West Africa-focused gold miner Endeavour Mining has achieved a 108% increase in indicated resources at the Lafigué deposit, part of the Fetekro Greenfield exploration project in Côte d’Ivoire.
Endeavour Mining has added 1.3 Moz of indicated resources, taking the total indicated resources at Feterkro to 2.5 Moz – at an average grade of 2.40 g/t of gold, at a very low discovery cost of only US$7.50 per Indicated resource ounce.
The initial preliminary economic assessment (PEA), based on the previously announced 1.2 Moz indicated resource, has already demonstrated robust project economics. An updated PEA based on the updated 2.5 Moz indicated resource is expected to be published in Q4, 2020.
“We are thrilled with this resource update as it validates that Fetekro has the potential to become another long life and low cost cornerstone asset for Endeavour,” says Endeavour Mining CEO Sébastien de Montessus.
“Moreover, we are pleased with the value generated from our exploration efforts as we have spent a total of $19 million at Fetekro over the past three years, which resulted in a very low discovery cost per indicated ounce.
“We believe that Fetekro has the potential to be a quality project, given its exploration potential and an already defined large-scale open-pittable deposit with straightforward metallurgy, high gold recovery, located close to existing infrastructure and requiring only minimal relocation.
“With more than 2 Moz at grades above 3.50 g/t Au, it would make it our highest-grade mine, in a country where we have successfully built two mines in the past decade, says de Montessus.
Endeavour Mining is excited about the organic growth potential that Fetekro offers within its portfolio and look forward to the updated PEA results later this year. In parallel, the company remains focused on its short-term objective of deleveraging the balance sheet and initiating a sustainable dividend.”
Patrick Bouisset, executive VP for Exploration and Growth says that the company is very excited by the results at the Fetekro exploration project, with the Lafigué deposit more than doubling its indicated resources in less than 12 months.
“We believe there is significant potential for additional ounces to be added at Lafiqué, which remains open at depth and along strike, through drilling in the coming year, as well as testing additional targets in close proximity to Lafiqué.
“On a broader note, we are also extremely pleased with our company-wide exploration results. Since the launch of our strategic exploration plan in late 2016, we have added over 8.3 Moz of indicated resources and remain on track to reach our very ambitious target at least 10 Moz of Indicated resources before the end of 2021,” Bouisset concludes.