Endeavour adds 3.9Moz of gold to its resources as discoveries hit record in 2021
(Kitco News) - Endeavour Mining (TSX:EDV) announced Monday the discovery of 3.0 million ounces of Measured and Indicated ("M&I") resources and 0.9 million ounces of Inferred resources across its flagship Ity, Houndé and Sabodala-Massawa mines as well as at its Lafigué deposit on the Fetekro property.
According to the company's statement, 3.0Moz of M&I resources were discovered at a cost of $16/oz, exceeding the 2021 discovery target of 2.5Moz.
The company added that M&I resources for flagship Ity, Houndé and Sabodala-Massawa mines have increased respectively by 26%, 20% and 11%, excluding 2021 mine depletion.
Importantly, Endeavour noted that M&I resources for the Lafigué deposit, on the Fetekro property, have grown by 18% to 2.9Moz and Inferred resources have grown by 309% to 270koz, justifying a larger 4.0Mtpa plant for the DFS rather than the 3.0Mtpa originally contemplated in the PFS.
Exploration efforts also delineated 0.9Moz of Inferred resources, mainly at the Ity mine, where follow-up drilling is planned for 2022.
The company also said that resource updates for all the other assets will be included in the annual year-end reserve and resource update, which is expected to be published along with the FY-2021 financial results in March 2022.
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"Results mark the successful completion of the previous 5-year discovery target of 10-15Moz of Indicated resources. We are on track to deliver the next 5-year discovery target of 15-20Moz of Indicated resources at a discovery cost of less than $25 per ounce," the company said in a press-release.
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 portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.