Endeavour Achieves Record Annual Discoveries with Addition of 3.0MOZ of M&I and 0.9MOZ of Inferred Resources
NEWS RELEASE – LSE & TSX: EDV
ENDEAVOUR ACHIEVES RECORD ANNUAL DISCOVERIES WITH ADDITION OF 3.0MOZ OF M&I AND 0.9MOZ OF INFERRED RESOURCES
HIGHLIGHTS:
- 3.0Moz of M&I resources discovered at a cost of $16/oz, exceeding the 2021 discovery target of 2.5Moz
- M&I resources for flagship Ity, Houndé and Sabodala-Massawa mines have increased respectively by
26%, 20% and 11%, excluding 2021 mine depletion, while resource updates for other assets are underway
- M&I resources for the Lafigué deposit, on the Fetekro property, have grown by 18% to 2.9Moz and
Inferred resources have grown by 309% to 270koz, justifying a larger 4.0Mtpa plant for the DFS rather than the 3.0Mtpa originally contemplated in the PFS
- Exploration efforts also delineated 0.9Moz of Inferred resources, mainly at the Ity mine, where follow-
up drilling is planned for 2022
- Results mark the successful completion of the previous 5-year discovery target of 10-15Moz of Indicated
resources; on track to deliver the next 5-year discovery target of 15-20Moz of Indicated resources
London, 17 January 2022 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour” or the “Group” or the “Company”) is pleased to announce the discovery of 3.0 million ounces of Measured and Indicated (“M&I”) resources and 0.9 million ounces of Inferred resources across its flagship Ity, Houndé and Sabodala-Massawa mines as well as at its Lafigué deposit on the Fetekro property, as presented in Table 1 below.
Table 1: Summary of Mineral Resources Added in 2021 (in koz)
MEASURED AND INDICATED RESOURCES INFERRED RESOURCES
| Resources shown inclusive of As at Dec. 31, P&P Reserves, on a 100% Basis 2020 | 2021 | % | As at Dec. 31, 2020 | 2021 | % |
| discoveries | added | discoveries | added | ||
| Ity mine 3,762 | +975 | +26% | 762 | +571 | +75% |
| Houndé mine 4,581 | +889 | +20% | 999 | +54 | +5% |
| Sabodala-Massawa mine 6,640 | +709 | +11% | 1,728 | +46 | +3% |
| Lafigué deposit (Fetekro property) 2,470 | +445 | +18% | 66 | +204 | +309% |
Mineral Reserve Estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions standards for mineral resources and reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Resources were constrained by MII Pit Shell and based on a cut-off grade of 0.5 g/t Au and $1,500/oz gold price. Further details are provided in the tables below and within the Technical Notes section of this press release.
Exploration and resource estimation activities were prioritised at the flagship mines and Fetekro for incorporation into the upcoming definitive feasibility study (“DFS”), which is due to be completed this quarter. Resource updates for all the other assets will be included in the annual year-end reserve and resource update, which is expected to be published along with the FY-2021 financial results in March 2022.
The strong results from the 2021 exploration programme have positioned Endeavour well to achieve its 5-year (2021- 2025) discovery target of 15 to 20 million ounces of Indicated resources at a discovery cost of less than $25 per ounce, as previously announced on 30 September 2021 – for reference, click here to view the 5-Year Exploration Strategy presentation and click here to view the accompanying video presentation.
Sebastien de Montessus, President and CEO, said: “The significant discoveries we have made showcase the strong exploration potential within our portfolio and continue to confirm West Africa as one of the world’s top regions for gold discoveries. Our exploration programme continues to add significant value to the business, creating the potential to extend mine lives to well beyond 10 years while feeding our development pipeline. We are particularly pleased with the significant discoveries made at our flagship mines, Ity, Houndé and Sabodala-Massawa.
At our Ity mine, we have added over 1 million ounces of resources which is an extraordinary achievement. The West Flotouo deposit represents a significant discovery given its rich grades above 2 g/t Au, its size, and its location in close proximity to the plant. We will therefore aim to integrate the deposit within the mine plan as soon as possible. Looking ahead, work is continuing to convert the significant Inferred resources into Indicated status and to pursue our aggressive exploration programme.
