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Endeavour Mining PLC said on Tuesday that its gold measured and indicated resources were up, alongside grade quality, following its exploration programme at its Ity mine in the Ivory Coast, remaining on track for its 2021 to 2025 discovery target.
The gold producer operating across west Africa said its current updated measured and indicated gold resources were estimated to be 5.2 million ounces, up 16% from 4.5 million oz on December 31 last year. Grade quality was also up 3.8% to 1.62 grams per tonne from 1.56g/t.
Estimated inferred resources were down 37% to 810,000 oz from 1.3 million oz during the same period. Inferred resources are resources that are estimated less confidently than indicated resources.
Endeavour said it is on track to achieve its previously announced target of discovering 3.5 million to 4.5 million oz of gold indicated resources at the Ity mine over the 2021 to 2025 period. Around 2.0 million oz of have been discovered in the last two years, it added.
Endeavour’s drilling programme confirmed continuity of the mineralised system hosting seven deposits near its processing plant, resulting in a new single resource model for the area. This is alongside a large mineralised system covering the Plaque area, around seven kilometres from the processing plant.
A significant discovery was also made at the Gbampleu target around 22 kilometres away, where several high-grade and thick mineralised lenses were identified.
We are very proud of our achievements at Ity following its successful build in 2019. The mine now ranks amongst the highest quality operations within west Africa due to its low-cost production profile and long mine life. This status has been underpinned by our significant exploration success at Ity, which has led to a more than doubling of the resource base since its feasibility study was published in 2016, coupled with a strong operating performance,‘ said Chief Executive Officer Sebastien de Montessus.
Mineralised extensions were confirmed at Endeavour’s Delta Extension deposit with resource delineation expected next year, while a new discovery was made at the Delta SE target, with its maiden resource results also expected next year.
Shares in Endeavour were down 0.4% to 1,679.00 pence in London on Tuesday morning.
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