Endeavour Discovers an Area with Multiple High-Grade Trends at Ity Mine
(Thomson Reuters ONE) -
ENDEAVOUR DISCOVERS AN AREA WITH MULTIPLE HIGH-GRADE TRENDS AT ITY MINE
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Several targets identified at the Le Plaque area · Maiden resource expected by
Q4-2017
LE Plaque Discovery Highlights:
- The 100%-owned Le Plaque area, covering 4km(2), is located 5km south of the
Ity mining complex and has a similar footprint
- Several high-grade mineralized trends were identified at the Le Plaque area,
with the largest being a 2km long anomaly
- Mineralization at the Le Plaque trends occurs from surface for the main lense
and all trends are open along strike and at depth
- A maiden inferred resource estimate, for some of the targets identified in
the Le Plaque area, is expected in Q4-2017
- In addition to Le Plaque, exploration activities are on-going at several
other targets in proximity to the current Ity mining complex
Abidjan, May 29, 2017 - Endeavour Mining (TSX:EDV)(OTCQX:EDVMF) is pleased to
announce the discovery of several high-grade mineralized trends at its Ity gold
mine in Côte d'Ivoire, at the 100% owned Le Plaque area, situated 5 kilometers
south of the Ity mining complex.
Patrick Bouisset, Executive Vice-President Exploration and Growth at Endeavour,
said: "The Le Plaque discovery continues to demonstrate the highly prospective
nature of the Ity area. The complexity of the geology requires more drilling and
interpretation, but we are very encouraged by the multiple trends discovered
which exhibit the potential to host significant resources. Our follow up
drilling will focus on the multiple identified targets in the La Plaque area and
we look forward to publishing a maiden inferred resource by year-end."
"We are equally excited about both the ongoing exploration on the other targets
located in proximity to the Ity mining complex and on conducting interpretative
work to generate new greenfield targets in the wider 80km Ity corridor that was
secured last year," added Mr. Bouisset.
To date the Le Plaque area has been covered by 3,450 meters of Auger drilling
totaling 228 holes, by 1,756 meters of Reverse Circulation ("RC") drilling
totaling 22 holes, and by 6,559 meters of Diamond Drilling ("DD") totaling 53
holes.
Some of the selected best DD and RC drill intercepts to date from mineralized
zones include (estimated true widths):
- Hole FL15-004: 3.08m (at) 36.94 g/t
- Hole FL15-007: 13.09m (at) 22.36 g/t
- Hole FL15-523: 4.41m (at) 5.70 g/t
- Hole FL15-524: 5.02m (at) 7.90 g/t
- Hole FL15-527: 10.05m (at) 3.16 g/t
- Hole FL15-529: 4.04m (at) 11.87 g/t
- Hole FL15-531: 8.09m (at) 28.96 g/t
- Hole FL15-533 15.90m (at) 2.19 g/t
- Hole FL15-534: 7.99m (at) 11.83 g/t
- Hole FL15-535: 5.40m (at) 16.43 g/t
- Hole FL15-536: 6.97m (at) 5.09 g/t
- Hole FL15-547: 2.61m (at) 9.30 g/t
- Hole FL15-567: 2.94m (at) 61.23 g/t
- Hole FL16-570: 2.80m (at) 5.85 g/t
- Hole FL16-588: 4.90m (at) 4.72 g/t
As shown in Figures 1 and 2 below, the Le Plaque area covers 4 square km, is of
similar size as the multiple-deposit Ity mining complex to the north, and hosts
several large high gold-in-soil anomalies. Several high-grade mineralized trends
stretching over 400 meters were identified, with the largest being a 2km long
geochemical anomaly with best values >1,000ppb. The trends are all open along
strike and at depth.
In addition to exploring the Le Plaque area, exploration is also on-going on
several other targets (as per the blue circles in Figure 1) located within 5km
from the current Ity mining complex, which represents a small portion of the
80km corridor controlled by Endeavour.
Figure 1: Ity Mine Area and Surrounding Exploration Targets
Figure 2: Le Plaque Area
As shown in the Figure 3 below, the main mineralization starts from surface with
secondary shear structures occurring below the surface.
Figure 3: Le Plaque Cross-Section
The gold mineralization at La Plaque is intersected by drilling and is
associated with arsenopyrite and to a lesser extent with pyrite. Gangue mineral
phases include galena and sphalerite. The mineralization has a strong structural
control, and may have developed where secondary shear structures have exploited
the contact between contrasting lithologic units (See Figure 3). Due to sparse
outcrops and high vegetative cover, data from airborne and ground geophysical
surveys contributed strongly to structural interpretations. The prospect area
has recently been covered by a detailed ground IP survey conducted by Sagax
Afrique SA (Burkina Faso) and is currently part of a high-resolution helicopter
borne combination Magnetic/Radiometric/VTEM survey being flown by Geotech Ltd
(Canada) over the Grand Ity project permit areas.
