TIDMEDV
EAVOUR INCREASES ITY'S M&I RESOURCES BY 17% TO 5.2MOZ
WITH FURTHER INCREASES EXPECTED IN 2023
HIGHLIGHTS:
-- Ity's M&I resource increased by 17% to reach 99Mt at
1.62 g/t Au containing 5.2Moz
-- Drilling confirmed continuity of the mineralised
system which hosts 7 deposits, located near the
processing plant, resulting in a new single resource
model for the area, with mineralisation remaining
open at the West Flotouo, Daapleu, Bakatouo, Colline
Sud and Walter deposits
-- Drilling confirmed the presence of a large
mineralised system covering the Plaque area, located
7km from the processing plant
-- Indicated resources delineated at the
Yopleu-Legaleu deposit which remains open to
the Southwest and at depth
-- Mineralised extensions confirmed at Delta
Extension deposit with resource delineation
expected next year
-- New discovery made at the Delta SE target with
maiden resource expected next year
-- Significant discovery made at the Gbampleu target,
located 22km from the processing plant, as several
high-grade and thick mineralised lenses were
identified
-- Endeavour is on track to achieve the previously
announced target of discovering between 3.5-4.5Moz of
Indicated resources at Ity over the 2021-2025 period,
of which 2.0Moz was discovered in the last 2 years
London, 29 November 2022 -- Endeavour Mining plc (LSE:EDV,
TSX:EDV, OTCQX:EDVMF) ("Endeavour" or the "Group" or the "Company")
is pleased to announce that its exploration programme at its Ity
mine in Côte d'Ivoire has resulted in the successful delineation of
0.75Moz of Measured and Indicated ("M&I") resources, lifting
the mine's M&I resources to over 5 million ounces, as presented
in Table 1 below.
Table 1: Ity Mine Updated Mineral Resource Estimate
PREVIOUS RESOURCE UPDATED RESOURCE
(As at 31 December 2021) (Excluding 2022 mine depletion) VARIANCE
----------------------------- ------------------------------------ --------
On a 100% basis. M&I Resources shown inclusive of Au
Reserves. Tonnage Grade Content Tonnage Grade Content Content
(Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Au koz)
-------- --------- -------- --------- ---------- ------------- --------
Measured Resource 12.1 0.88 344 11.2 0.78 283 -61
Indicated Resources 77.3 1.66 4,131 89.3 1.72 4,944 +814
M&I Resources 89.5 1.56 4,475 100.6 1.62 5,228 +753
Inferred Resources 27.1 1.47 1,279 15.9 1.59 810 -469
-------- --------- -------- --------- ---------- ------------- --------
Updated Resource is current as at 31 December 2021, as it
excludes 2022 mine depletion. Mineral Resources Estimates follow
the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM")
definitions standards for mineral resources and have been completed
in accordance with the Standards of Disclosure for Mineral Projects
as defined by National Instrument 43-101. Reported tonnage and
grade figures have been rounded from raw estimates to reflect the
relative accuracy of the estimate. Minor variations may occur
during the addition of rounded numbers. Mineral Resources that are
not Mineral Reserves do not have demonstrated economic viability.
Resources were constrained by MII Pit Shell and based on a cut-off
grade of 0.5 g/t Au and $1,500/oz gold price. Details for the
Updated Resource are provided in the Technical Notes section of
this press release. For details regarding the 31 December 2021
resources, please consult the press release dated [date] of
Endeavour.
In addition to the delineated resources, drilling conducted
during the year also confirmed mineralisation at extensions of
several known orebodies and at new targets, which will form the
basis for the 2023 drilling programme with the goal of delineating
further resources.
Sebastien de Montessus, President and CEO, said: "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.
We are very pleased to demonstrate that now all three of our
flagship assets, Sabodala-Massawa, Houndé and Ity, boast M&I
resources above 5 million ounces each, with exploration remaining
an integral part of our capital allocation strategy as it underpins
our ability to maintain long mine lives and continually optimise
our portfolio. Looking ahead, we continue to see significant
exploration potential at Ity as we remain on track to achieve our
objective of discovering between 3.5 to 4.5Moz of Indicated
resources over the 2021-2025 period, with nearly 2.0Moz discovered
already. At a group level, we are pleased to also be on track to
discovering between 15 to 20Moz of Indicated resources over the
same period.