At our Houndé mine, after locking-in more than 10 years of strong production visibility through the recent discoveries of Kari Pump and Kari Center, we are very pleased to have made yet another significant discovery with the Mambo deposit and expect to be quickly integrate the higher-grade southern extension into the mine plan. Given the significant resources defined over recent years and its current long mine life, we will study the potential to bring forward production.
At our Sabadola-Massawa mine, which was acquired last year, we are pleased to have quickly increased the M&I resource base by 10% with the addition of more than 600,000 ounces. We are very excited to pursue our drilling campaign into 2022 as we continue to see potential to add resources, both by extending known deposits and initiating exploration on several identified targets.
At our Fetekro property, our continued exploration success at the Lafigué deposit, which now hosts approximately 3 million ounces of resources, means that it can be considered an anchor deposit capable of supporting an Endeavour- sized project. Given today’s increase in Indicated resources to approximately 3 million ounces and the strong additional exploration potential, we have decided to increase the envisaged nameplate throughput capacity of the plant by 33% to 4Mtpa and look forward to publishing the results of the DFS later this quarter.
Given the exploration potential across our portfolio, we will continue to invest in exploration to further unlock value. I would like to congratulate our exploration team for achieving their best annual performance which positions us well to discover our 5-year target of 15-20 million ounces.”
Patrick Bouisset, Executive Vice President Exploration and Growth said: “The success of our 2021 exploration programme marks the completion of our first 5-Year exploration target, set in 2016. The immense effort and dedication from my team over the last 5 years has delivered over 10Moz of Indicated resource discoveries across our legacy portfolio, at a discovery cost below $25 per ounce, thereby achieving our ambitious target.
We are particularly proud to have significantly extended the lives of our Houndé and Ity mines, raising their status to flagship assets, as well as the discovery of the Lafigué deposit on the Fetekro property which is now an Endeavour size project.
Looking ahead, we believe that we have a strategic foothold in West Africa, which has grown into a leading global gold producing region, as we control some of the most prospective grounds and have a highly experienced team with a proven exploration methodology. We are excited to now focus on delivering our new 5-year discovery target, which represents replacing twice the mine depletion over the period.”
ITY MINE DISCOVERIES
During 2021, over 72,000 meters of drilling was completed at Ity and as shown in Table 2 below, exploration efforts have delineated 975koz of Indicated resources representing a 26% increase over the 31 December 2020 M&I resource estimate, excluding 2021 mine depletion. At Ity, Indicated resources were discovered at a very low discovery cost of $11/oz. In addition, 571koz of Inferred resources were delineated and will be followed-up.
Table 2: Ity Mine Updated Mineral Resource Estimate
Tonnage Grade Content Tonnage Grade Content Au Content On a 100% basis. M&I Resources shown
| inclusive of Reserves. | (Mt) | (Au g/t) | (Au koz) | (Mt) | (Au g/t) | (Au koz) | (Au koz) |
|---|---|---|---|---|---|---|---|
| Measured Resource | 11.6 | 0.95 | 354 | 11.6 | 0.95 | 354 | - |
| Indicated Resources | 65.6 | 1.65 | 3,407 | 81.5 | 1.67 | 4,382 | +975 |
| M&I Resources | 77.1 | 1.52 | 3,762 | 93.0 | 1.58 | 4,737 | +975 |
| Inferred Resources | 17.9 | 1.32 | 762 | 28.2 | 1.47 | 1,333 | +571 |
Exploration focused on the junction between Walter and Bakatouo, the West Flotouo deposit, the Le Plaque deposit and its adjacent Yopleu-Legaleu target. The discoveries are detailed in Table 3 below. As shown in Figure 1, the resources that have been added are all within a short hauling distance to the Ity CIL plant.