GEOLOGICAL SETTING
As shown in Figure 4, the Ity district is located within the preserved
Toulepleu-Ity klippe, a northeast trending belt of Lower Proterozoic aged B1
Birimian terrane thrusted and floating on an older portion of migmatitic
gneissic Archean basement of the West African Craton. The core of the klippe is
the granitic/gneissic Guiamapleu intrusive suite. The B1 units are affected by a
strong polyphase tectonic regime and sealed by the younger B2 Toulepleu
conglomerate that lies unconformably on the rocks of the B1 unit. All formations
have been subjected to greenschist to lower amphibolite facies regional
metamorphism. The B1 Birimian formations within the Ity area are characterized
by a series of volcano-sediments interlayered with carbonate bands. These
sedimentary sequences are largely crosscut by granodiorite and diorite
intrusions of variable thickness.
Figure 4: Endeavour Controlled 80km Ity Mine Corridor
The Le Plaque Prospect is mostly underlain by felsic and mafic units of the
central granitic/gneissic Guiamapleu intrusive suite, with subordinate
carbonate, skarn and volcanosedimentary units. Regional scale structures
transect the area in northeast, north and northwest orientations, and some of
these are interpreted as being associated with mineralization.
NEXT STEPS
- A RC and DD campaign is expected to start in Q3-2017 on Le Plaque to
delineate the extent of mineralized potential.
- A maiden inferred resource estimate for some of the targets identified in the
Le Plaque area is expected in Q4-2017.
- Exploration is on-going on other exploration targets in vicinity to the Ity
mining complex.
- On the greater Ity Area, an interpretation of high resolution helicopter
borne geophysical survey (Mag/Spectro/VTEM) will also be reviewed and placed
into target ranking and testing.
QUALIFIED PERSONS
The scientific and technical content of this news release has been reviewed,
verified and compiled by Gérard de Hert, EurGeol, Senior VP West Africa
Exploration for Endeavour Mining. Gérard de Hert has more than 19 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
The Le Plaque drill samples were prepared in accordance with National Instrument
43-101 Standards of Disclosure for Mineral Projects. Drill core (HQ and NQ) and
Reverse Circulation percussion hammer chip samples were prepared on site at the
SMI (Societe des Mines Ity) exploration mechanical preparation facilities. The
prep samples were analyzed using a standard 50-gram gold fire assay with an
Atomic Absorption finish at Bureau Veritas Laboratories (Abidjan). Core sampling
and assay data were monitored through a quality assurance/quality control
program designed to follow NI 43-101 and industry best practice.
Auger samples were directly collected on site. A composite sample was taken for
each lithology (laterite, duricrust and mottled zone) except for saprolite where
one or two composites of two meters long were taken at bottom hole. Samples were
crushed and pulverized on site at the SMI Ity exploration mechanical preparation
facilities. The pulverized samples (pulps) were analyzed using a standard 50-
gram gold fire assay with an Atomic Absorption finish at Bureau Veritas
Laboratories in Abidjan (independent lab). ICP-ES analysis was completed by ACME
Laboratories Ltd. in Vancouver. Core sampling and assay data were monitored
through a quality assurance/quality control program designed to follow NI
43-101 and industry best practice.
Only results issued from saprolite composites are represented in the Figures.
CONTACT INFORMATION
Martino De Ciccio DFH Public Affairs in Toronto
VP - Strategy & Investor Relations John Vincic, Senior Advisor
+44 203 011 271 (416) 206-0118 x.224
mdeciccio(at)endeavourmining.com jvincic(at)dfhpublicaffairs.com
Brunswick Group LLP in London
Carole Cable, Partner
+44 7974 982 458
ccable(at)brunswickgroup.com
ABOUT ENDEAVOUR MINING CORPORATION
Endeavour Mining is a TSX-listed intermediate gold producer, focused on
developing a portfolio of high quality mines in the prolific West-African
region, where it has established a solid operational and construction track
record.
Endeavour is ideally positioned as the major pure West-African multi-operation
gold mining company, operating 5 mines in Côte d'Ivoire (Agbaou and Ity),
Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema). In 2017, it expects to
produce between 600koz and 640koz at an AISC of US$860 to US$905/oz. Endeavour
is currently building its Houndé project in Burkina Faso, which is expected to
commence production in Q4-2017 and to become its flagship low-cost mine with an
average annual production of 190koz at an AISC of US$709/oz over an initial 10-
year mine life based on reserves. The development of the Houndé project is
expected to lift Endeavour's group production +900kozpa and decrease its average
AISC to circa $800/oz by 2018, while exploration aims to extend all mine lives
to +10 years.
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 mana gement'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.
View News Release in PDF Format:
http://hugin.info/171882/R/2108078/800632.pdf
Endeavour Controlled 80km Ity Mine Corridor:
http://hugin.info/171882/R/2108078/800636.jpg
Le Plaque Area:
http://hugin.info/171882/R/2108078/800634.jpg
Ity Mine Area and Surrounding Exploration Targets:
http://hugin.info/171882/R/2108078/800633.jpg
Le Plaque Cross-Section:
http://hugin.info/171882/R/2108078/800635.jpg
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
Unternehmensinformation / Kurzprofil:
Datum: 29.05.2017 - 15:11 Uhr
Sprache: Deutsch
News-ID 544963
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contact information:
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