On the operational front, Ity continues to perform well as it is
on track to beat its full-year production guidance of 255--270koz
and its AISC guidance of $850--900 per ounce."
Patrick Bouisset, Executive Vice President Exploration and
Growth said: "Today's resource additions are the culmination of
several years of exploration efforts which we are extremely proud
of. We first discovered the Bakatouo deposit in late 2016, which
was soon followed by exploration successes at the Walter and Ity
Flat deposits and the West Flotouo discovery. Today, we have
successfully proven that all seven of the previously thought
independent deposits located around the Ity intrusive are in fact a
continuous mineralised system. In addition to the resource
delineated, the benefit of this discovery is the creation of a
unique resource model which is expected to greatly improve our mine
planning capabilities.
Following the work this year to prove mineralised continuity of
known orebodies and to identify mineralisation at new targets, we
believe that we are well-positioned for continued success in 2023
as we look to delineate further resources. In addition to
discoveries made in both the near-mill area and in the Le Plaque
area, we are very excited about the discovery made at Gbampleu
where several high-grade and thick lenses of mineralisation were
identified."
ITY MINE 2022 EXPLORATION PROGRAM
In recent years, exploration efforts have focused on the PE26
mining permit (which hosts the processing plant and several
deposits including Walter, Bakatouo, West Flotouo, Ity-Flat, Verse
Est, and Zia NE), on PE49 mining permit (which hosts the Daapleu
and Gbeitouo deposits) and on the PE53 mining permit (which hosts
the Le Plaque and Yopleu-Legaleu deposits and other targets
including Delta South East).
Since the beginning of the year, a total of 51,181 meters of
drilling was completed at Ity, mainly within a 20km radius from the
plant, as shown in Figures 1 and 2 in the attached pdf. The
exploration programme mostly focused on extending resources at
several near mine deposits including Walter-Bakatouo, West Flotouo,
Delta Extension at Le Plaque and Yopleu-Legaleu, delineating
potential deposit extensions at Colline Sud, and on assessing the
potential of new greenfield targets including Gbampleu, and Delta
South East.
As detailed in Table 2 below, a total of 753koz of M&I
resources were delineated since the beginning of the year, with the
additions coming from West Flotouo, Yopleu-Legaleu, Ity-Ity Flat,
Verse Est, and Walter.
Table 2: Ity Resource Additions
PREVIOUS RESOURCE UPDATED RESOURCE
(As at 31 December 2021) (Excluding 2022 mine depletion) VARIANCE
----------------------------- ------------------------------------ --------
On a 100% basis. M&I Resources shown inclusive of Au
Reserves. Tonnage Grade Content Tonnage Grade Content Content
(Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Au koz)
-------- --------- -------- --------- ---------- ------------- --------
West Flotouo
Measured Resource 0.0 0.00 0 0.0 0.00 0 0
Indicated Resources 9.0 2.00 582 18.7 1.80 1,083 +501
M&I Resources 9.0 2.00 582 18.7 1.80 1,083 +501
Inferred Resources 7.3 1.84 430 4.7 1.73 263 -167
Verse Est
Measured Resource 0.0 0.00 0 0.0 0.00 0 0
Indicated Resources 0.0 0.00 0 1.1 1.80 64 +64
M&I Resources 0.0 0.00 0 1.1 1.80 64 +64
Inferred Resources 1.2 1.54 61 0.5 1.31 21 -40
Walter
Measured Resource 0.0 0.00 0 0.0 0.00 0 0
Indicated Resources 8.7 1.62 451 10.2 1.56 512 +61
M&I Resources 8.7 1.62 451 10.2 1.56 512 +61
Inferred Resources 4.8 1.44 222 2.2 1.28 90 -132
Bakatouo
Measured Resource 0.0 0.00 0 0.0 0.00 0 0
Indicated Resources 7.0 2.08 467 6.8 2.14 466 -2
M&I Resources 7.0 2.08 467 6.8 2.14 466 -2
Inferred Resources 1.3 1.47 63 1.3 1.70 73 10
Ity - Ity Flat
Measured Resource 0.0 0.00 0 0.0 0.00 0 0
Indicated Resources 5.2 1.82 306 7.0 2.09 468 +162
M&I Resources 5.2 1.81 306 7.0 2.09 468 +162
Inferred Resources 5.7 1.41 255 2.8 1.80 163 -92
Zia NE
Measured Resource 0.9 2.12 61 0.0 0.00 0 -61
Indicated Resources 7.2 1.03 238 4.2 1.47 197 -41
M&I Resources 8.1 1.15 299 4.2 1.47 197 -102
Inferred Resources 5.2 1.14 191 3.6 1.63 187 -4
Yopleu-Legaleu
Measured Resource 0.0 0.00 0 0.0 0.00 0 0
