ENDEAVOUR
SIGNIFICANTLY EXTENDS
HIGH GRADE MINERALIZATION AT FETEKRO
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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
Figure 1: Simplified map of the Fetekro property showing
Lafigué
Figure 4: Lafigué North Cross-Section
Appendix
Figure 3: Lafigué Center Cross-Section
Figure 2: Lafigué discovery and selected intercepts per area
View News Release in PDF
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Endeavour Mining Corporation via
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