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ENDEAVOUR MAKES
SIGNIFICANT HIGH GRADE DISCOVERIES AT HOUNDÉ
Kari Pump target significantly extended · 2 new discoveries made in
the Kari area · Further drilling underway
HOUNDé EXPLORATION HIGHLIGHTS:
-
Following last year's Kari Pump discovery, more
than 1,000 holes comprising 76,000m have already been drilled in
the wider Kari area, located only 7km away from the Houndé
processing plant
-
The Kari mineralized zone has been significantly
extended to a large area now measuring 4km long and 3km wide, with
approximately 25% of the gold in soil anomaly still remaining to be
drilled
-
Kari area is now comprised of three large
high-grade discoveries:
- Drilling at the previously discovered Kari Pump
target confirmed its high-grade nature and significantly expanded
its mineralization which now extends 1.3km along strike and across
a width of 160 to 200m, while remaining open to the north and
northwest
- Kari Center discovery made which extends 1.2km
along strike and across a width of over 200m, with mineralization
open at depth
- Kari West high-grade discovery made which extends
at least 1.0km along strike and across a width of 500m, with
mineralization open at depth and towards Kari Pump
-
A further 65,000m drilling campaign is underway
to delineate and extend the three discoveries made, with in-fill
drilling planned on the Kari Pump target to obtain maiden resource
by year-end
View News Release in PDF
Format
Abidjan, May 24,
2018 - Endeavour Mining (TSX:EDV)(OTCQX:EDVMF) is pleased to
announce that the on-going exploration program at its Houndé mine
in Burkina Faso has successfully extended the Kari Pump high grade
mineralization and has discovered two new large mineralized zones
named Kari Centre and Kari West.
Following the Kari Pump discovery,
announced on November 13th 2017,
exploration efforts were prioritized on the wider Kari area which
hosts a large gold-in-soil geochemical anomaly covering a 6km-long
by 2.5km-wide area. Kari is located only 7km west of the processing
plant and in proximity to an existing haul road that will be used
to transport ore from Bouéré.
More than 1,000 holes comprising
76,000 meters have already been drilled in the Kari area since late
December, extending the mineralized zone to a very large area now
measuring 4km long and 3km wide, with approximately 25% of the
gold-in-soil anomaly remaining to be drilled.
Patrick Bouisset,
Executive President Exploration and Growth stated: "Following the
initial discovery made last year, we have undertaken an extensive
drilling campaign on the wider Kari target due to its potential
size and higher-grade nature. With more than half of the planned
141,000-meter drilling program complete, we are extremely pleased
with the results as they validate its potential and we are eager to
delineate a first maiden resource on the Kari Pump area by
year-end."
Sebastien de
Montessus, President & CEO, added: "With Houndé ramped-up and
the plant performing above nameplate capacity, we are now eager to
pursue additional upside from exploration. These new discoveries
provide confidence in achieving our strategic objective of
maintaining a steady production profile at an attractive All-in
Sustaining Cost over at least 10-years.
ABOUT THE ONGOING
HOUNDÉ EXPLORATION PROGRAM
Following the construction
decision to develop the Houndé mine, exploration resumed in early
2017 with an initial reconnaissance drilling campaign prioritizing
various targets identified during the 2016 exploration strategic
review. In 2017, the campaign validated Hounde's significant
exploration potential as high-grade mineralization was intercepted
at the Kari, Sia/Sianikoui, and Bouéré extension targets. Given its
potential size, the Kari target was identified as a top priority,
and a circa $9 million exploration program totaling over 141,000
meters was launched in 2018 to follow-up on the Kari Pump discovery
and to explore the undrilled portion of the large Kari gold-in-soil
geochemical anomaly which covers a 6km-long by 2.5km-wide area.
The exploration campaign began in
late December 2017 and more than 1,000 holes totaling 76,000 meters
have been drilled to date on the various Kari targets, comprised of
approximately 900 Air Core ("AC") reconnaissance holes totaling
63,500 meters and 120 Reverse Circulation ("RC") holes totaling
more than 14,900 meters. The campaign has been very successful with
more than 65% of the 120 RC holes encountering at least one
interval of mineralisation of 0.5 g/t Au with a minimum width of
more than 2 meters. Drilling successfully extended the Kari Pump
high grade mineralization and discovered two new large mineralized
zones named Kari Centre and Kari West, as shown in Figure 1 below.