Indicated Resources 0.0 0.00 0 1.2 1.78 69 +69
M&I Resources 0.0 0.00 0 1.2 1.78 69 +69
Inferred Resources 1.0 1.61 52 0.1 1.91 7 -44
Total Additions
Measured Resource 0.9 2.13 61 0.0 0.00 0 -61
Indicated Resources 37.1 1.71 2,044 49.1 1.81 2,858 +814
M&I Resources 38.0 1.72 2,105 49.1 1.81 2,858 +753
Inferred Resources 26.5 1.50 1,274 15.3 1.64 805 -469
-------------------------------------------------- -------- --------- -------- --------- ---------- ------------- --------
Updated Resource is current as at 31 December 2021, as it
excludes 2022 mine depletion. Mineral Resources Estimates follow
the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM")
definitions standards for mineral resources and have been completed
in accordance with the Standards of Disclosure for Mineral Projects
as defined by National Instrument 43-101. Reported tonnage and
grade figures have been rounded from raw estimates to reflect the
relative accuracy of the estimate. Minor variations may occur
during the addition of rounded numbers. Mineral Resources that are
not Mineral Reserves do not have demonstrated economic viability.
Resources were constrained by MII Pit Shell and based on a cut-off
grade of 0.5 g/t Au and $1,500/oz gold price. Details for the
Updated Resource are provided in the Technical Notes section of
this press release. For details regarding the 31 December 2021
resources, please consult the press release dated [date] of
Endeavour.
NEAR MILL EXPLORATION EFFORTS
The resource model 3D views, in Figures 3 and 4 in the attached
pdf, illustrate the exploration success and improved understanding
achieved in the near-mill area between 2017 (when plant
construction was launched) and today. A maiden resource for the
Bakatouo deposit was delineated in 2016 and since then several new
deposits and extensions have been discovered, including Bakatouo
extension, West Flotouo, Walter and Ity-Ity Flat. The area, which
spans 7km long by 3km wide, today hosts 2.8Moz at 1.81g/t Au.
The drilling efforts conducted in 2022 successfully demonstrated
that all 7 of the previously thought independent deposits located
around the Ity intrusive are in fact a continuous mineralised
system. This finding has resulted in the creation of a single
resource model for the area which is expected to greatly improve
mine planning capabilities.
As shown in Figure 5 in the attached pdf, lithologies in the Ity
area comprise a series of lower Proterozoic (Birimian)
volcanosediments and carbonate lenses intruded by a granodiorite.
Skarn formations have been developed in the carbonate-bearing units
in the vicinity of the intrusion. The different Ity area deposits
are distributed all around the intrusion, in both
meta-volcanosediments (West Flotouo, Flotouo Extension, Verse East)
and skarns formations (Ity, Zia NE, Walter, Bakatouo). Gold
mineralisation occurred during a late Birimian orogenic
hydrothermal event, within transpressive shear zones that developed
at the margin of the intrusion.
The geological contexts of the Le Plaque and Daapleu deposits
differ from that of Ity; in the Le Plaque area, gold mineralisation
is essentially hosted in granodiorite, which was itself intruded by
several generations of diorite; at Daapleu, gold mineralisation
occurred at the contact between meta-volcanosediments and a
rhyolitic intrusion (different from granodiorite) locally named
Daaplite.
Junction between West Flotouo and Flotouo Extension ("West
Flotouo")
-- Following promising initial results from the 2021 campaign, 76 additional
holes amounting to 16,779 meters were drilled in 2022 to increase the
resources and to delineate the northeast mineralisation extension in the
area called Flotouo Extension.
-- The West Flotouo/Flotouo Extension deposit is now the Ity mine's largest
deposit and the mineralisation remains open along strike and at depth.
-- As shown in Figures 6 and 7 in the attached pdf, the general gold
mineralisation of the West Flotouo/Flotouo Extension is overall
northeast-southwest trending, moderately dipping to the northwest and has
been identified over a 1km strike length. Host rocks comprise sheared
clastic sediments in the southern part and skarns in the northern part of
the deposit.
