Endeavour Mining (LON, TSE: EDV) has reported drilling results for its Tanda-Iguela gold property in Côte d’Ivoire, which increases indicated gold resources at the asset beyond even the most optimistic expectations.
The miner, which has several gold operations and projects in West Africa, said indicated resources at the greenfield property have risen by 303% to 4.5 million ounces grading 1.97 grams per tonne (g/t).
The results position Tanda-Iguela among the most significant discoveries made in West Africa over the last decade, according to Endeavour.
It also said the latest drilling campaign resulted in an overall increase in the Assafou deposit’s endowment, with 96% of the resource now classified in the indicated category.
Assafou now spans 3.3 kilometres in length and remains open along strike and at depth, with further drilling planned to delineate along strike extensions in 2024, it said.
“Tanda-Iguela exhibits potential to support a tier-one mine, and warrants fast-tracking studies to determine the optimal development path,” US broker Stifel said in a note to investors.
President and CEO Sébastien de Montessus said the results demonstrated Tanda-Iguela’s potential as a Tier 1 asset, which are large, long life and low cost.
“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,” de Montessus said.
Endeavour Mining is currently completing a preliminary feasibility study for the asset, while delineating additional satellite targets located close to the Assafou deposit.
The company’s 100%-owned Tanda-Iguela permits are located in the east of Côte d’Ivoire, by the Ghana border.
The northern permit, Tanda, was introduced into Endeavour’s portfolio in late 2015 following its transaction with La Mancha Holding – a business owned by the Sawiris Family of Egypt.
The southern permit, Iguela, was identified thanks to a drill campaign in early 2016.
