ENDEAVOUR ANNOUNCES MAIDEN RESOURCE AT THE
GREENFIELD FETEKRO PROPERTY
View News Release in PDF
FETEKRO
HIGHLIGHTS:
- In line with Endeavour's objective of discovering a
standalone project, exploration was launched on the Ivorian Fetekro
property in 2017
- Most of the drilling to-date has focused on the Lafigué
target where a first maiden resource has been delineated:
- Indicated resource of 6.8 million tonnes at 2.25 g/t Au for
494 Koz
- Inferred resource of 3.0 million tonnes at 2.25 g/t Au for
225 Koz
- The delineated resource encompasses approximately
two-thirds of the total mineralized area defined to date
which extends over an area 2.5 km long by 0.6 km wide
- The mineralization remains open at depth towards the
southeast, east and northeast.
- 14 additional nearby targets have been identified
- Preliminary metallurgical test work suggests the potential
for high gold recovery rates
- A 45,000m drilling program began in Q4-2018 and will
continue in 2019, focused on the Lafigué target and testing
new targets, which is expected to result in the publication
of an updated resource estimate in late 2019
Abidjan, October 29, 2018 - Endeavour
Mining (TSX:EDV)(OTCQX:EDVMF) is pleased to announce a maiden
resource estimate on the Lafigué target, located within the Ivorian
Fetekro greenfield exploration property, and the identification of
14 additional nearby targets.
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, nearly 32,000 meters were drilled, mainly
focused on the highly prospective Lafigué target, with the drill
results published on September 24, 2018.
The maiden Lafigué resource estimate, as
presented in Table 1 below, encompasses approximately two-thirds of
the total mineralized area defined to date which extends over an
area 2.5 km long by 0.6 km wide. The mineralization remains open at
depth and towards the southeast.
Table 1: Lafigué October 2018 Mineral Resource
Estimate
|
Tonnage |
Grade |
Content |
|
(Mt) |
(Au g/t) |
(Au koz) |
Indicated
resources |
6.8 |
2.25 |
494 |
Inferred
resources |
3.0 |
2.25 |
225 |
Mineral Reserve estimates follow the Canadian
Institute of Mining, Metallurgy and Petroleum ("CIM") definitions
standards for mineral resources and reserves and have been
completed in accordance with the Standards of Disclosure for
Mineral Projects as defined by National Instrument 43-101. Reported
tonnage and grade figures have been rounded from raw estimates to
reflect the relative accuracy of the estimate. Minor variations may
occur during the addition of rounded numbers. Mineral Resources
that are not Mineral Reserves do not have demonstrated economic
viability. Resources were constrained by MII Pit Shell and based on
a cutoff of 0.5 g/t Au.
Based on the recently completed gold-in-soil
geochemical campaign, structural mapping and ground/airborne
geophysics campaigns performed, an additional 14 nearby targets
have also been identified.
A 45,000-meter drill program has commenced and
will continue into 2019, with a focus on the Lafigué target and
testing new targets. An updated resource estimate is expected to be
published in late 2019.
Sébastien de Montessus, President and CEO
stated: "I would like to congratulate our exploration team for
achieving this important milestone. This maiden resource brings us
one step closer to attaining our strategic objective of identifying
a new project as part of our 5-year exploration strategy set in
late 2016.
While we have one of the largest exploration
tenements in West Africa, our key strength has been the team's
ability to prioritize and rank top prospective targets to focus our
efforts on those which have the best potential to one day become
strategic long-life, low-cost mines within our portfolio."
Patrick Bouisset, Executive Vice-President
Exploration and Growth stated: "We are very pleased with the maiden
resource as it demonstrates the prospectivity of the Fetekro
property. A second exploration campaign at the Lafigué target has
been launched quickly with the goal of converting the inferred
resources and extending the outlined resource. The delineated
Lafigué 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 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."
ABOUT THE FETEKRO PROPERTY
As shown in Figure 1 below, Fetekro is located
in north-central Côte d'Ivoire, approximately 500km from Abidjan,
within the northern-end of the Oumé-Fetekro greenstone belt.
Exploration resumed in March 2017, following the
full reinterpretation of the historical data. 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. Additional targets were identified through the
preliminary assessment of the recently completed gold-in-soil
geochemical campaign. For additional information on Fetekro,
including the property discription, please refer to the drill
results press release issued on September 24, 2018.
Figure 1: Simplified Map of the Fetekro Property
Showing Lafigué
ABOUT THE LAFIGUÉ TARGET: MAIN DISCOVERY
TO-DATE AT FETEKRO
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, east and northeast.
The drill results, as published on September 24,
2018, suggests that the Lafigué target remains open at depth and to
the southeast. In addition, the recently acquired ground geophysics
(as shown in Figure 2) and geochemical data (as shown in Figure 3)
also suggests that the Lafigué mineralization extends towards the
east and northeast.