-- The West Flotouo/Flotouo Extension deposit will be integrated into the
mine plan as soon as possible given it is an attractive discovery due to
its high grade and very close proximity to the plant.
Junction between Walter -- Bakatouo deposit
-- A total of 51 holes amounting to 9,037 meters were drilled in 2022 to
convert the Inferred resources to Indicated status and increase the
resources at the junction between the Walter and Bakatouo skarn hosted
gold deposits.
-- As shown in Figure 8 in the attached pdf, the 2022 drill results have
returned significant intercepts with large thicknesses and high grades
which confirmed the continuity of the deposit.
-- Best selected intercepts include:
-- Hole WA22-119: 5 meters at 2.48g/t Au from 200m and 7 meters at
34.96 g/t Au from 207 meters
-- Hole WA22-134: 14 meters at 5.95g/t Au from 35 meters
-- The mineralised lenses are still open at depth and along strike.
Junction between Bakatouo Northwest - Zia Northest deposits
-- A total of 8 holes amounting to 1,008 meters were drilled in 2022 at the
junction between the Zia Northeast and Bakatouo deposits. The purpose was
to confirm the continuity of the mineralisation in this zone which is
located in proximity to the Ity plant.
-- As shown in Figure 9 in the attached pdf, the 2022 drill results returned
significant shallow mineralised intercepts, with best selected intercepts
including:
-- Hole BK22-337: 14 meters at 1.99g/t Au from 43.3 meters
-- Hole BK22-332: 10 meters at 1.24g/t from 26 meters
-- The resource additions will be quickly converted into reserves and
prioritised in the mine plan given the shallow nature of the orebody and
its proximity to the plant.
Verse Est deposit
-- A total of 16 holes amounting to 1,638 meters were drilled in 2022 at
Verse Est. The purpose was to follow-up on the positive drilling results
from the prior years' campaign, that identified the 500-meter long,
shallow lying, mineralised system, which is located in close proximity to
the Ity plant, adjacent to a former mining waste area on the Eastern side
of the Mont Ity pit.
-- As shown in Figure 10 in the attached pdf, the 2022 drill results
confirmed the continuity of the mineralisation with significant
shallow-lying intercepts with best selected intercepts including:
-- Hole VE22-105: 11 meters at 4.17g/t Au from the surface
-- Hole VE22-103: 7 meters at 1.69g/t Au from 37 meters
-- The resource additions will be quickly converted into reserves and
prioritised in the mine plan given the shallow nature of the orebody and
its proximity to the plant.
LE PLAQUE AREA EXPLORATION EFFORTS
Yopleu-Legaleu deposit
-- The Yopleu-Legaleu deposit is located 1km southeast of the previously
discovered Le Plaque deposit, where mining activities began in late 2021,
and less than 10km away from the Ity plant.
-- A maiden Inferred resource was delineated in 2021 while further drilling
in 2022, comprised of 85 holes amounting to 10,918 meters, led to the
conversion of the Inferred resource into Indicated resource status and
further resource delineation.
-- The 2022 infill drilling results confirmed the continuity of the
mineralisation within the 2021 Inferred resources pit shell and defined
significantly enhanced mineralisation potential with the discovery of
additional mineralised intervals including higher grade intervals
encountered both at depth and laterally. Some of the best selected
intercepts include:
-- Hole FL22-1746: 24 meters at 3.96g/t Au from 125 meters
-- Hole FL22-1765: 23 meters at 2.63g/t Au from 49 meters
-- The 2022 step-out drill results also confirmed that mineralisation
extends 200 meters along strike to the northeast and 450 meters to the
southwest, with high grade thick intercepts such as:
-- Hole FL22-1689: 14.0 meters at 2.49g/t Au from 81 meters and 9.0
at 6.83 g/t Au from 160 meters
Delta Extension at Le Plaque deposit
-- The Delta Extension deposit was delineated along a sub-parallel
south-eastern extension of the previously discovered Le Plaque deposit,
where mining activities began in late 2021, and is located less than 10km
away from the Ity mill. A total of 5 holes amounting to 635 meters were
drilled in 2022.