To date, these targets were investigated by mainly shallow AC
drilling with the majority of the reported mineralization located
within the saprolite zone, at a vertical depth not exceeding 60 to
80 meters.
The previous 2017 exploration
campaign on the Kari Pump target comprised of 337 AC/RC holes
totaling 30,460 meters, 23 RC holes totaling of 3,400 meters and
few Diamond Drilling ("DD") holes.
Figure 1: Simplified Houndé Exploration Targets
Map
As shown in Figure 2 below, to date the
mineralized Kari zone now covers a very large area extending over
more than 4km in length and 3km in width. The two new discoveries
(Kari Center and Kari West) are located in close proximity to Kari
Pump and more drilling is still required to determine a possible
geological link between the discoveries.
Figure 2: Kari Area Mineralized
Envelops (500 ppb Leapfrog Envelops)
KARI PUMP
DISCOVERY
Additional recent drilling carried
out on the Kari Pump target has confirmed both the previous
geological interpretation and its high-grade nature, while
significantly extending the mineralization to the northeast and
east, where significant high-grade intersections have been
encountered. The target was successfully drilled along a strike
length of over 1.3km, and across a width of more than 100 to 200
meters.
As shown in Figure 3 of the
Appendix, the Kari Pump mineralization remains open to the north,
northeast and to the northwest. An infill drill program is ongoing
with the aim of delivering a maiden resource estimate in
Q4-2018.
Selected
intersects include (true width uncapped):
- RCA-18-016 : 8.9m @ 3.0 g/t Au, (including 0.99m
@ 8.5 g/t)
- RCA-18-028 : 10.9m @ 17.1 g/t Au
(including : 1.9m @ 34.6 g/t Au, 1.9m @ 30.8 g/t Au and 0.9m @
22.7 g/t Au)
- RC-18-030 : 12.5m @ 3.4 g/t Au (including 1.9m @
7.8 g/t Au)
- RC-18-009 : 5.8m @ 8.0 g/t Au (including 1.9m @
17.5 g/t Au)
- RC-18-006 : 8.7m @ 5.1 g/t Au (including 2.9m @
11.1 g/t Au) and 3.86m @ 1.3 g/t Au
- RC-18-010 : 2.9 m @ 15.1 g/t Au
Geologically, Kari Pump is
underlain by andesite flows with minor volcano-sediment and
sediments that are locally intruded by few diorite sills. Gold
mineralization occurs within a sheared reverse fault (D2) that
appears to be folded and dipping from 0-40 degrees to the
west-northwest and northwest. Observed clear alteration consists of
pervasive creamy sericite, intermittent rhodochrosite, chlorite
seams and pyritized quartz/carbonate veining. The laterite and
saprolite are relatively thick at Kari Pump with an average
thickness which ranging from 50 to 85 meters.
KARI CENTER
DISCOVERY
Mineralization was first intercepted at Kari Center during the
initial 2017 reconnaissance drilling campaign. Further 2018
drilling then confirmed the high grade intersections and
significantly extended the mineralization. Gold mineralization dips
are interpreted as being 40-60 degrees dipping to the
northwest with two parallel mineralized zones (40 meters apart)
that extend northeast along a strike length of at least 800 meters
and across a width of over 200 meters.
Selected
intersects include (Apparent width uncapped):
- RCB-18-006 : 1.9m @ 3.1 g/t Au And 3.8 m @ 3.5
g/t Au (Incl. 0.9m @ 8.9 g/t Au) And 4.7m @ 1.4 g/t Au And 5.6m @
3.0 g/t (Incl. 1.9m @ 6.2 g/t Au)
- RCB-18-029 : 2.8m @ 13.9 g/t Au (Incl. 0.9m @
39.6 g/t Au)
- RCB-18-027-279 : 5.6m @ 1.5 g/t Au and 1.9m
@ 1.2 g/t Au, and 1.9m @ 4.6 g/t Au (Incl. 0.9m @ 7.7 g/t)
Geologically, Kari Center is
underlain by andesite flows and sediments. The structural context
however remains complex and will require additional DD holes to
better understand the structural behavior and relationship between
the mineralized intersects. This drill program, which will be
completed in H2-2018, should confirm its type of mineralization,
dip and strike.
