Endeavour Achieves Record Annual Discoveries With Addition of 3.0Moz of M&I and 0.9Moz of Inferred Resources
*ENDEAVOUR* *ACHIEVES RECORD ANNUAL **DISCOVER**IES** WITH
*
*ADDITION OF **3.****MOZ OF* *M&I **AND **0.9**MOZ OF INFER**R**ED RESOURCES*
*HI**GH**LIGHTS**:*
· *3.****Moz **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**, **Hound**é** 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, **ha**ve** grown by* *18% to **2.**9Moz **and **Inferred resource**s* *ha**ve* *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 ****.**9**Moz 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 o**f Indicated resources**;* *o**n **track to **deliver** the next **5**-year discovery target of 15-20Moz of Indicated resources*
*London**, **17* *January **20**2**2* – 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 Resource**s* *Added in 2021** (**in **k**oz**)*
*MEASURED AND INDICATED RESOURCES* *INFERRED RESOURCES*
Resources shown inclusive of
P&P Reserves, on a 100% Basis As at Dec. 31, 2020 2021
discoveries *% *
*added* As at Dec. 31, 2020 2021 discoveries *% *
*added*
Ity mine 3,762 +975 *+2**6**%* 762 +571 *+7**5**%*
Houndé mine 4,581 +889 *+20%* 999 +54 *+5%*
Sabodala-Massawa mine 6,640 +709 *+1**1**%* 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*
*PREVIOUS RESOURCE*
(As at 31 December 2020) *UPDATED RESOURCE*
(Excluding 2021 mine depletion) *VARIANCE*
On a 100% basis. M&I Resources shown inclusive of Reserves.
Tonnage Grade Content Tonnage Grade Content Au Content
(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
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 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 (see pdf), the resources that have been added are all within a short hauling distance to the Ity CIL plant.
*Table **3**: **Ity** Resource Additions*
*PREVIOUS RESOURCE*
(As at 31 December 2020) *UPDATED RESOURCE*
(Excluding 2021 mine depletion) *VARIANCE*
On a 100% basis. M&I Resources shown inclusive of Reserves.
Tonnage Grade Content Tonnage Grade Content Au Content
(Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Au koz)
*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* *6**80* * * *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.
*HOUND**É 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**: **Hound**é** Mine Updated **Mineral Resource Estimate*
*PREVIOUS RESOURCE*
(As at 31 December 2020) *UPDATED RESOURCE*
(Excluding 2021 mine depletion) *VARIANCE*
On a 100% basis. M&I Resources shown inclusive of Reserves.
Tonnage Grade Content Tonnage Grade Content Au Content
(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 (see pdf), 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. *Table **5**: **Hound**é* *Resource Additions*
*PREVIOUS RESOURCE*
(As at 31 December 2020) *UPDATED RESOURCE*
(As at 31 December 2021) *VARIANCE*
On a 100% basis. M&I Resources shown inclusive of Reserves.
Tonnage Grade Content Tonnage Grade Content Au Content
(Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Au koz)
*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
*M&I Resources* *-* *-* *-* * * *0.2* *1.**41* *11* * * *+**11*
Inferred Resources - - - 0.0 1.50 +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 (see pdf). 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.
*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 (see pdf)..
*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*
*PREVIOUS RESOURCE*
(As at 31 December 2020) *UPDATED RESOURCE*
(Excluding 2021 mine depletion) *VARIANCE*
On a 100% basis. M&I Resources shown inclusive of Reserves.
Tonnage Grade Content Tonnage Grade Content Au Content
(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* *11**4**.**2* *2.0**1* *7,**349* * * *+**709*
Inferred Resources 24.3 2.21 1,728 26.0 2.14 1,774 +46
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.
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 (see pdf), the exploration programme focussed on targets within trucking distance to the Sabodala mill.
*Table **7**: **Sabodala**-Massawa **Resource Additions*
*PREVIOUS RESOURCE*
(As at 31 December 2020) *UPDATED RESOURCE*
(As at 31 December 2021) *VARIANCE*
On a 100% basis. M&I Resources shown inclusive of Reserves.