-- As shown in Figure 11 in the attached pdf, the drill results confirmed
the continuity, at shallow depth, of the Delta Extension mineralised vein
system, toward the southeast underneath the 2021 pit shell.
-- Best selected intercepts include:
-- Hole FL22-1675: 9 meters at 2.22g/t Au from 67 meters
-- Hole FL22-1675: 5 meters at 2.58g/t Au from 97 meters
Delta Sud-Est new discovery
-- The newly discovered Delta Sud-Est target covers a 1km by 700 meter area,
located 1km southwest and 300 meters Sout East from the Yopleu-Legaleu
and Delta deposits.
-- This area had been preliminarily outlined in 2020 with an initial Air
Core ("AC") drilling and in 2021 with 1 RC hole amounting to 152 meters
and 4 DD holes amounting to 712 meters with initial positive results.
This year, a more systematic drilling campaign with 28 RC holes drilled
amounting to 2,753 meters was focussed on Delta Sud-Est.
-- The 2022 drill results confirmed the presence of several parallel
mineralised veins within granodiorite that seem to be on a trend and
possibly continuous with the Yopleu-Legaleu vein system.
-- Best selected intercepts including:
-- Hole FL22-1710: 7 meters at 3.08g/t Au from 77 meters
-- Hole FL22-1723: 3 meters at 10.57g/t Au from 59 meters
-- These results confirm the potential of the Delta Sud-Est target and as
such a follow-up drilling program is planned for 2023.
OTHER NEAR-MILL DEPOSITS
Colline Sud deposit
-- The Colline Sud deposit is located 1 km southwest of the historical Mont
Ity deposit, and approximately 5km away from the processing plant.
-- Following the results of former exploration AC and grade control drilling
programmes, a further 34 holes amounting to 3,544 meters were drilled in
2022.
-- The 2022 drill results confirmed the along strike extension of the gold
mineralisation over 300 meters to the northeast, in addition to
identifying a 300 meter long parallel trend immediately to the southwest,
with best selected intercepts including:
-- Hole CS22-177: 4 meters at 6.30g/t Au from 77 meters, including 1
meter at 14.75 g/t Au from 79 meters, and 8.0 meters at 8.98 g/t
Au from 84, including 1 meter at 25.30 g/t Au from 87 meters, and
including 1 meter at 13.80 g/t Au from 89 meters, and including 1
meter at 20 g/t Au from 91 meters
-- Hole CS22-187: 9 meters at 1.39 g/t Au from 16 meters and 5 meters
at 1.41 g/t Au from 32 meters
Daapleu deposit
-- The Daapleu deposit is located approximately 5km from the processing
plant.
-- A total of 60 shallow depth holes amounting to 4,407 meters were drilled
in 2022 with a new mineralised vein system intercepted along the
continuity of the Daapleu deposit, over 350 meters to the northeast. Best
selected intercepts include:
-- Hole DA22-644: 2 meters at 1.00g/t Au from 25 meters and 7 meters
at 5.16g/t Au from 41 meters including 1.0 meter at 12.70g/t Au
-- Hole DA22-645: 7 meters at 1.30g/t Au from 90 meters and 4 meters
at 1.20g/t Au from 106 meters
-- These results will be included in the next resource update and will be
followed up with the 2023 drilling campaign.
GBAMPLEU NEW DISCOVERY
-- As shown in Figure 1 in the attached pdf, the Gbampleu discovery is
located in the Toulepleu exploration permit (PR462), located 22km south
of the Ity plant. Gbampleu sits in the central part of the Toulepleu-Ity
greenstone belt, on the southern border of the Guiamapleu granodioritic
mole.
-- Gbampleu was ranked as a highly prospective target based on a historic
gold-in-soil survey which highlighted a north-south striking, 1.3 km x
0.6km, anomaly (with >100ppb Au), which overlays steeply dipping,
southwest-northeast oriented, Birimian rocks composed of meta-volcanic
formations (dominantly mafic) and a set of gneissic rocks of more felsic
composition (Zeitouo gneiss).
-- A first RC drilling program, totalling 50 holes amounting to 4,920 meters
was completed in 2021. Following the promising results of this campaign,
a combined RC-DD program comprising 17 holes amounting to 3,212 meters
have been drilled so far this year, to define the controlling factors of
the mineralisation and to delineate the deposit over 450 meters along
strike, where drill results have confirmed high grade mineralisation.
Drilling is ongoing with the along strike extension remaining to be
tested.