KARI WEST
DISCOVERY
Kari West was discovered during the 2018 AC drilling campaign
focusing on the remaining undrilled wider Kari gold-in-soil
geochemical anomaly. To date, reconnaissance drilling has
successfully defined a mineralized area of at least 1km in strike
length at a width of 500 meters. The geological and structural
context of Kari West is yet to be well understood and is currently
being tested with further diamond drill holes. Preliminary results
however suggest the presence of two parallel mineralized zones
located between 200 and 300 meters apart that appear to strike
east-northeast and dip between 0 and 60 degrees to the north.
Selected
intersects include (Apparent width uncapped):
- ACB-18-0003 : 4.3m @ 1.5 g/t Au and 6.0m @ 3.6
g/t Au (Incl. 1.7m @ 9.1 g/t), And1.7m @ 5.1 g/t Au, And 1.7m @ 1.5
g/t Au)
- ACA-18--0264 : 5.2m @ 7.3 g/t Au (Incl. 1.7m @
10.3 g/t)
- ACA-18-0147 : 5.2m @ 5.6 g/t Au (Incl. 0.9m @
15.8 g/t); and 1.7m @ 7.3 g/t Au
- ACA-18-0368 : 3.5m @ 3.5 g/t Au
- ACA-18-0267 : 6.0m @ 2.7 g/t Au And 1.7m @
2.3 g/t Au and 6.0 m @ 4.4 g/t Au (Incl. 1.7m @ 13.4 g/t Au)
The ongoing RC drill program is
currently based on a grid of 200 by 50 meters which will be
tightened in upcoming drill campaigns. Laterite and saprolite
thicknesses vary between 25 and 75 meters.
HOUNDÉ NEXT
STEPS
At a minimum, 65,000 meters of
additional drilling are expected to be completed before
year-end.
An AC and RC drilling program is
already underway to further delineate and extend the three
discoveries made and test the remaining un-drilled Kari area.
In addition to the AC and RC
drilling program, a dedicated DD drilling campaign is also ongoing
at Kari Pump, Kari West and Kari Center in order to increase
confidence in the geological interpretation and to provide
technical support for the resources classification
requirements.
An in-fill drilling program is
planned on the Kari Pump target to obtain a maiden Indicated
resource estimate by year-end.
QUALIFIED
PERSONS
The scientific and technical
content of this news release has been reviewed, verified and
compiled by Gérard de Hert, EurGeol, Senior VP 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").
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. 3-5 Kg laboratory samples were collected and
sent to ALS-CHEMEX (ALS) in Ouagadougou (Burkina Faso).
Representative samples for each interval were collected with a
spear, sieved into chip trays and retained for reference. The
sampling and assaying at Houndé is monitored through the
implementation of a quality assurance - quality control (QA-QC)
program. This QA-QC program was audited by International mining
consultant and consequently designed to follow industry best
practices.
The laboratory samples are
collected by ALS on site and transported by road to ALS in
Ouagadougou, Burkina Faso. 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 6mm
(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 and gravimetric finish when grade exceeds 10 ppm.
Blanks and certified reference material (CRM's) are inserted by
Endeavour geologists in the sample sequence for quality control and
to ensure there are a suite of QC samples in each fire assay
batch.
Click here to view the 2018 completed drill results on the Kari
target.
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.
APPENDIX
1
Figure 3: Kari Pump Area with isosurfaces (Leapfrog) and typical
thickness/grade per area
(0.5ppm modelisation + Composites >2m and >1ppm (1m
dilution) Looking North, 30 degree plunge)
Where insufficient drill hole spacing (200m x 50m) and the
geological model still preliminary and to be cautious, drilling
results shown in the figure are therefore only reported in true
width where the geological model is well understood and apparent
width when the geological model is still approximate.
Figure 4: Kari Pump Long-Section
1
Figure 5: Kari Pump Cross-Section
2
View News Release in PDF Format
Kari Area Mineralized Envelops (500 ppb Leapfrog Envelops)
Kari Pump Cross-Section 2
Simplified Houndé Exploration Targets Map
Kari target drill results
Kari Pump Area with isosurfaces (Leapfrog)
Kari Pump Long-Section 1
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions 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
Globenewswire
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