 1998 and 2014 was
sporadic, comprised of 1,803 meters of Reverse Air Blast ("RAB")
drilled over 94 holes, 8,577 meters of Reverse Circulation ("RC")
drilled over 134 shallow holes and 4,165 meters of Diamond Drilling
("DD") drilled over 52 holes.
Exploration was aggressively relaunched in March
2017, following the full reinterpretation of the historical data.
Drilling mainly focused on the highly prospective Lafigué target,
as shown in Figure 1 below, where a large mineralized vein system
was defined over an area 2.5km long by 0.6km wide, while
additionnal targets were identified through the preliminary
assessment of the recently completed gold-in-soil geochemical
campaign.
Figure 1: Simplified map of the Fetekro
property showing the Lafigué prospect
ABOUT THE LAFIGUÉ TARGET - MAIN DISCOVERY
TO-DATE AT FETEKRO
As shown in Figure 2, three main mineralized
zones have been identified at the Lafigué target (Lafigué South,
Center, and North), with Lafigué Center and North remaining open at
depth and towards the southeast.
Figure 2: Lafigué discovery and selected
intercepts per area (True width uncapped)
Some selected best intersects from historical
and Endeavour drilled holes include (true width
uncapped):
- D1297: 13.59m @ 7.33 g/t Au
- R0897 : 26.85 @ 7.97 g/t Au, (including 0.86m @ 17.55 g/t
Au; 0.86m @ 33.20 g/t Au, 0.86m @ 25.60 g/t Au, 0.86m @ 13.25 g/t
Au, 0.86m @ 83.65 g/t Au, 0.86m @ 10.98 g/t Au)
- R0797 : 16.45m @ 5.32 g/t Au, (including 0.86m @ 33.50 g/t
Au, 0.86m @ 11.45 g/t Au, 0.86m @ 10.16 g/t Au)
- D0597B : 19.66m @ 3.71 g/t Au, (including 0.49m @ 26.20
g/t Au)
- LFDH02-15: 4.20m @ 15.60 g/t Au, and 7.00m @ 6.35 g/t Au,
(including 1.15m @ 32.00 g/t Au)
- LFRC02-40 : 5.00m @ 7.88 g/t Au, (including 1.00m @ 19.30
g/t Au) and 12.00m @ 2.90 g/t Au, (including 1.00m @ 16.86 g/t
Au)
- LFDD10-27 : 7.62m @ 13 .21 g/t Au, (including 0.60m @
117.50 g/t Au)
- LF17-112 : 6.34m @ 5.48 g/t Au, (including 0.91m @ 17.50
g/t Au) and 15.41m @ 2.95 g/t Au, (including 0.91m @ 10.73 g/t
Au)
- LF17-131 : 7.25m @ 4.15 g/t Au, (including 0.91m @ 10.41
g/t Au)
- LFDD17-243 : 5.38m @ 2.16 g/t Au and 5.70m @ 4.56 g/t Au,
(including 0.65m @ 27.02 g/t Au)
- LFDD17-244 : 21.70m @ 5.13 g/t Au, (including 1.05m @
20.39 g/t Au, 1.45m @ 35.13 g/t Au)
- LFDD18-402: 8.36m @ 2.91 g/t Au
- LFRC18-365 : 5.98m @ 5.19 g/t Au, (including 1.00m @ 26.78
g/t Au)
- LFRC18-373 : 12.95m @ 2.29 g/t Au, (including 1.00m @
12.59 g/t Au) and 2.99m @ 2.63 g/t Au
- LFDD18-410 : 7.17 m @ 39.69 g/t Au (including 0.8 @ 12.73
g/t Au, 1.2m @ 70.77 g/t Au, 1.25m @ 15.49 g/t Au, 0.80m @ 186.50
g/t Au) and 10.86m @ 25.90 g/t Au, (including 1.30m @ 71.40 g/t Au,
1.34m @ 94.30 g/t Au, 1.39m @ 35.30 g/tAu)
- LFRC18-385: 22.91m @ 2.86 g/t Au and 2.99m @ 3.34 g/t Au
Drill hole intercepts are calculated using a
minimum down-hole length of 2 meters, a cutoff grade of 0.5 g/t Au,
an internal dilution length of 1m and a missing interval grade of 0
g/t Au.