-- Best selected intercepts include:
-- Hole GP22-051: 43.25 meters at 11.32 g/t Au from 175.8 meters,
including 4.3 meters at 29.81 g/t Au from 178.75 meters, including
3 meters at 61.68 g/t Au from 185 meters, including 2 meters at
31.18 g/t Au from 193 meters and including 2 meters at 10.95 g/t
Au from 206 meters
-- As shown in Figures 12 and 13 in the attached pdf, high gold grades
(notably with visible gold) have been intercepted in highly silicified
zones within Biotite Gneiss characterized by penetrative silicification
and abundant quartz pods or strongly deformed quartz-filled veins and
breccia. Some of these veins are also filled with chlorite and sulphides
(pyrite, sphalerite).
All intercepts reported above are apparent thickness.
TECHNICAL NOTES
Ity Area Resource Modelling
The statistical analysis, geological modelling and resource
estimation were prepared by the Endeavour resource team, under the
direction of Kevin Harris (CPG) VP Resources for Endeavour as the
Qualified Person as defined by NI 43-101.
The Grand Ity resource update is based upon updated drilling
data and interpretations. The Ity Mineral Resource model was
developed in Seequent's Leapfrog Geo and Geovia's Surpac modelling
software. The database used to generate the Mineral Resources
comprised some 2,112 drill holes, with a total of 264,788 meters
drilled. The updated model is based upon 152 new drill holes
totalling 29,034 meters. The drilling data are supported by
industry standard quality assurance and quality control systems,
with quality control sampling comprising blanks, coarse blanks,
certified reference materials, and field and pulp duplicates. The
Resource team has reviewed the QAQC data and are confident they are
of high standard to be used in resource estimation.
146 mineralisation domains were modelled using geology and grade
continuity, by selecting intervals which forms part of each
mineralisation lenses; a nominal cut-off of 0.5g/t Au. The Grand
Ity deposit was divided into 7 resource areas named: Bakatouo NW,
West Flotouo, Verse Est, Walter, Bakatouo, Ity-Ity Flat and ZiaNE.
The gold assays from the drill holes were composited to 1.0 meter
intervals within the modelled zone. Capping varied depending on the
mineralised domain, between no cap and 45g/t Au.
Density measurements from 4,929 samples and covering each of the
material types and major lithology were averaged based on the
material type. Average density values were applied to the
associated portions of the block model as outlined below:
-- Laterite/Overburden: 1.80 g/cm3
-- Saprolite: 1.50 g/cm3
-- Saprock: 2.50 g/cm3
-- Fresh: 2.90 g/cm3
Gold grades were estimated using Ordinary Kriging for most of
the mineralised domains. Where it was not possible to define a
well-structured variogram for the smallest domains with low sample
support, an Inverse Distance Squared ("IDW2") estimator was used.
The grade was in multiple passes to define the higher confidence
areas and extend the grade to the interpreted mineralised zone
extents.
The grade estimation was validated with visual and statistical
analysis and comparison with the drilling data on sections with
swath plots comparing the block grades with the composites.
The quality and spatial distribution of the data used and the
geological continuity of the mineralisation and the quality of the
estimated block model for Grand Ity is sufficient for the reporting
of Indicated and Inferred Mineral Resources. Indicated Mineral
Resources have typically been defined in areas within a search
range of 40-45 meters, where there is a reasonable level of
confidence in geological and grade continuity. Inferred Mineral
Resources have typically been defined in areas outside the first
pass estimation range of 40-45 meters and where the continuity and
confidence is reduced.
Mineral Resources are reported within a Whittle optimised pit
shell using cut-off of grades of 0.5 g/t Au. Optimisation
parameters used are as below:
-- Mining cost: $2.66 - $3.66/t Oxide; $3.43 - $4.27/t Transition; $3.70 -
$4.39/t Fresh
-- Processing cost + G&A + Ore cost: Oxide: $16.56 - $20.67/t; Transition
$16.81 - 30.05/t; Fresh: $16.92 - $20.80/t
-- Selling cost: $9.15/oz Au Transportation and Refining; Royalty of 3.5%
-- Mining recovery: 95%
-- Mining dilution: 0%
-- Processing recovery: Oxide 80.2 - 93.6%; Transition 85.2 - 96.2%; Fresh
84.7 - 96.2%
-- Average slope angles: Oxide 33deg; Transition 33deg; Fresh 42.3deg-
58.4deg
Yopleu-Legaleu Resource Modelling
The statistical analysis, geological modelling and resource
estimation were prepared by the Endeavour resource team, under the
direction of Kevin Harris (CPG) VP Resources for Endeavour as the
Qualified Person as defined by NI 43-101.