These potential Lafigué extensions will be
tested in 2019 in conjunction with the required infill drilling
program, with the aim of converting some of the known mineralized
area into the resource category.
Figure 2: Lafigué Ground Geophysics and
Geological Interpretation Showing Possible Extensions
The Lafigué prospect is hosted by an
east-north-east 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 4
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
14 NEARBY TARGETS OUTLINED
As shown in figure 5 below, the preliminary
assessment of the recently acquired gold in-soil campaign coupled
with VTEM, ground geophysics and geological mapping, suggest the
occurrence of other mineralized systems located within a radius of
14 km around the Lafigué target.
Up to 14 targets of various extension have been
identified, some of which have already recently been tested with a
few Reverse Circulation ("RC") drilling fences. Target 4, which is
located 4km southwest of Lafigué, has already returned encouraging
results from the fence lines drilled, as shown in Figure 6 below,
which is currently being followed up with additional drilling.
The western part of the Fetekro property also
appears to be highly prospective. Three large gold in soil
anomalies, which may be related to the N020° shear zones hosting
the regional mineralized quartz veins systems, have been identified
with the few recent holes drilled. The West Anomaly ("WA") 01, WA
02 and WA 03 anomalies cover respective areas of 6km², 1.2 km² and
4km².
Figure 5: Fetekro Gold in Soil Map and
Selected Gold Intercepts over Defined Anomalies (Apparent width for
WA 01, WA 02, and WA 03; true width for Target 4)
Figure 6: Target 4 Cross-Section (true width)
NEXT STEPS
- A 45,000m drilling program has been launched in Q4-2018 and
will continue in 2019.
- An infill drilling program has been initiated on the Lafigué
target with the aim of 1) testing the extension and the contuinity
of the mineralisation; and 2) converting the inferred resources
into the indicated category.
- A regional exploration program is also planned in 2019 to test
nearby targets with the goal of delineating a maiden resource in
late 2019.
LAFIGUE RESOURCE MODELING
The statistical analysis, geological modelling
and resource estimation were prepared by Kevin Harris, CPG. Mr.
Harris is Endeavour Mining's V.P. Resource Manager and a Qualified
Person as defined by NI 43-101.
The Fetekro resource model was developed in
Geovia's Surpac software. A total of 11 mineralized zones
were defined from the current drilling data and geologic
interpretations across Lafigué South, Center, and North
areas. The gold assays from the drill holes were composited
to 1.0 meter intervals within the mineralized wireframes and capped
at 30 g/t Au. Spatial analysis of the gold distribution
within the mineralized zone using variograms indicated a good
continuity of the grades along strike and down dip of the
mineralized zones.
Density was measured in 406 core samples within
the various rock types then averaged within the model by the
weathered zones. The laterite-saprolite density is 1.81, the
transition is 1.94, and the fresh rock is 2.74.
The gold grade was estimated with the inverse
distance squared method constrained within the mineralized
domains. The grade was estimated in multiple passes to define
the higher confidence areas and extend the grade to the interpreted
mineralized zone extents.
The grade estimation was validated with visual
analysis and comparison with the drilling data on sections and with
swath plots comparing the block grades with the composites.
The mineralized domains were classified as
indicated and inferred resource classifications depending on the
sample spacing, number samples, confidence in mineralized zone
continuity, and geostatistical analysis. Indicated
classification was generally applied to blocks within the
mineralized zoned defined by a minimum of seven samples from at
least three drill holes with a 45-meter search. Inferred
classification is defined by a minimum of five samples within a
75-meter search from two drill holes.
The resource was constrained by a $1,500 pit
shell and 0.50 g/t cutoff. The Whittle pit shell optimization
assumed a base mining cost of $2.50 per tonne, mining recovery of
95%, mining dilution of 15%, pit slope of 40o, recovery of 92% in
oxide and 90% in the transition and fresh rock, and processing and
G&A cost of $25 per tonne.
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.
QUALIFIED PERSONS
The scientific and technical content of this
news release has been reviewed, verified and compiled by Gérard de
Hert, EurGeol, Senior VP 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 resource estimation was completed by Kevin
Harris, CPG, VP Resources for Endeavour Mining and "Qualified
Person" as defined by National Instrument 43-101.
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.
- Figure 5: Fetekro Gold in Soil Map and Selected Gold
Intercepts.jpg
- Figure 1: Simplified Map of the Fetekro Property Showing
Lafigué.jpg
- Figure 6: Target 4 Cross-Section (true width).jpg
- Figure 2: Lafigué Ground Geophysics and Geological
Interpretation.jpg
- Figure 3: Lafigué Center Cross-Section.jpg
- View News Release in PDF.pdf
- Figure 4: Lafigué North Cross-Section.jpg
Endeavour Mining (TSX:EDV)
Gráfico Histórico do Ativo
De Jan 2025 até Fev 2025
Endeavour Mining (TSX:EDV)
Gráfico Histórico do Ativo
De Fev 2024 até Fev 2025