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Endeavour ups Ity's M&I resources by 17% to 5.2Moz of gold, expects further increases in 2023

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(Kitco News) - Endeavour Mining (TSX: EDV) announced today that its exploration programme at the Ity gold mine in Ivory Coast has resulted in the successful delineation of 0.75Moz of Measured and Indicated (M&I) resources, lifting the mine's M&I resources by 17% to 5.2Moz.

The company said that 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.

Importantly, Endeavour noted it 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.

CEO Sebastien de Montessus commented, "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."

He added, "At a group level, we are pleased to also be on track to discovering between 15 to 20Moz of Indicated resources over the 2021-2025 period."

According to a press release, 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.

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.

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