Proactive Investors - Endeavour Mining PLC (LON:EDV) said the indicated gold resources at the Tanda-Iguela property in Côte d’Ivoire had increased four-fold after its recent drilling campaign.
Almost 96% of the resource at the Assafou deposit at Tanda-Iguela is now in the more certain indicated category, it said, adding there remains significant upside with the 3.3km mineralised trend open along strike and at depth.
Assafou now hosts an indicated resource of 4.5Moz at 1.97 grams per tonne (g/t) gold (Au) and an inferred resource of 0.2Moz at 1.91 g/t Au.
That compares to a 2022 maiden indicated resource of 1.1Moz at 2.33 g/t Au and an inferred resource of 1.9Moz at 1.80 g/t.
Endeavour, which is in the FTSE 100, said that as a result of the upgrade, Tanda-Iguela "now ranks as one of the most significant discoveries made in West Africa over the last decade".
A preliminary feasibility study is scheduled for late 2024, though preliminary test work suggests overall average gold recoveries of over 94%.
Assafou is also amenable to conventional open pit mining as mineralisation starts at the surface, Endeavour said.
Further exploration is underway at the Assafou deposit and at seven satellite targets identified within 5km of the Assafou deposit.
Sébastien de Montessus, chief executive, commented he was “thrilled” with the Tanda-Iguela outcome.
“Given that we have delineated a 4.5Moz Indicated resource at 2 g/t Au for the Assafou deposit, it already ranks as one of the most significant discoveries made in West Africa over the last decade.
“We are pleased to have achieved this success within a remarkably short period of time, with more than 226,000 meters drilled on the property in just two years.”