17:04:53 EDT Wed 24 Apr 2024
Enter Symbol
or Name
USA
CA



Endeavour Mining Corp
Symbol EDV
Shares Issued 107,727,522
Close 2018-09-24 C$ 20.20
Market Cap C$ 2,176,095,944
Recent Sedar Documents

Endeavour Mining drills 26.9m of 7.97 g/t Au at Fetekro

2018-09-24 11:06 ET - News Release

Mr. Patrick Bouisset reports

ENDEAVOUR SIGNIFICANTLY EXTENDS HIGH GRADE MINERALIZATION AT FETEKRO

Endeavour Mining Corp. has released positive drill results for the Fetekro greenfield exploration property, located in north-central Ivory Coast, approximately 500 kilometres 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 and diamond drilling holes have been drilled, amounting to nearly 32,000 metres. Drilling mainly focused on the highly prospective Lafigue target where a large mineralized vein system was defined over an area 2.5 kilometres long by 0.6 km wide, remaining open at depth and toward the east. All available data are being interpreted and a maiden resource estimate is expected to be published in the fourth quarter of 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 additional targets located in proximity to Lafigue, where a drill program has been scheduled for 2019.

Patrick Bouisset, executive vice-president of exploration and growth, stated: "We are pleased to continue to deliver against our two key objectives from our five-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 Lafigue 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 five-year exploration program -- that of discovering of a stand-alone greenfield project in West Africa."

About the Fetekro property

The Fetekro property corresponds to the PR 329 exploration licence which covers approximately 247 square kilometres located in north-central Ivory Coast, nearly 500 kilometres from Abidjan. Fetekro is located in the northern end of the Oume-Fetekro greenstone belt which extends over 300 km in a north/northeast direction within the Proterozoic Birimian series of central Ivory Coast. 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 Societe pour le Developpement Minier de la Cote d'Ivoire. Historical drilling between 1998 and 2014 was sporadic, consisting of 1,803 metres of reverse air blast drilled over 94 holes, 8,577 metres of reverse circulation drilled over 134 shallow holes and 4,165 metres of diamond drilling 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 Lafigue target, where a large mineralized vein system was defined over an area 2.5 km long by 0.6 km wide, while additional targets were identified through the preliminary assessment of the recently completed gold-in-soil geochemical campaign.

About the Lafigue target -- main discovery to date at Fetekro

Three main mineralized zones have been identified at the Lafigue target (Lafigue South, Center and North), with Lafigue Center and North remaining open at depth and toward the southeast.

Some selected best intersects from historical and Endeavour drilled holes include (true width uncapped):

  • D1297: 13.59 m at 7.33 grams per tonne gold;
  • R0897: 26.85 m at 7.97 g/t Au (including 0.86 m at 17.55 g/t Au; 0.86 m at 33.20 g/t Au, 0.86 m at 25.60 g/t Au, 0.86 m at 13.25 g/t Au, 0.86 m at 83.65 g/t Au, 0.86 m at 10.98 g/t Au);
  • R0797: 16.45 m at 5.32 g/t Au (including 0.86 m at 33.50 g/t Au, 0.86 m at 11.45 g/t Au, 0.86 m at 10.16 g/t Au);
  • D0597B: 19.66 m at 3.71 g/t Au (including 0.49 m at 26.20 g/t Au);
  • LFDH02-15: 4.2 m at 15.60 g/t Au and seven m at 6.35 g/t Au (including 1.15 m at 32 g/t Au);
  • LFRC02-40: five m at 7.88 g/t Au (including one m at 19.30 g/t Au) and 12 m at 2.90 g/t Au (including one m at 16.86 g/t Au);
  • LFDD10-27: 7.62 m at 13.21 g/t Au (including 0.60 m at 117.50 g/t Au);
  • LF17-112: 6.34 m at 5.48 g/t Au (including 0.91 m at 17.50 g/t Au) and 15.41 m at 2.95 g/t Au (including 0.91 m at 10.73 g/t Au);
  • LF17-131: 7.25 m at 4.15 g/t Au (including 0.91 m at 10.41 g/t Au);
  • LFDD17-243: 5.38 m at 2.16 g/t Au and 5.7 m at 4.56 g/t Au (including 0.65 m at 27.02 g/t Au);
  • LFDD17-244: 21.7 m at 5.13 g/t Au (including 1.05 m at 20.39 g/t Au, 1.45 m at 35.13 g/t Au);
  • LFDD18-402: 8.36 m at 2.91 g/t Au;
  • LFRC18-365: 5.98 m at 5.19 g/t Au (including one m at 26.78 g/t Au);
  • LFRC18-373: 12.95 m at 2.29 g/t Au (including one m at 12.59 g/t Au) and 2.99 m at 2.63 g/t Au;
  • LFDD18-410: 7.17 m at 39.69 g/t Au (including 0.8 m at 12.73 g/t Au, 1.2 m at 70.77 g/t Au, 1.25 m at 15.49 g/t Au, 0.8 m at 186.50 g/t Au) and 10.86 m at 25.90 g/t Au (including 1.30 m at 71.40 g/t Au, 1.34 m at 94.30 g/t Au, 1.39 m at 35.30 g/t Au);
  • LFRC18-385: 22.91 m at 2.86 g/t Au and 2.99 m at 3.34 g/t Au.

