After a year and a half of exploration at its Ivorian Fetekro gold property in north-central Cote d'Ivoire, Endeavour Mining (TSX: EDV; US-OTC: EDVMF) has tabled a maiden resource for the property's Lafigue target. It also identified 14 other targets for follow-up investigation.
Since 2017, the company has drilled nearly 32,000 metres at the property, mostly at Lafigue. The target contains 6.8 million indication tonnes grading 2.25 grams gold per tonne for 494,000 oz. gold, as well as 3 million inferred tonnes at 2.25 grams gold for 225,000 oz. gold.
The Lafigue target comprises three main mineralized zones hosted by an east-north-east trending reverse faulting zone. The resource covers two-thirds of the defined mineralized zone, with mineralization remaining open to the southeast, east, northeast and at depth.
The company began a 45,000-metre drill program at Ivorian in 2018's fourth quarter. It will focus on Lafigue, but also test new targets. The company expects to table an updated resource estimate for the property in late 2019 based on this drilling.
The company identified the 14 other targets through sampling, geophysics and mapping. They all occur within a 14 km radius of the Lafigue target. Some have already been drill tested, including Target 4, located 4 km southwest of Lafigue. The company is continuing to drill at Target 4.
In a note to analysts, Tara Hassan from Raymond James notes, "Given the scale and grade of the resource, it's near surface nature and attractive metallurgical recoveries, and the size of the land package and number of additional targets identified at the property, the Fetekro project could, with additional exploration, become an attractive growth project in Endeavour's development pipeline."
Shares of Endeavour Mining are currently valued at $20.88 with a 52-week range of $18.09 to $26.86. The company has a $2.25 billion market capitalization.