The Yopleu-Legaleu resource update are based upon updated
drilling data and interpretations as of October 2022. The
Yopleu-Legaleu Mineral Resource model was developed in Seequent's
Leapfrog Geo and Geovia's Surpac modelling software. The database
used to generate the Mineral Resources comprised 357 drillholes,
with a total of drilling meters of 29,071 meters. The updated model
is based upon 85 new drillholes totalling 10,918 meters. The
drilling data are supported by industry standard quality assurance
and quality control systems, with quality control sampling
comprising blanks, coarse blanks, certified reference materials,
and field and pulp duplicates. Resource team has reviewed the QAQC
data and are confident they are of high standard to be used in
resource estimation.
Sixteen mineralisation domains were modelled using geology and
grade continuity, by selecting intervals which forms part of each
mineralisation lenses; a nominal cut-off of 0.4g/t Au. The gold
assays from the drill holes were composited to 1.0 meter intervals
within the modelled zone. Capping varied depending on the
mineralised domain, between no cap and 10g/t Au.
Density measurements from 294 samples and covering each of the
material types and major lithology were averaged based on the
material type. Average density values were applied to the
associated portions of the block model as outlined below:
-- Laterite/Overburden: 1.70 g/cm3
-- Saprolite: 1.58 g/cm3
-- Saprock: 2.36 g/cm3
-- Fresh: 2.71 g/cm3
Gold grades were estimated using Inverse Distance Squared and
Ordinary Kriging for all of the mineralised domains. Generally, it
was not possible to define a well-structured variogram models for
most of the domains. The two methods produced similar results so
the Inverse Distance Squared method was chosen. The grade was in
multiple passes to define the higher confidence areas and extend
the grade to the interpreted mineralised zone extents.
The grade estimation was validated with visual and statistical
analysis and comparison with the drilling data on sections with
swath plots comparing the block grades with the composites.
The quality and spatial distribution of the data used and the
geological continuity of the mineralisation and the quality of the
estimated block model for Yopleu-Legaleu is sufficient for the
reporting of Indicated and Inferred Mineral Resources. Indicated
Mineral Resources have typically been defined in areas within a
search range of 40 m, where there is a reasonable level of
confidence in geological and grade continuity. Inferred Mineral
Resources have typically been defined in areas outside the first
pass estimation range of 40 meters and where the continuity and
confidence is reduced.
Mineral Resources are reported within a Whittle optimised pit
shell using cut-off of grades of 0.5 g/t Au. Optimisation
parameters used are as below:
-- Mining cost: $2.80/t Oxide; $3.50/t Transition; $3.69/t Fresh
-- Processing cost + G&A + Ore cost: Oxide: $21.85/t; Transition $21.85/t;
Fresh: $21.92/t
-- Selling cost: $70/oz Au gold
-- Mining recovery: 95%
-- Mining dilution: 0%
-- Processing recovery: Oxide 95%; Transition 93%; Fresh 88%
-- Average slope angles: 40deg
Drilling, Assay, Quality Assurance / Quality Control
Procedures
Reverse Circulation ("RC") and Air Core ("AC") drilling delivers
material to the surface via percussion hammer pushing pulverized
rock into dual tube rods which evacuate the material to the surface
via high pressure compressed air. The samples are collected from
the cyclone at surface at 1-meter intervals. The cyclone is cleaned
after every 6-meter rod by flushing the hole. Additional manual
cleaning is required in saprolitic or wet ground, closely monitored
by the site geologist / geotechnician to ensure no sample to sample
contamination occurs.
Samples are split at the drill site using several different
riffle splitters, based on bulk sample weight. 2-5kg laboratory and
a second 2-5kg reference sample are collected. Bulk and laboratory
sample weights, in addition to moisture levels are 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
Endeavour 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 to the ALS preparation laboratory at
the Exploration office site at the Ity Mine. 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. Complete
samples are crushed to 2mm (70% passing) with 1 kg split out for
pulverization. The entire 1 kg is pulverized 75<MU>m (85%
passing). A 250 gram final pulp sample is prepared. These 250 gram
pulps are packaged in cardboard boxes and shipped to ALS
Ouagadougou. At ALS Ouagadougou a 50 gram pulp sample is extracted
from the final 25 gram pulp and analysed for gold (Au) using
standard fire assay techniques. An Atomic Absorption ("AA") finish
provides the final Au value.
