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Be the first with the news that moves the market- Endeavour Mining (EDV) has doubled the indicated resource estimate for the Fetekro exploration project in Cote d’Ivoire
- Endeavour has boosted the total indicated mineral resource on the property from 1.2 million ounces to 2.3 million ounces
- The site’s Lafigue target is the basis for the huge resource expansion, growing 108 per cent through recent drilling work
- The company’s expected grade for the proposed mine site sits at 3.5 grams per tonne, the highest grade of any current Endeavour mining operation
- Endeavour Mining (EDV) is up 0.9 per cent and is trading at C$36.84 per share
Endeavour Mining (EDV) has doubled the indicated resource estimate for the Fetekro exploration project in Cote d’Ivoire.
Recent exploration has added 1.3 million ounces of indicated resource to the 1.2 million ounces already measured on the property. 97 per cent of the property’s total resource is indicated, therefore the company no longer needs to drill to classify the resource under reporting standards.
However, the company has dialled up a further 20,000 metres of drilling work on the property, to test the extensions of the Lafigue target.
The Lafigue target is the basis for the huge expansion of the mineral resource estimate, growing 108 per cent through recent drilling work.
The gold grades in the resource estimate sit at 3.5 grams per tonne gold, from two million ounces. If that estimate is accurate, it would make the mine the highest-grade site Endeavour currently operates.
On the back of the new resource estimate, the company intends to develop an updated preliminary economic assessment for the site. Endeavour expects to release the assessment in the fourth quarter of this year.
Endeavour CEO Sebastien de Montessus said he was thrilled with the resource update, as it validates the Fetekro project as a cornerstone asset for the company.
“We believe that Fetekro has the potential to be a quality project, given its exploration potential and an already defined large-scale open pitiable deposit with straightforward metallurgy, high gold discovery, located close to existing infrastructure and requiring only minimal relocation,” he said.
Endeavour Mining (EDV) is up 0.9 per cent and is trading at C$36.84 per share at 2:40 pm EDT.