The Lafigué prospect is hosted by an
east-northeast trending reverse faulting zone, which is locally
bounded by two northeast-trending steep oblique-reverse shear
corridors subparallel to the main Birimian structural grain. The
lens-shaped mineralization of Lafigué appears to be hosted within a
network of stacked and mineralized brittle-ductile reverse shear
zones, dipping 20°-30° to the south-southeast. They developed
mostly within the hanging-wall of a possible "basal thrust" which
is either located at the contact between a mafic volcanics sequence
and a mafic intrusive (as shown in the Lafigué Center cross-section
in Figure 3 below) or between a mafic intrusive and a felsic
intrusive (as shown in the Lafigué North cross-section in Figure 3
below).
This "basal thrust" strikes northeast to
north-northeast and dips gently to the south (about 30°S). Regional
schistosity varies in strike from north-south to North 070° with
gentle to intermediate/steep dips to the east and south
(25°-65°).
Figure 3: Lafigué Center Cross-Section
Figure 4: Lafigué North Cross-Section
The shear zones appear to be better developed
at, or near, lithological contact zones, where competency contrasts
do favor the occurrence of brittle-ductile shearing, permeability
increases and enhanced hydrothermal fluids flow. The typical
high-grade mineralization is associated with Qz-Cb-To veins and
related Bt-To-Ser alteration zones (tourmalinization of the host
rock when alteration is intense) hosted by the gently south-dipping
brittle-ductile shear zones. Visible gold can be observed in such
veins.
To date all preliminary test work results
indicate a high gravity recoverable gold content and easy gravity
tails leach with low final residues. In this preliminary test work,
total gold recovery has been higher than 95%.
Preliminary assessments of the recently
performed gold in soil geochemistry indicates the occurrence of
other nearby anomalies close by Lafigué. Once finalized, this
analysis will help provide additional targets to be tested on PR
329 during 2019.
OTHER NEARBY TARGETS OUTLINED
As shown in the figure 5 below, the preliminary
assessment of the recently performed gold in soil geochemistry
indicates the occurrence of other nearby anomalies close by
Lafigué. Some of these targets are expected to be drilled in 2019.
Figure 5: Gold in soil geochemistry
NEXT STEPS
- All available data on the Lafigué target is being interpreted
and a maiden resource estimate is expected to be published during
Q4 2018.
- A follow-up drill program is scheduled to start in Q4-2018 and
to be pursued in 2019 on Lafigué prospect and nearby identified
targets.
QUALIFIED PERSONS
The scientific and technical content of this
news release has been reviewed, verified and compiled by Gérard de
Hert, EurGeol, Senior VP West Africa Exploration for Endeavour
Mining. Gérard de Hert has more than 20 years of mineral
exploration and mining experience and is a "Qualified Person" as
defined by National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101"). The 2017-2018 program is
operated under the field direction of Silvia Bottero, Professional
Natural Scientist and "Qualified Person" as defined by National
Instrument 43-101.
ASSAYS AND QUALITY ASSURANCE/QUALITY CONTROL
/ DRILLING AND ASSAY PROCEDURES
The Reverse Circulation drill program samples
were collected on a 1-meter interval using dual tube, a percussion
hammer and drop centre bit. The material passes through a cyclone
which is thoroughly cleaned after every sample by flushing the
hole. Samples were split at the drill site using a 3-tier riffle
splitter with both bulk and laboratory sample weights and moisture
recorded. Representative samples for each interval were collected
with a spear, sieved into chip trays and retained for
reference.
Drill core (PQ, HQ and NQ size) samples are
selected by LMCI geologists and sawn in half with a diamond blade
at the project site. Half of the core is retained at the site for
reference purposes. Sample intervals are generally 1 meter in
length.
