Endeavour Mining up on positive drilling results at African gold asset
West Africa-focused Endeavour Mining Corporation (TSX:EDV) (ASX:EVR) raced ahead Monday after releasing drilling results from its Agbaou open pit gold mine, in Côte d’Ivoire, which confirm extensions of mineralization in the West pit area and delineate the higher-grade zones at Beta and Gamma.
The Canadian firm closed up 1.65% in Sydney and it was trading almost 1.7% higher in Toronto, to 0.6 at 11:09 am ET.
The Vancouver-based miner said the next phase of its 2015 drilling program will focus on ensuring that these zones are brought into reserves at the end of this year, said CEO Neil Woodyer. “Intersecting high-grade mineralization, including 16.47 g/t over 8.3 m at Beta and 12.15 g/t over 9.4 m at Gamma, confirms the exciting potential we have to continue to extend mine life at Agbaou,” he noted.
From the press release:
Highlights from the Agbaou drilling program include:
Of the 220 holes totalling 22,004 metres completed in this program, 78% intersected mineralization. The results demonstrate continuity of grades and widths and have confirmed the interpretation of the Omega and Sigma mineralized zones as extensions of the mineralization along the same structures that host the West pit mineralization (Figure 1). Oxidation extends to between 40 and 60 metres depth throughout much of the area (Figures 2 and 3). Drilling results with true widths are provided in the appendix to this news release.
The Beta and Gamma zones were previously identified in our 2014 exploration program. The Beta zone (previously referred to as the P2 target) extends southwest of the North pit and drilling highlights include 8.3 metres at 16.47 g/t gold (including 2.1 metres at 42.43 g/t gold), 13.1 metres at 3.95 g/t gold (including 3.6 metres at 10.63 g/t gold), 26.7 metres at 3.68 g/t gold (including 5.3 metres at 10.9 g/t gold) and 16.9 metres at 2.40 g/t gold (including 2.7 metres at 8.49 g/t gold).
The Gamma zone (previously referred to as the P4 target) is a result of follow up drilling of widely spaced holes completed in 2014 on a sub-parallel mineralized trend. The Gamma zone is approximately 600 metres long, moderately to steeply dipping southeast. Intersections include 9.4 metres at 12.15 g/t gold (including 4.3 metres at 20.03 g/t gold) and 11.9 meters at 3.18 g/t gold (including 0.9 meters at 12.14 g/t gold). The mineralization is still open to the southwest and the strike extent will be further tested during the next phase of drilling.
Drilling results in the Sigma zone included 10.2 metres at 3.52 g/t gold (including 0.9 metres at 15.71 g/t gold) and the best intersection at the Omega zone was 13.3 metres at 2.83 g/t gold (including 1.7 metres at 8.29 g/t gold) (Figure 1).
The drill program included 198 RC holes for 19,750 meters and 22 diamond drill holes for 2,254 meters. This additional data will be incorporated into year-end mineral resource and reserve estimates.
A follow-up drill program has commenced and includes a total of 21,800 meters of RC and diamond drill holes. The program includes infill drilling, further exploration of the Gamma and Sigma zones as well as testing geophysical targets southwest of Sigma and also in the Agbaou South area. Agbaou South is 3 km southwest of the South Pit and is on a separate north east-trending geophysical anomaly and strong geochemical anomaly.
Read more here.