Tonnage Grade Content Tonnage Grade Content Au Content
(Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Au koz)
*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* *1,6**62* * * *+**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* *9**82* * * *+**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.
*LAFIGU**É** 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 (see pdf), 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.
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 per PFS)* *AS AT **30 NOVEMBER 2021*
*(Basis for DFS)* *VARIANCE*
On a 100% basis. M&I Resources shown inclusive of Reserves.
Tonnage Grade Content Tonnage Grade Content Au Content
(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* *2.0*** *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)
*INDICATED RESOURCE*
Based on a gold price of $1,300/oz 40.8 2.10 2,709
* Based on a gold price of $1,500/oz * *44.8* *2.0*** *2,916*
Based on a gold price of $1,700/oz 45.7 2.00 2,958
*INFERRED RESOURCE*
Based on a gold price of $1,300/oz 2.2 2.70 191
* Based on a gold price of $1,500/oz * *3.6* *2.4*** *270*
Based on a gold price of $1,700/oz 4.1 2.30 300
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.
Given the increase in Indicated resources and the strong additional exploration potential, Endeavour has decided to increase the envisaged nameplate throughput capacity of the plant by 33% to 4Mtpa in the DFS, which is expected to be published in late Q1-2022.
In the near-term, the Lafigué deposit remains the priority at Fetekro, while the longer-term focus is on delineating several identified targets on the property. Due to the high priority given to Lafigué, very little exploration drilling has been done on these targets to date. Over the last 12 months, approximately 4,920 meters of reconnaissance drilling were only conducted on Targets 1, 2, 9 and 11. Best selected intercepts, including Western Area, Target 3 and 4 are shown in the Figure 10 (see pdf). Further exploration on these and other targets will be pursued in 2022 and beyond.
*TECHNICAL NOTES*
*ITY** MINE*
*West **Flotouo** geology** and resource modelling*
The West Flotouo orebody sits within the Ity mining complex. The geology consists of a NW dipping volcano sedimentary sequence (meta-conglomerate to the SE and detritic metasediments interbedded with amphibolite layers to the NW) intruded by a felsic dyke (granodiorite) dipping to the NW. A diorite intrusive also occurs to the NE of the prospect. All lithological units have been affected by shearing. The mineralisation is associated with a series of stacked brittle ductile NE-SW trending shear zones dipping 30°-50° to the NW.
Several minor drilling campaigns cumulating 4,257 meters (m) of reverse circulation (RC), diamond (DD) and Air Core Drilling (AC) were carried out between 2013 and 2017. In 2020, an intensive drilling program aiming to assess the potential of the prospect was undertaken. Since then, the drilling program over the West Flotouo deposit comprised 102 reverse RC holes totalling approximately 17,500m, 31 DD holes totalling approximately 6,800m, and 24 combined RC and DD holes totalling approximately 6,000m.
The statistical analysis, geological modelling and resource estimation were prepared by Endeavour resource staff. The Qualified Person as defined by NI 43-101, that is taking responsiblity for the statistical analysis, geological modelling is Kevin Harris, CPG, Vice President Resources for Endeavour.
The West Flotouo Mineral Resource model was developed in Seequent’s Leapfrog Geo and Geovia’s Surpac software. The database used to generate the Mineral Resource comprised some 170 drillholes, with a total drilling meterage of 31,850m. All drilling was supported by industry standard quality assurance and quality control systems, with quality control sampling comprising blanks, coarse blanks, certified reference materials, and field and pulp duplicates. Endeavour Mining Resource and Database departments have reviewed the QAQC data available and considers the assay data to be suitable for use in the subsequent Mineral Resource estimate.
Twenty mineralisation domains were modelled using Leapfrog Geo vein modelling tools and cross section interpretations. The gold assays from the drill holes were composited to 1.0m intervals. Capping varied depending on the mineralised domain, between 10 g/t Au and 25 g/t Au. Spatial analysis of the gold distribution indicated good continuity of the grades along strike and down dip within the mineralised zones. Variogram ranges in the direction of maximum continuity were between 50m and 65m.
