Bakatouo Discovery Highlights:
- High-grade Bakatouo discovery is located in proximity to the current Ity mining complex, considered to be the extension of Zia Northeast and Walter deposits
- Mineralization is very close to surface and occurs over 800m along strike and 250m across strike, while the extensions remain open at depth and along strike
- An additional drilling campaign is expected to commence in November on Bakatouo to test its extensions, while exploration is on-going on other nearby targets
- A maiden Bakatouo resource estimate is expected by Q4-2016
- Bakatouo's significant oxide mineralization suggests potential to supplement both the existing heap leach operation and the future CIL project
George Town, Sept. 14, 2016 (GLOBE NEWSWIRE) -- Endeavour Mining Corporation (TSX:EDV)(OTCQX:EDVMF) is pleased to announce a significant discovery at its Ity gold mine in Côte d'Ivoire, as part of its on-going exploration drilling program.
The Bakatouo discovery is located along the northern extension of the Zia Northeast and Walter deposits and extends over 800 meters along strike and 250 meters across strike, as shown in Figure 1 and 2 of the appendix. The mineralization remains open at depth, to the southwest, and to the northeast.
Similar to the Mount Ity and Zia Northeast deposits, the Bakatouo discovery is characterised by its high-grade and close to surface oxide and fresh mineralization suggesting potential to supplement both the existing heap leach operation and a future Carbon-in-Leach ("CIL") project, for which a feasibility study is expected in Q4-2016.
Patrick Bouisset, Executive Vice-President Exploration and Growth of Endeavour, commented:
"We are very pleased with this new near-mine Bakatouo discovery as we believe it has the potential to become one of Ity's highest grade deposits. This discovery and the presence of numerous other near-mine targets continues to demonstrate the prolific nature of the Ity mine, which has already grown its M&I resources from 0.2Moz to 3.1Moz between 2012 and 2015. I firmly believe that the trend along which the Ity mine is located ranks amongst one of West-Africa's most prospective areas with strong potential to make world-class discoveries."
Sebastien de Montessus, CEO of Endeavour, commented:
"Beyond continuing to build on our track-record of being efficient operators and project builders in West-Africa, a key focus of our growth and value creation strategy is to place more emphasis on exploration. As such, we are pleased with this first success and we are confident that we can continue to unlock exploration value across our portfolio."
The discovery announced today is the result of a 165-hole diamond-drilling program totaling 20,417 meters completed in Q3-2016, before the start of the rainy season.
Some of the selected best intercepts include (true width):
BK16-096: 9.65m at 27.7 g/t including 1.13m at 133.7 g/t
BK16-098: 5.76m at 17.9g/t including 0.54m at 121.9 g/t
BK16-092: 17.48 m at 6.4g/t including 1.08m at 59.1g/t
BK16-146: 12.31m at 12.2 g/t including 0.74m at 61.9 g/t
BK16-042: 8.52m at 8.9 g/t and 5.81m at 16.5 g/t including 0.98m at 52.6 g/t.
BK16-033: 7.04m at 9.9 g/t including 1.08m at 30.1 g/t and 4.73m at 7.9 g/t
BK16-065: 15.02m at 5.6 g/t including 0.98m at 21.8 g/t
BK15-022: 4.92m at 7.3 g/t including 1.77m at 18.5 g/t
BK16-116: 9.94m at 6.3 g/t including 1.18m at 17.5 g/t
BK16-109: 7.73m at 12.2 g/t including 0.84m at 28.5 g/t
As shown in the cross-sections provided in the appendix, gold mineralization is carried in various facies such as oxide and reduced superficial clays, granodiorite, marbles, and endo and exoskarn facies located at the contact between intrusives and sediments. This mineralization is characterised by high-grade areas, especially where karstification processes concentrated the initial gold mineralization into a much smaller rock volume.
All available drill results are being interpreted and the geological model is being constructed, with a maiden resource estimate expected to be published during the fourth quarter of 2016. The Company will then assess which portion of the estimate can be included in the heap leach operation and which could be included as part of a future CIL project.
An additional 8,000 meters of infill diamond drilling on Bakatouo is expected to commence after the end of the rainy season, in November, aimed at better defining the overall deposit size, grade and extension, while exploration is on-going on other nearby targets as shown in Figure 1 of the appendix.
The CIL Feasibility Study is on-track for completion in Q4-2016.
The scientific and technical content of this news release has been reviewed, verified and compiled by Gérard de Hert, EurGeol, Sr VP West Africa Exploration for Endeavour Mining. Gérard de Hert has more than 19 years of mineral exploration and mining experience, and is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
Assays and Quality Assurance/Quality Control
The Bakatouo drilling results presented in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. Drill core (HQ and NQ) samples were prepared on site at the SMI (Societe des Mines Ity). The prep samples were analyzed using a standard 50-gram gold fire assay with an Atomic Absorption finish at Bureau Veritas Laboratories (Abidjan). Core sampling and assay data were monitored through a quality assurance/quality control program designed to follow NI 43-101 and industry best practice.
About Endeavour Mining Corporation
Endeavour Mining is a TSX-listed intermediate gold producer, focused on developing a portfolio of high quality mines in the prolific West-African region, where it has established a solid operational and construction track record.
Endeavour is ideally positioned as the major pure West-African multi-operation gold mining company, operating 5 mines in Côte d'Ivoire (Agbaou and Ity), Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema). In 2016, it expects to produce between 575koz and 610koz at an AISC of US$870 to US$920/oz. Endeavour is currently building its Houndé project in Burkina Faso, which is expected to commence production in Q4-2017 and to become its flagship low-cost mine with an average annual production of 190koz at an AISC of US$709/oz over an initial 10-year mine life based on reserves. The development of the Houndé project is expected to lift Endeavour's group production +900kozpa and decrease its average AISC to circa $800/oz by 2018, while exploration aims to extend all mine lives to +10 years.
| Vincent Benoit |
EVP - Strategy & Business Development
+33 (0)1 70 38 36 96
Martino De Ciccio
VP - Strategy & Investor Relations
+33 (0)1 70 38 36 95
| DFH Public Affairs in Toronto |
(416) 206-0118 x.224
Brunswick Group LLP in London
Carole Cable, Partner
+44 7974 982 458
Endeavour Mining | Executive Office | Bureau 76, 7 Boulevard des Moulins, Monaco 98000
This news release contains "forward-looking statements" including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", and "anticipates". Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business.
Appendix B: Drill Results - Select Composite Intervals
|Hole ID||Type|| Easting |
| Northing |
|Final Depth (m)||From (m)||To (m)||Length (m)||True Length (m)||Au Grade g/t|
All holes were conducted with Azimuth of 135° and Dip of -50°. Click here to view the complete drill results.
 Ity's Measured and Indicated ("M&I") resource on a 100% basis, as published in Endeavour's February 29, 2016, news release entitled "Endeavour Mining Increases P&P Reserves and M&I Resources by 32% and 39%, respectively" available on the Company's website.
View News Release in PDF Format http://hugin.info/171882/R/2042080/762130.pdf
Full Drill Results http://hugin.info/171882/R/2042080/762126.pdf
Plan Maps and Cross-Sections http://hugin.info/171882/R/2042080/762132.pdf