Figure 1: Ity Map
Table 3: Ity Resource Additions
(As at 31 December 2020) (Excluding 2021 mine depletion)
Walter-Bakatouo
| Measured Resource | - | - | - | - | - | - | - |
| Indicated Resources | 10.3 | 1.98 | 652 | 16.6 | 1.86 | 995 | +343 |
| M&I Resources | 10.3 | 1.98 | 652 | 16.6 | 1.86 | 995 | +343 |
| Inferred Resources | 3.4 | 1.34 | 147 | 5.7 | 1.43 | 262 | +115 |
West Flotouo
| Measured Resource | - | - | - | - | - | - | - |
| Indicated Resources | - | - | - | 9.1 | 2.00 | 582 | +582 |
| M&I Resources | - | - | - | 9.1 | 2.00 | 582 | +582 |
| Inferred Resources | - | - | - | 7.5 | 1.83 | 439 | +439 |
Le Plaque
| Measured Resource | - | - | - | - | - | - | - |
| Indicated Resources | 7.9 | 2.66 | 680 | 8.4 | 2.70 | 730 | +50 |
| M&I Resources | 7.9 | 2.66 | 680 | 8.4 | 2.70 | 730 | +50 |
| Inferred Resources | 0.8 | 2.11 | 52 | 0.3 | 1.76 | 17 | (35) |
Yopleu-Legaleu
| Measured Resource | - | - | - | - | - | - | - |
| Indicated Resources | - | - | - | - | - | - | - |
| M&I Resources | - | - | - | - | - | - | - |
| Inferred Resources | - | - | - | 1.0 | 1.61 | 52 | +52 |
Updated Resource is current as at 31 December 2020, as it excludes 2021 mine depletion. Mineral Resources and Reserve Estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions standards for mineral resources and reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Resources were constrained by MII Pit Shell and based on a cut-off grade of 0.5 g/t Au and $1,500/oz gold price. Details for the Updated Resource are provided in the Technical Notes section of this press release. For details regarding the 31 December 2020 resources, please consult the press release dated 18 March 2021 of Endeavour.
Walter-Bakatouo: resource extension
› The 2021 drilling campaign confirmed that mineralisation is continuous between the Walter and Bakatouo deposits.
› The resource ore type is 71% fresh and the overall strip ratio is expected to remain low.
› The 2022 exploration programme will aim to increase the resource size further as the mineralisation remains open at depth.
West Flotouo: maiden resource
› The re-interpretation of structural and geological data with follow-up drilling led to the discovery of the West Flotouo deposit, which is located partially below the former Verse Ouest and TSF, in close proximity to the existing plant.
› The mineralisation has been identified over 0.8km in length and 0.3km in width. It remains open along strike to the southwest and northeast and at depth. The 2022 exploration programme has been designed to test the along strike and down dip extensions.
› The West Flotouo deposit will be integrated into the mine plan as soon as possible as it is a very attractive discovery due to its high grade, proximity to the plant, and resource ore type being 95% fresh material with high expected recovery rates.
Le Plaque: resource extension
› During the 2021 drilling campaign, an updated mineral resource was defined at Le Plaque, extending mineralisation towards Le Plaque SW and at depth at Delta Extension.
› The high grade Le Plaque deposit has been extended to the south towards Delta Extension and Le Plaque southwest. Resource ore type is 77% fresh and the strip ratio is expected to be in line with the previous Le Plaque resource, where mining began in late 2021.
› Mineralisation remains open to the southwest and at depth, with significant high-grade mineralisation identified outside of the current resource pit shell. At Delta Extension, the mineralisation continues at depth and further exploration will explore the underground resource potential.
Yopleu-Legaleu: maiden resource
› The promising early drilling results at Yopleu-Legaleu, located in the Le Plaque area east of Delta Extension were followed up on in the 2021 drilling campaign, resulting in a maiden Inferred resource.
› Mineralisation is 56% fresh ore and the strip ratio is expected to be significantly lower than that of Le Plaque. › Mineralisation is open at depth and along strike and a second phase of drilling is planned as part of the 2022 exploration programme, with the aim of converting Inferred resources into Indicated resources and to increase the size of this satellite deposit.
HOUNDÉ MINE DISCOVERIES
During 2021, over 70,000 meters of drilling was completed at Houndé. As shown in Table 4 below, recent exploration efforts have delineated 889koz of Indicated resources, representing a 20% increase over the 31 December 2020, M&I resource estimate, excluding 2021 mine depletion. At Houndé Indicated resources were discovered at the low discovery cost of $16/oz.