Drill hole intercepts are calculated using a minimum downhole length of two metres, a cut-off grade of 0.5 g/t Au, an internal dilution length of one m and a missing interval grade of zero g/t Au.

The Lafigue 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 Lafigue appears to be hosted within a network of stacked and mineralized brittle-ductile reverse shear zones, dipping 20 degrees to 30 degrees to the south-southeast. They developed mostly within the hangingwall 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 Lafigue Center cross-section) or between a mafic intrusive and a felsic intrusive (as shown in the Lafigue North cross-section).

This basal thrust strikes northeast to north-northeast and dips gently to the south (about 30 degrees). Regional schistosity varies in strike from north-south to north 70 degrees with gentle to intermediate/steep dips to the east and south (25 degrees to 65 degrees).

The shear zones appear to be better developed at, or near, lithological contact zones, where competency contrasts do favour 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 testwork results indicate a high gravity recoverable gold content and easy gravity tails leach with low final residues. In this preliminary testwork, total gold recovery has been higher than 95 per cent.

Preliminary assessments of the recently performed gold-in-soil geochemistry indicates the occurrence of other nearby anomalies close by Lafigue. Once finalized, this analysis will help provide additional targets to be tested on PR 329 during 2019.

Other nearby targets outlined

The preliminary assessment of the recently performed gold-in-soil geochemistry indicates the occurrence of other nearby anomalies close by Lafigue. Some of these targets are expected to be drilled in 2019.

Next steps

All available data on the Lafigue target are 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 Lafigue prospect and nearby identified targets.

Qualified persons

The scientific and technical content of this news release has been reviewed, verified and compiled by Gerard de Hert, EurGeol, senior vice-president, West Africa exploration, for Endeavour Mining. Mr. de Hert has more than 19 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).

Assays and quality assurance/quality control/drilling and assay procedures

The reverse circulation drill program samples were collected on a one-metre 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 three-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 one metre in length.

All samples are transported by road to Bureau Veritas (BV) in Abidjan. Each laboratory sample is secured in polywoven bags ensuring that there is a clear record of the chain of custody. On arrival samples are weighed and crushed to two millimetres (70 per cent passing), pulverize entire sample to 75 micrometres (85 per cent 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) 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 Lafigue are monitored through the implementation of a quality assurance/quality control program. This QA/QC program was audited by International mining consultant in 2017 and consequently designed to follow industry best practices.

About Endeavour Mining Corp.

Endeavour Mining is a Toronto Stock Exchange-listed intermediate African gold producer with a solid 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 five mines across the Ivory Coast (Agbaou and Ity), Burkina Faso (Hounde, Karma) and Mali (Tabakoto), which are expected to produce 670,000 to 720,000 ounces in 2018 at an AISC of $840 to $890/oz. Endeavour's high-quality development projects (recently commissioned Hounde, Ity CIL and Kalana) have the combined potential to deliver an additional 600,000 oz per year at an AISC well below $700/oz between 2018 and 2020.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.