Density measurements from 990 samples and covering each of the lithologies, were averaged based on the material type (and lithology, in the case of fresh material). Average density values were applied to the associated portions of the block model as outlined below:
· Laterite/Overburden: 1.30 g/cm^3
· Saprolite: 1.40 g/cm^3
· Saprock: 2.40 g/cm^3
· Fresh: Sediments 2.84 g/cm^3; Granodiorite 2.80 g/cm^3; Skarn 3.00 g/cm^3; Diorite 2.90 g/cm^3;
Gold grades were estimated using Ordinary Kriging using two passes of calculation to define the higher confidence areas and extend the grade to the interpreted mineralised zone extents.
The grade estimation was validated with visual and statistical analysis, and comparison with the drilling data on sections with swath plots comparing the block grades with the composites.
Endeavour considers that the quality and spatial distribution of the data used, the geological continuity of the mineralisation and the quality of the estimated block model for West Flotouo deposit is sufficient for the reporting of Indicated and Inferred Mineral Resources, in accordance with the CIM Definition Standards. Indicated Mineral Resources have been defined by drill hole data with a 45m range, where there is a reasonable level of confidence in geological and grade continuity. The inferred resource is defined to the remaining blocks within the mineralised zone within a 75m range, where the controls on mineralisation are less well understood, or the continuity is much reduced. The classification within each mineralised domain was smoothed to provide continuity of the classification.
Mineral Resources are reported within a $1,500 optimised pit shell using cut-off of grades of 0.5 g/t. Basic pit optimization parameters used are defined below:
· Mining cost: 2.75 (US$/t) Oxide; 3.00 (US$/t) Transition; 3.25 (US$/t) Fresh
· Processing cost: 15.85 (US$/t) Oxide; 16.79 (US$/t) Transition; 17.61 (US$/t) Fresh
· Selling cost: 70 (US$/oz Au)
· Mining recovery: 95%
· Mining dilution: 10%
· Processing recovery: 92% Oxide; 90% Transition/Fresh
· Average slope angles: 40°
· Gold Price: 1500 US$/oz
*Walter-**Bakatouo* *geology** and resource modelling*
The 2020-2021 drilling programme over the Walter-Bakatouo deposit comprised 86 RC holes totalling approximately 13,400m, 5 DD holes totalling approximately 1,000m, and 11 combined RC/DD holes totalling approximately 2,700m to test down dip mineralization continuity to NE and SW.
Drilling assay results have returned significant intercepts at high Au grades, including 17.9m at 4.03g/t Au in hole WA21-028, with mineralised envelops still open along strike to the NE and SW, as well as at depth.
Thanks to the successful drilling campaign, the Indicated resource estimate has grown demonstrating once again the gold endowment of the Ity Area.
Mineralization is associated with:
· pyrite, chalcopyrite, magnetite and local bornite or covellite, hosted in endoskarn-exoskarn.
· pyrite and chalcopyrite hosted in sheared diorite and volcano-sediment.
The statistical analysis, geological modelling and resource estimation were prepared by Endeavour resource staff. The Qualified Person, as defined by NI 43-101, that is taking responsibility for the statistical analysis, geological modelling and resource estimation is Mr Kevin Harris, CPG, VicePresident Resources for Endeavour.
The Walter-Bakatouo Mineral Resource model was developed in Seequent’s Leapfrog Geo and Geovia’s Surpac software. The database used to generate the Mineral Resources comprised some 614 drillholes, with a total drilling meterage of 68,564m. All drilling was supported by industry standard quality assurance and quality control systems, with quality control sampling comprising blanks, coarse blanks, certified reference materials, and field and pulp duplicates. Endeavour Mining Resource and Database departments have reviewed the QAQC data available and considers the assay data to be suitable for use in the subsequent Mineral Resource estimate.
Forty-four mineralisation domains were modelled using Leapfrog Geo vein modelling tools and cross section interpretations. The gold assays from the drill holes were composited to 1.0m intervals. Capping varied depending on the mineralised domain between 5 and 25 g/t. Spatial analysis of the gold distribution has been performed using GEOVIA Surpac software, indicated good continuity of the grades along strike and down dip within the mineralised zones. Variogram ranges in the direction of maximum continuity were between 30m and 60m with a 45m average.