Table 4: Houndé Mine Updated Mineral Resource Estimate PREVIOUS RESOURCE UPDATED RESOURCE VARIANCE (As at 31 December 2020) (Excluding 2021 mine depletion)
| On a 100% basis. M&I Resources shown | Tonnage | Grade | Content | Tonnage | Grade | Content | Au Content |
|---|---|---|---|---|---|---|---|
| inclusive of Reserves. | (Mt) | (Au g/t) | (Au koz) | (Mt) | (Au g/t) | (Au koz) | (Au koz) |
| Measured Resource | 2.8 | 1.26 | 112 | 2.8 | 1.26 | 112 | - |
| Indicated Resources | 79.2 | 1.75 | 4,469 | 105.3 | 1.58 | 5,358 | +889 |
| M&I Resources | 82.0 | 1.74 | 4,581 | 108.1 | 1.57 | 5,470 | +889 |
| Inferred Resources | 18.3 | 1.69 | 999 | 20.5 | 1.60 | 1,053 | +54 |
Updated Resource is current as at 31 December 2020, as it excludes 2021 mine depletion. Mineral Resources and Reserve Estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions standards for mineral resources and reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Resources were constrained by MII Pit Shell and based on a cut-off grade of 0.5 g/t Au and $1,500/oz gold price. Details for the Updated Resource are provided in the Technical Notes section of this press release. For details regarding the 31 December 2020 resources, please consult the press release dated 18 March 2021 of Endeavour.
Exploration focussed on the Mambo target, where a maiden resource was delineated, the Kari Center-Gap-South area where the resource was extended, while limited work was done on the Vindaloo South target where an initial maiden resource was identified. The discoveries are detailed in Table 5 below. As shown in Figure 2, all the resources added are within trucking distance to the Houndé plant. Looking ahead, drilling higher-grade targets such as Sia Sianikoui and Dohoun are the next top priorities.
Figure 2: Houndé Map
Table 5: Houndé Resource Additions
Tonnage Grade Content Tonnage Grade Content Au Content
Mambo
| Measured Resource | - | - | - | - | - | - | - |
| Indicated Resources | - | - | - | 19.7 | 0.97 | 616 | +616 |
| M&I Resources | - | - | - | 19.7 | 0.97 | 616 | +616 |
| Inferred Resources | - | - | - | 3.2 | 1.06 | 108 | +108 |
Kari Centre-Gap-South
| Measured Resource | - | - | - | - | - | - | - |
| Indicated Resources | 12.7 | 1.27 | 518 | 18.9 | 1.28 | 780 | +262 |
| M&I Resources | 12.7 | 1.27 | 518 | 18.9 | 1.28 | 780 | +262 |
| Inferred Resources | 2.3 | 1.40 | 102 | 1.3 | 1.18 | 48 | (54) |
Vindaloo South
| Measured Resource | - | - | - | - | - | - | - |
| Indicated Resources | - | - | - | 0.2 | 1.41 | 11 | +11 |
| 0.2 | 1.41 | 11 | |||||
| M&I Resources | - | - | - | +11 | |||
| Inferred Resources | - | - | - | 0.0 | 1.50 | 0 | +0 |
Mineral Resources and Reserve Estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions standards for mineral resources and reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Resources were constrained by MII Pit Shell and based on a cut-off grade of 0.5 g/t Au and $1,500/oz gold price. Details for the Updated Resource are provided in the Technical Notes section of this press release. For details regarding the 31 December 2020 resources, please consult the press release dated 18 March 2021 of Endeavour.
Mambo: maiden resource
› Mambo is an attractive deposit as it is expected to have a low strip ratio, the resource contains approximately 40% oxide and transitional material, and there is the potential to selectively mine higher grade areas as a priority. Approximately a third of the resource, hosted in the mafic volcanics in the southwestern portion of the deposit, is higher grade, typically above 2g/t. For reference, based on a cut-off grade of 1.5 Au g/t within the $1,500 MII pit shell, the M&I resource totals 2.6 million tonnes at 2.1 Au g/t containing 172,000 ounces.
› The higher-grade portion of the Mambo deposit is expected to be integrated within the Houndé mine plan as a priority. In addition, given that the Mambo and Kari Center-Gap-South discoveries now represent 1.4Moz at over 1 g/t Au, Endeavour will assess the potential to bring forward lower-grade production by assessing the viability of adding a low-grade heap leach operation in addition to further de-bottlenecking Houndé’s plant.