Blanks, field duplicates and certified reference material
("CRM's") are inserted into the sample sequence by Endeavour
geologists at a rate of 1 of each samples type per 20 samples. This
ensures that there is a 5% Quality Assurance / Quality Control
("QA/QC") sample insertion rate applied to each fire assay batch.
The sampling and assaying are monitored through analysis of these
QA/QC samples. This QA/QC program was audited by a consultant,
independent from Endeavour Mining and has been verified to follow
industry best practices.
In February 2022, 1,017 samples from the 2021 drilling program
were sent to ALS Ouagadougou for umpire (referee) analysis.
Comparison of the Original analysis against the umpire analysis
revealed a moderate Correlation Coefficient of 72% for all samples.
When the Au data was capped at 20 ppm the Correlation Coefficient
increased to a strong 92.8 %. It is not unusual for very high grade
samples to show highly variable results even when the same samples
are analysed at the same lab a second time. Endeavour accepts these
Umpire assay results from ALS Ouaga and have confidence that the
original assays provided by are accurate.
Core sampling and assay data were monitored through a quality
assurance/quality control program designed to follow NI 43-101 and
industry best practice.
Full drill results are available by clicking here
https://www.globenewswire.com/Tracker?data=wABg9rjs36C1PNW_Mjt7smLKXyIVCu-ZRVLu0rOXcXWYysh7uiObsf_chYn4Uyar7Ra1Do6jHwFMcwJGYQuUyTueYlAX5OVbJDwS5C_s5HUE4_fVJWLfiUC99EiUIy7q5DVvm5Ycyl5rk4UESgReFkgp7Dn8FdGusGNzFJDQGLs=
.
QUALIFIED PERSONS
The scientific and technical content of this news release has
been reviewed, verified and compiled by Silvia Bottero,
Professional Natural Scientist, VP Exploration Côte d'Ivoire for
Endeavour Mining. Silvia Bottero 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 resource estimation was
completed by Kevin Harris, CPG, VP Resources for Endeavour Mining
and "Qualified Person" as defined by National Instrument
43-101.
CONTACT INFORMATION
Martino De Ciccio Brunswick Group LLP in London
VP -- Strategy & Investor Relations Carole Cable, Partner
+44 203 640 8665 +44 7974 982 458
mdeciccio@endeavourmining.com ccable@brunswickgroup.com
ABOUT ENDEAVOUR MINING CORPORATION
Endeavour Mining is one of the world's senior gold producers and
the largest in West Africa, with operating assets across Senegal,
Cote d'Ivoire and Burkina Faso and a strong portfolio of advanced
development projects and exploration assets in the highly
prospective Birimian Greenstone Belt across West Africa.
A member of the World Gold Council, Endeavour is committed to
the principles of responsible mining and delivering sustainable
value to its employees, stakeholders and the communities where it
operates. Endeavour is listed on the London and Toronto Stock
Exchanges, under the symbol EDV.
For more information, please visit
https://www.globenewswire.com/Tracker?data=eC7sbdFK2E7EVFn585CuajdC3zQOve-Hme9x15XXrm1c23GiZwYheLDfd5Fg0dcmzJmEGvQvotpnCcQJShNkH7Dee-a3BGf8LhU_2wxIw4g=
www.endeavourmining.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains "forward-looking statements"
including but not limited to, statements with respect to
Endeavour's plans for further exploration of the Ity property, the
ability of Endeavour to convert Inferred resources into Indicated
resources, the integration of the West Flotouo deposit into the
mine plan, improvements to Endeavour's mine planning capabilities,
the extent and timing of Endeavour's drilling campaign, estimation
of mineral resources, 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.
Attachment
Attachment
-- 221129 - NR - Ity Resource Update
https://ml-eu.globenewswire.com/Resource/Download/eb079bb0-6ef3-4242-a5da-f94233559ae6
(END) Dow Jones Newswires
November 29, 2022 02:00 ET (07:00 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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