All samples are transported by road to Bureau
Veritas (BV) in Abidjan (Côte d'Ivoire). Each laboratory sample is
secured in poly-woven bags ensuring that there is a clear record of
the chain of custody. On arrival samples are weighed and crushed to
2mm (70% passing), pulverize entire sample to 75 micrometers (85%
passing). Samples are analyzed for gold using standard fire assay
technique with a 50-gram charge and an Atomic Absorption (AA)
finish. Blanks, field duplicates and certified reference material
(CRM's) are inserted by LMCI geologists in the sample sequence for
quality control and to ensure there are a suite of QC samples in
each fire assay batch.
The sampling and assaying at Lafigué is
monitored through the implementation of a quality assurance -
quality control (QA-QC) program. This QA-QC program was audited by
International mining consultant in 2017 and consequently designed
to follow industry best practices.
CONTACT INFORMATION
Martino De Ciccio VP - Strategy & Investor Relations +44
203 640 8665 mdeciccio@endeavourmining.com |
Brunswick Group LLP in London Carole Cable, Partner +44 7974
982 458 ccable@brunswickgroup.com |
ABOUT ENDEAVOUR MINING CORPORATION
Endeavour Mining is a TSX listed intermediate
African gold producer with a solid track record of operational
excellence, project development and exploration in the highly
prospective Birimian greenstone belt in West Africa. Endeavour is
focused on offering both near-term and long-term growth
opportunities with its project pipeline and its exploration
strategy, while generating immediate cash flow from its
operations.
Endeavour operates 5 mines across Côte d'Ivoire
(Agbaou and Ity), Burkina Faso (Houndé, Karma), and Mali (Tabakoto)
which are expected to produce 670-720koz in 2018 at an AISC of
$840-890/oz. Endeavour's high-quality development projects
(recently commissioned Houndé, Ity CIL and Kalana) have the
combined potential to deliver an additional 600koz per year at an
AISC well below $700/oz between 2018 and 2020. In addition, its
exploration program aims to discover 10-15Moz of gold between 2017
and 2021 which represents more than twice the reserve depletion
during the period.
For more information, please
visit www.endeavourmining.com.
Corporate Office: 5 Young St, Kensington,
London W8 5EH, UK
This news release contains "forward-looking
statements" including but not limited to, statements with respect
to Endeavour's plans and operating performance, the estimation of
mineral reserves and resources, the timing and amount of estimated
future production, costs of future production, future capital
expenditures, and the success of exploration activities. Generally,
these forward-looking statements can be identified by the use of
forward-looking terminology such as "expects", "expected",
"budgeted", "forecasts", and "anticipates". Forward-looking
statements, while based on management's best estimates and
assumptions, are subject to risks and uncertainties that may cause
actual results to be materially different from those expressed or
implied by such forward-looking statements, including but not
limited to: risks related to the successful integration of
acquisitions; risks related to international operations; risks
related to general economic conditions and credit availability,
actual results of current exploration activities, unanticipated
reclamation expenses; changes in project parameters as plans
continue to be refined; fluctuations in prices of metals including
gold; fluctuations in foreign currency exchange rates, increases in
market prices of mining consumables, possible variations in ore
reserves, grade or recovery rates; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes,
title disputes, claims and limitations on insurance coverage and
other risks of the mining industry; delays in the completion of
development or construction activities, changes in national and
local government regulation of mining operations, tax rules and
regulations, and political and economic developments in countries
in which Endeavour operates. Although Endeavour has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Please refer to Endeavour's
most recent Annual Information Form filed under its profile at
www.sedar.com for further information respecting the risks
affecting Endeavour and its business. AISC, all-in sustaining costs
at the mine level, cash costs, operating EBITDA, all-in sustaining
margin, free cash flow, net free cash flow, free cash flow per
share, net debt, and adjusted earnings are non-GAAP financial
performance measures with no standard meaning under IFRS, further
discussed in the section Non-GAAP Measures in the most recently
filed Management Discussion and Analysis.
View appendix
- Figure 5: Gold in soil geochemistry.jpg
- Figure 4: Lafigué North Cross-Section.png
- Figure 1: Simplified map of the Fetekro property showing
Lafigué.jpg
- Appendix.pdf
- View News Release in PDF.pdf
- Figure 2: Lafigué discovery and selected intercepts per
area.jpg
- Figure 3: Lafigué Center Cross-Section.png
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