› The mineralised trend at Mambo has been defined over 1,400 meters, and it remains open to the southwest (where the grade is higher), northeast, and at depth. The Mambo continuous ore zone is between 10-40 meters thick, with higher grade mineralisation concentrated at the contacts between the mafic volcanics and the granite, as shown in Figure 3 below. Further exploration work will continue to delineate the extent of the Mambo orebody along strike and down dip, within the southwestern portion of the deposit where grades are higher.
Figure 3: Mambo Plan Map
Kari Centre-Gap-South: resource extension
› During the 2021 drilling campaign, an updated mineral resource was defined from Kari Centre, Kari Gap and Kari South as drilling followed the continuity of the mineralised trend and successfully expanded the resources at each of these deposits.
› Mineralisation in the Kari area remains open at depth, north of Kari Center, and south of Kari South and the mineralised trend extends through all three deposits and beyond.
› The mineralisation, which is two thirds oxide and transitional, is expected to have a low strip ratio, it has strong lithological and structural control and there is the potential to selectively mine higher grade areas as a priority. › Higher grade mineralisation is associated with brittle zones along structural controls, as shown in Figures 4 and 5 below.
Figure 4: Kari Centre-Gap-South Plan Map
Figure 5: Kari Centre-Gap-South Cross Sections A and B
Vindaloo South: maiden resource
› During the 2021 drilling campaign, a maiden resource was defined at Vindaloo South, which is located only 3.5 kilomeetres south of the Houndé plant just outside the existing mining license.
› The Vindaloo South deposit covers an area of approximately 300 meters along strike with a width of approximately 100 meters and remains open at depth.
› Reconnaissance drilling has indicated that the mineralised trend continues towards the southern part of Vindaloo South.
› The resource is 98% oxide and transitional ore with an indicative strip ratio below the Houndé life of mine strip ratio.
SABODALA-MASSAWA MINE DISCOVERIES
During 2021, over 110,000 meters of drilling was completed at Sabodala-Massawa. As shown in Table 6 below, exploration efforts have delineated 591koz of Indicated resources representing a 11% increase over the 31 December 2020 M&I resource estimate, excluding 2021 mine depletion. At Sabodala-Massawa Indicated resources were discovered at the low discovery cost of $20/oz.
Table 6: Sabodala-Massawa Mine Updated Mineral Resource Estimate
| On a 100% basis. M&I Resources | Tonnage | Grade | Content | Tonnage | Grade | Content | Au Content |
|---|---|---|---|---|---|---|---|
| shown inclusive of Reserves. | (Mt) | (Au g/t) | (Au koz) | (Mt) | (Au g/t) (Au koz) | (Au koz) | |
| Measured Resource | 19.4 | 1.38 | 862 | 20.8 | 1.45 | 980 | +118 |
| Indicated Resources | 82.7 | 2.17 | 5,778 | 93.3 | 2.13 | 6,369 | +591 |
| M&I Resources | 102.1 | 2.02 | 6,640 | 114.2 | 2.01 | 7,349 | +709 |
| Inferred Resources | 24.3 | 2.21 | 1,728 | 26.0 | 2.14 | 1,774 | +46 |
The exploration programme focussed on Massawa, Sofia, Delya, Tina and Samina on the Massawa permit area, with the discoveries detailed in Table 7 below. As shown in Figure 6, the exploration programme focussed on targets within trucking distance to the Sabodala mill.