Density measurements from 4,101 samples and covering each of the lithologies, were averaged based on the material type (and lithology, in the case of fresh material). Average density values were applied to the associated portions of the block model as outlined below:
· Laterite/Overburden: 1.50 g/cm^3
· Saprolite: 1.40 g/cm^3
· Saprock: Sediments/Carbonates 2.80 g/cm^3; Granodiorite 2.70 g/cm^3; Skarn 2.90 g/cm^3; Diorite 2.90 g/cm^3
· Fresh: Sediments/Carbonates 2.84 g/cm^3; Granodiorite 2.80 g/cm^3; Skarn 3.00 g/cm^3; Diorite 2.90 g/cm^3
Gold grades were estimated using Ordinary Kriging using two passes to define the higher confidence areas and extend the grade to the interpreted mineralised zone extents.
The grade estimation was validated with visual and statistical analysis, and comparison with the drilling data on sections with swath plots comparing the block grades with the composites.
Endeavour considers that the quality and spatial distribution of the data used, the geological continuity of the mineralisation and the quality of the estimated block model for Walter-Bakatouo deposit is sufficient for the reporting of Indicated and Inferred Mineral Resources, in accordance with the CIM Definition Standards. Indicated Mineral Resources have been defined by drill hole data with a 40m range, where there is a reasonable level of confidence in geological and grade continuity. The inferred resource is defined to the remaining blocks within the mineralised zone within a 70m range, where the controls on mineralisation are less well understood, or the continuity is much reduced. The classification within each mineralised domain was smoothed to provide continuity of the classification.
Mineral Resources are reported within a $1,500 optimised pit shell using cut-off of grades of 0.5 g/t Au. Basic pit optimization parameters used are defined below:
· Mining cost: 2.75 (US$/t) Oxide; 3.00 (US$/t) Transition; 3.25 (US$/t) Fresh
· Processing cost: 15.85 (US$/t) Oxide; 16.79 (US$/t) Transition; 17.61 (US$/t) Fresh
· Selling cost: 70 (US$/oz Au)
· Mining recovery: 95%
· Mining dilution: 10%
· Processing recovery: 94% Oxide; 90% Transition/Fresh
· Average slope angles: 40°
· Gold Price: 1500 US$/oz
*Yopleau-Legaleu* *geology** and resource modelling*
Another promising mineralised structure, Yopleu-Legaleu, was confirmed 1km east of the Le Plaque orebody. The mineralized bodies occur in the granodiorite in the form of parallel lenses in echelon following an overall direction of N015° to N020°dipping 55° to 65°W.
The statistical analysis, geological modelling and resource estimation were prepared by Endeavour resource staff. The Qualified Person, as defined by NI 43-101, that is taking responsibility for the statistical analysis, geological modelling and resource estimation is Kevin Harris, CPG, Vice President Resources for Endeavour.
The Yopleu Mineral Resource model was developed in Seequent’s Leapfrog Geo software and Geovia’s Surpac software. The database used to generate the Mineral Resources comprised some 272 drillholes, with a total of 18,153m drilled. All drilling was supported by industry standard quality assurance and quality control systems, with quality control sampling comprising blanks, coarse blanks, certified reference materials, and field and pulp duplicates. The QAQC data was reviewed and considered the assay data to be suitable for use in the subsequent Mineral Resource estimate.
Ten mineralisation domains were modelled from interpreted cross sections. The gold assays from the drill holes were composited to 1.0m intervals. Capping varied depending on the mineralised domain, between no cap to 10g/t. Spatial analysis of the gold distribution within the mineralised zone indicated good continuity of the grades along strike and down dip within the mineralised zones. Variogram ranges in the direction of maximum continuity were 50m.
