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Endeavour Mining grows its high grade Le Plaque deposit at Ity mine to half a million ounces

Last updated: 14:48 08 Jul 2019 EDT, First published: 03:22 08 Jul 2019 EDT

Staff at Endeavour Mining
Endeavour Mining has assets in West Africa

Endeavour Mining Corporation (TSE:EDV) (OTCMKTS: EDVMF) reported more success Monday, as it revealed it had increased the high grade indicated resources at its Le Plaque discovery at its flagship Ity mine in the Ivory Coast by over five times with potential to grow it more.

The indicated category at La Plaque has grown to 476,000 ounces of gold, from 85,000 ounces as delineated in early 2018.

The measured and indicated resource together at the Ity mine is now up 11% with significantly higher grade because Le Plaque’s grade is 3.20 grams per ton gold, compared to 1.54 grams per ton of gold at Ity.

READ: Endeavour Mining extends mineralization at three recent Houndé discoveries

The Le Plaque deposit now consist of three zones (Le Plaque Main, Epsilon and Le Plaque South), all of which are open at depth and in multiple directions as confirmed by step-out drilling, noted Endeavour.

Patrick Bouisset, the executive vice president for exploration and growth at Africa-focused miner Endeavour, said the resource confirmed the high potential the firm sees at Ity.

"Our results to date have been outstanding, both in terms of the very high grade nature and mineralization extension. Looking ahead, we are excited by the potential in the Le Plaque area which remains open at depth and in several directions," said Bouisset. "Before year end, we expect to further increase its resource base and define a maiden reserve. In addition, we are pleased with our ongoing reconnaissance drilling campaign as it has identified seven new targets which leaves us well positioned to continue delineating maiden resources in the large northern Floleu license anomalic area."

He noted that the success Endeavour had achieved, at Houndé, Ity and Fetekro,  just two and half years since the implementation of the company's five-year strategic exploration plan in late 2016, demonstrated that the company continues to add value while remaining on track to reach its discovery cost target of less than $20 per ounce.

At La Plaque costs were low, as the firm highlighted that  they were $15 per indicated resource ounce added.

Drilling continues at La Plaque

Drilling continues at the Le Plaque area with at least 20,000 meters of additional drilling expected to be completed before year-end, the company added.

The aim is to extend mineralization and delineate additional resources, which are expected to be converted into reserves in the fourth quarter of 2019.

Notably, reconnaissance drilling has shown that Le Plaque only represents 20% of the large anomalic area in the northern part of the Floleu license where at least seven additional other targets have been identified.

Drilling is expected to continue in the second half of 2019 with a strong focus to delineate additional resources in 2020, the company said.

Endeavour operates four mines across Côte d’Ivoire (Agbaou and Ity) and Burkina Faso (Houndé, Karma).

Shares in Toronto nudged up 0.84% on Monday to $21.67.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter@Gile74

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