Figure 6: Sabodala-Massawa map
Table 7: Sabodala-Massawa Resource Additions
Massawa CZ
| Measured Resource | 0.5 | 4.40 | 73 | 0.5 | 4.12 | 59 | (14) |
| Indicated Resources | 12.5 | 3.32 | 1,337 | 16.6 | 3.01 | 1,603 | +266 |
| M&I Resources | 13.0 | 3.37 | 1,410 | 17.0 | 3.03 | 1,662 | +252 |
| Inferred Resources | 3.0 | 2.97 | 282 | 3.0 | 2.41 | 235 | (47) |
Massawa NZ
| Measured Resource | - | - | - | 0.5 | 3.24 | 50 | +50 |
| Indicated Resources | 6.0 | 4.66 | 901 | 7.3 | 3.95 | 932 | +31 |
| M&I Resources | 6.0 | 4.66 | 901 | 7.8 | 3.91 | 982 | +81 |
| Inferred Resources | 0.2 | 4.93 | 37 | 0.5 | 3.51 | 53 | +16 |
Sofia
| Measured Resource | 1.5 | 2.35 | 114 | 2.6 | 2.35 | 196 | +82 |
| Indicated Resources | 8.7 | 2.60 | 727 | 9.6 | 2.60 | 788 | +61 |
| M&I Resources | 10.2 | 2.56 | 841 | 12.2 | 2.55 | 984 | +143 |
| Inferred Resources | 1.4 | 2.11 | 94 | 3.0 | 2.11 | 182 | +88 |
Tina
| Measured Resource | - | - | - | - | - | - | - |
| Indicated Resources | - | - | - | 3.6 | 1.49 | 172 | +172 |
| M&I Resources | - | - | - | 3.6 | 1.49 | 172 | +172 |
| Inferred Resources | 2.3 | 1.01 | 73 | 0.2 | 1.30 | 8 | (65) |
Samina
| Measured Resource | - | - | - | - | - | - | - |
| Indicated Resources | - | - | - | 0.3 | 2.40 | 22 | +22 |
| M&I Resources | - | - | - | 0.3 | 2.40 | 22 | +22 |
| Inferred Resources | - | - | - | 0.2 | 2.36 | 14 | +14 |
Delya
| Measured Resource | - | - | - | - | - | - | - |
| Indicated Resources | 0.8 | 4.42 | 110 | 1.1 | 4.05 | 148 | +38 |
| M&I Resources | 0.8 | 4.42 | 110 | 1.1 | 4.05 | 148 | +38 |
| Inferred Resources | 0.1 | 3.70 | 12 | 0.5 | 2.68 | 39 | +27 |
Mineral Resources and Reserve Estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions standards for mineral resources and reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Resources were constrained by MII Pit Shell and based on a cut-off grade of 0.5 g/t Au and $1,500/oz gold price. Details for the Updated Resource are provided in the Technical Notes section of this press release. For details regarding the 31 December 2020 resources, please consult the press release dated 18 March 2021 of Endeavour.
Massawa Central Zone: resource extension
› The 2021 drilling campaign, which was designed to better delineate the Southern continuity of the ore body, led to the successful extension of the main ore body.
› The Massawa Central Zone forms the southern part of the Massawa deposit and now occurs over a strike length of 900 meters. Mineralisation remains open to the south and there is scope to extend the main ore zone.
Massawa North Zone: resource extension
› The 2021 drilling campaign, which was designed to better characterise the mineralisation in the Massawa North Zone and test the extension of the main ore zone through step out drilling, successfully led to resource delineation. › The Massawa North Zone occurs immediately north of the Massawa Central Zone deposit and now covers a strike length of 3,500 meters, follow up drilling will focus on delineating the extension of the main ore zone.
Sofia: resource extension
› During the 2021 drilling campaign, an updated mineral resource was defined based on drilling conducted at the Sofia North Extension.
› The drilling campaign successfully discovered a significant mineralised zone that extends 800 meters along strike and 150 meters wide, and remains open to the north towards the Matiba prospect.
Tina: maiden Indicated resource
› The 2021 drilling campaign mainly targeted the North and East extensions of the known Tina deposit. Drilling results have allowed better delineation of the mineralised trend, which has been significantly extended to more than 800 meters around the central and footwall orezones.
› A low strip ratio is expected and the ore is predominantly refractory, fresh material, owing to the shallow weathering profile at the Tina deposit.
› In relation to mineralised extensions that were delineated at Tina, a new Northeast striking mineralised occurrence has been recognised, located approximately 300 meters to the Southeast of the Tina deposit. Further reconnaissance drilling will focus on delineating this new trend in 2022.
Samina: maiden resource
› Located approximately 23km southeast of the Sabodala mill, mineralisation at Samina is made up of fresh and transitional ore that is largely non-refractory. During the 2021 drilling campaign, exploration efforts were focussed on systematic infill and extension to the Southwest and East to define the updated mineral resource.
› The mineralised strike length has now been extended to more than 1,100 meters and mineralisation remains open to the northeast and southwest as well as at depth.
Delya: resource model update
› An updated mineral resource was defined at Delya based on updated resource modelling work.
