Endeavour Mining ups Ity gold mine’s Le Plaque deposit resources to 500,000 ounces

Ity has the longest operating history of any gold mine in Côte d’Ivoire, with gold first discovered near the village of Ity in the 1950’s and the first modern gold production reported in 1991. (Image courtesy of Endeavour Mining)

Canada’s Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) said on Monday it had recorded a significant addition in high-grade resources at the Le Plaque discovery at its Ity mine, in Ivory Coast.

Update increases Ity’s measured and Indicated resources by 11%

Le Plaque’s indicated resource has grown from 85,000 ounces to 476,000 ounces of gold and, according to the West Africa-focused miner, it has the potential to continue rising.

The definition of seven new targets is also expected to boost confidence in delineating further resources.

“Looking ahead, we are excited by the potential in the Le Plaque area which remains open at depth and in several directions,” Endeavour’s executive vice-president exploration and growth, Patrick Bouisset, said in a statement.

Le Plaque, located only 6km south of the processing plant, is a high-grade deposit located on the northern part of the wholly-owned Floleu exploration license.

The discovery now comprises three zones – Plaque Main, Epsilon and Le Plaque South, all of which are open at depth and in multiple directions, with mineralization confirmed by step-out drilling.

Endeavour is in the midst of a carrying out a $412-million upgrade project for Ity, approved in 2017. The expansion is expected to extend the mine’s life by at least 14 years.

First gold pour was announced in March, four months earlier than planned and well under its $412 million budget

The bullion producer also has another mine in the country — Agbaou. In recent years, it has expanded its portfolio across Africa. Endeavour has now seven mines and projects in the continent, including Ivory Coast, Ghana, Mali and Burkina Faso.

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