Endeavour triples indicated gold resource at Tanda-Iguela

The miner, which has several gold operations and projects in West Africa, said indicated resources at the greenfield property have risen by 303% to 4.5 million oz. in 70.9 million tonnes grading 1.97 grams per tonne. The project’s first resource was released in late 2022.

It also said the latest drilling campaign resulted in an overall increase in the Assafou deposit’s endowment, with 96% of the resource now classified in the indicated category. The company has drilled more than 130,000 metres at Tanda Iguela this year.

Assafou now spans 3.3 km in length and remains open along strike and at depth, with further drilling planned to delineate along strike extensions in 2024, it said.

“Tanda-Iguela exhibits potential to support a tier-one mine, and warrants fast-tracking studies to determine the optimal development path,” U.S. broker Stifel said in a note to investors. 

President and CEO Sébastien de Montessus said the results demonstrated its Tanda-Iguela’s potential as a Tier 1, large, long life and low cost asset.

“We are pleased to have achieved this success within a remarkably short period of time, with more than 226,000 metres drilled on the property in just two years,” de Montessus said.

Endeavour Mining is currently completing a preliminary feasibility study for the asset, while delineating additional satellite targets located close to the Assafou deposit.

The company’s 100%-owned Tanda-Iguela permits are located in the east of Côte d’Ivoire, by the Ghana border.

The northern permit, Tanda, was introduced into Endeavour’s portfolio in late 2015 following its transaction with La Mancha Holding – a business owned by the Sawiris Family of Egypt. 

The southern permit, Iguela, was identified thanks to a drill campaign in early 2016.