› The mineralised zone at Delya is up to 10 meters thick, with local zones of higher grades.
› The mineralisation is generally associated with strongly disseminated fine arsenopyrite and pyrite. Gold is largely refractory in nature.
LAFIGUÉ DEPOSIT - FETEKRO PROPERTY
Endeavour received the mining permit for the Lafigué deposit on 22 September 2021, which will be operated by the newly created Société des Mines de Lafigué entity, which is 80% owned by Endeavour, with the State and SODEMI each owning a 10% stake.
Since the last resource update on 18 August 2020, more than 66,000 meters of drilling have been completed on the Lafigué deposit, in addition to 4,920 meters drilled to initiate the exploration of nearby targets.
The recent drilling programme over the Lafigué deposit comprised 246 reverse circulation (“RC”) holes totalling 43,484 meters and 70 combined RC/DD holes totalling 22,606 meters. The drilling campaign was designed to further extend the economic mineralisation at the south end of Lafigué North, to upgrade existing Inferred resources to Indicated status and to drill geotechnical holes to support the ongoing DFS.
As shown in the Figures 7 to 9, drilling was mainly focussed in the area located between the Lafigué Center and Lafigué North deposits. The results of this drilling activity successfully demonstrated the overall continuity of the mineralised system with the occurrence of shallow, subparallel, and stacked mineralised lenses that were previously located outside of the 2020 resources pit shell. In addition, a minor part of the exploration programme focused on converting some of the remaining Inferred resources into Indicated resources at the Lafigué North deposit.
Figure 7: Lafigué Geological Interpretation and Selected Best Intercepts Per Area
Figure 8: Section A – A’ : Between Lafigué Center and Lafigué North
Figure 9: Section B – B’ : Lafigué North
As shown in the table below, following the successful drilling campaign, the Indicated resource estimate has grown by 445koz to 2.9Moz. The upcoming DFS will be based on this updated November 30 2021 resource estimate, which was prepared by SRK Consulting (UK) Ltd in order to provide an independent external mineral resource estimate, whereas the previous estimate was internally prepared by Endeavour. Given the difference in geological modelling approach, the updated Indicated resource grade now better reflects the Probable reserve grade as estimated by SRK Consulting (UK) Ltd during the preparation of the pre-feasibility study published last year.
Table 8: Lafigué Updated Mineral Resource Estimate AS AT 31 DECEMBER 2020 AS AT 30 NOVEMBER 2021 VARIANCE (As per PFS) (Basis for DFS)
Tonnage Grade Content Tonnage Grade Content Au Content On a 100% basis. M&I Resources
| shown inclusive of Reserves. | (Mt) | (Au g/t) | (Au koz) | (Mt) | (Au g/t) (Au koz) | (Au koz) | |
|---|---|---|---|---|---|---|---|
| Measured Resource | - | - | - | - | - | - | - |
| Indicated Resources | 32.0 | 2.40 | 2,471 | 44.8 | 2.00 | 2,916 | +445 |
| M&I Resources | 32.0 | 2.40 | 2,471 | 44.8 | 2.00 | 2,916 | +445 |
| Inferred Resources | 0.8 | 2.52 | 66 | 3.6 | 2.40 | 270 | +204 |
Mineral Reserve Estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions standards for mineral resources and reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Resources were constrained by MII Pit Shell and based on a cut-off of 0.5 g/t Au. Endeavour’s stake in the Fetekro property is not considered to be material to the issuer and therefore Endeavour does not expect to issue a technical report following this press release.
A sensitivity analysis performed at gold prices between $1,300/oz and $1,700/oz demonstrates the robustness of the Lafigué Indicated resource due to its high-grade mineralisation, as shown in Table 9 below.
Table 9: Lafigué 30 November 2021 Mineral Resource Estimate
| Tonnage | Grade | Content |
|---|---|---|
| (Mt) | (Au g/t) | (Au koz) |
| 2,709 | ||
| 2,916 | ||
| 2,958 | ||
| 191 | ||
| 270 | ||
| 300 |
No Measured resources have been estimated. Mineral Resource estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions standards for mineral resources and reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Resources were constrained by MII $1,500/oz Pit Shell and for sensitivity purpose by MII $1,300/oz and $1700/oz pit shells and based on a cut-off of 0.5 g/t Au.