ENDEAVOUR Mining expected to publish a maiden resource statement on an extension of its Ity mine in Côte d’Ivoire in the fourth quarter following a discovery it described as “significant”.
The Bakatouo discovery is part of its drilling exploration programme at the mine which has grown its measured and inferred resources to 3.2 million ounces from from 0.2 million oz between 2012 and 2015.
The prospect is located along the northern extension of the Zia Northeast and Walter deposits, the company said. It extends over 800 metres along strike and 250m across strike. The mineralisation remains open at depth to the southwest and northeast, it added.
It is characterised by high grade and close to surface oxide which could result in it supplementing the mine’s existing heap leach operation and the planned carbon-in-leach facility on which Endeavour is conducting a feasibility study. The results of the study are due this year, also in the fourth quarter.
Patrick Bouisset, executive vice-president o Exploration and Growth at Endeavour said the Bakatouo discovery had “… the potential to become one of Ity’s highest grade deposits”. He added that it, and the presence of numerous other near-mine targets, “… continues to demonstrate the prolific nature of the Ity mine”.
Endeavour Mining operates four mines in Mali, Côte d’Ivoire, and Ghana which will produce up to 560,000 oz this year. However, the company has ambitious growth plans.
In a presentation published on its website in July, Endeavour outlined a strategic objective to reach 900,000 oz/year in gold production by 2020 at an all-in cash cost of less than $800/oz. This will be achieved partly through the development of its Houndé project. The life of mine of its core assets would exceed 10 years, it added.
It also outlined an aggressive exploration programme and said earlier this year it would raise C$125m through a share placement at a price of $20 per common share.
Endeavour said today that an additional 8,000 meters of infill diamond drilling on Bakatouo was expected to begin after the end of the rainy season, in November. The aim was to better define the overall deposit size, grade and extension, while exploration is on-going on other nearby targets.
In a separate announcement, the company said it had consolidated an 80km underexplored Birimian corridor on-trend at Ity mine which would increase its holdings in the Ity district from 178km² to 664km².
“These new tenements will form an integral part of our long-term exploration strategy, which is expected to be announced in the fourth quarter of 2016,” said Bouisset.
