Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) told investors that an extensive and ongoing drill campaign at the Tanda-Iguela property in Côte d’Ivoire is confirming its potential to be the company’s “next cornerstone asset”.
Some 123,514 metres have been drilled to date at Tanda-Iguela since the start of the year, representing a major increase on the originally planned 70,000-metre campaign.
“Given the significance of the discovery made last year at our Tanda-Iguela greenfield property in Côte d’Ivoire, it has quickly become our largest exploration focus across the group with a 180,000-metre drill programme currently underway,” said chief executive Sébastien de Montessus.
“Following the definition of a maiden resource last year, we are thrilled with the drill results obtained so far this year, as they reaffirm Tanda-Iguela's potential to be a tier 1 asset.”
The expanded drilling is driven by positive results, following the initial discovery last year.
A maiden gold resource estimate followed in November 2022, with the first estimate amassing some 1.1 million ounces in the Indicated category (and 1.9 million in the Inferred).
Now, after this year’s drilling, Endeavour expects to update the resource estimate for the project’s Assafou deposit before the year’s end. This will, according to Endeavour, see the conversion of Inferred to Indicated resources and the overall resource base is also expected to “materially increase”.
The current drilling campaign is expected to reach 180,000 metres before it completes, as seven rigs are currently spinning at the project.
Sébastien de Montessus added: “Drilling has successfully extended the Assafou mineralised trend, and we are eager to publish an updated resource estimate later this year, which is expected to result in a material increase in the overall resource base with a greater proportion into the Indicated category.
“Additionally, we are very pleased to have also confirmed mineralisation at several nearby targets.
“The continued success at Tanda-Iguela underpins our ability to unlock significant value through our exploration efforts.
“Given the high quality of this discovery, we look forward to advancing technical studies next year.”
The gold miner and FTSE 100 is expected to deliver between 1.06 million and 1.135 million ounces of gold this year, at a budgeted all-in-sustaining cash cost forecast in the range of $895 to $950 per ounce.
Meanwhile, today the spot gold price is just below $1,900 an ounce.
In London, Endeavour Mining shares were slightly higher in Wednesday’s early deals, up 5p or 0.3%, changing hands at £15.67 each – for a market valuation of just over £1.26 billion.
Today’s drill results in more detail
Latest drill results confirm the continuity of gold mineralisation within the Inferred resource boundary and also in a mineralised trend over a 3.3-kilometre length. It is seen to extend from surface to a depth of around 300 metres.
Endeavour’s detailed drill report is available here.