Density measurements from 191 samples from the core drillholes and covering each of the lithologies, were averaged based on the weathering zone. Average density values were applied to the associated portions of the block model as outlined below:
· Laterite: 1.55 g/cm^3
· Saprolite: 1.50 g/cm^3
· Saprock: 2.40 g/cm^3
· Fresh: 2.80 g/cm^3
Gold grades were estimated using an Inverse Distance Squared (“IDW2”) for the modelled mineralisation. The grade was estimated in multiple passes to define the higher confidence areas and extend the grade to the interpreted mineralised zone extents.
The grade estimation was validated with visual and statistical analysis, and comparison with the drilling data on sections with swath plots comparing the block grades with the composites.
Endeavour considers that the quality and spatial distribution of the data used, the geological continuity of the mineralisation and the quality of the estimated block model for Le Plaque deposit is sufficient for the reporting of Inferred Mineral Resources, in accordance with the CIM Definition Standards. Inferred Mineral Resources have typically been defined in areas with a drillhole spacing of 50 to 75m.
Mineral Resources are reported within a $1,500 optimised pit shell using cut-off of grades of 0.5 g/t. Basic pit optimization parameters used are defined below:
· Base mining cost: 2.67 (US$/t)
· Oxide mining cost (including haulage): 3.20 (US$/t)
· Transition mining cost (including haulage): 3.74 (US$/t)
· Fresh mining cost (including haulage): 4.01 (US$/t)
· Processing cost + G&A: Oxide 15.85 (US$/t); Transition: 16.79 (US$/t); Fresh: 17.61 (US$/t)
· Selling cost: 70 (US$/oz Au)
· Mining recovery: 95%
· Processing recovery: Oxide 94.6%; Transition 93.2%; Fresh 81%
· Average slope angles: 40°
*Le Plaque **geology** and resource modelling*
Mineralization is associated with narrow ductile and brittle-ductile shears with silica-sericite alteration, quartz veining and sulphides (Py, +/-Sp-Cpy-Gn-Pyr), mostly within a granodiorite intrusive.
A drilling program was undertaken to follow up on mineralisation extensions to the 30 June 2021 resource. Drilling confirmed the down-dip extensions of the mineralisation, it also revealed new shallow mineralised corridors to the SE of Delta extension and at Le Plaque SW. Both areas will be followed up in 2022. Since the maiden mineral resource, cumulative drilling at Le Plaque totals approximately 12,700m of which 7,200m was RC drilling and 5,500m was DD.
The statistical analysis, geological modelling and resource estimation were prepared by Endeavour resource staff. The Qualified Person, as defined by NI 43-101, that is taking responsibility for the statistical analysis, geological modelling and resource estimation is Kevin Harris, CPG, Vice President Resources for Endeavour.
The Le Plaque Mineral Resource model was developed in Seequent’s Leapfrog Geo software and Geovia’s Surpac software. The database used to generate the Mineral Resources comprised some 1,399 drillholes, with a total of 144,584m drilled. All drilling was supported by industry standard quality assurance and quality control systems, with quality control sampling comprising blanks, coarse blanks, certified reference materials, and field and pulp duplicates. The QAQC data was reviewed and considered the assay data to be suitable for use in the subsequent Mineral Resource estimate.
Sixty-four mineralisation domains were modelled from interpreted cross sections. The gold assays from the drill holes were composited to 1.0m intervals. Capping varied depending on the mineralised domain, between no cap and 40g/t. Spatial analysis of the gold distribution within the mineralised zone indicated good continuity of the grades along strike and down dip within the mineralised zones. Variogram ranges in the direction of maximum continuity were between 45m and 65m.
Density measurements from 5,069 samples from the core drillholes and covering each of the lithologies, were averaged based on the weathering zone. Average density values were applied to the associated portions of the block model as outlined below:
· Laterite: 1.55 g/cm^3
· Saprolite: 1.50 g/cm^3
· Saprock: 2.40 g/cm^3
· Fresh: 2.80 g/cm^3
Gold grades were estimated using Ordinary Kriging for the majority of the modelled mineralisation. Where it was not possible to define a well-structured variogram for the smallest domains with low sample support, an Inverse Distance Squared (“IDW2”) estimator was used. The grade was estimated in multiple passes to define the higher confidence areas and extend the grade to the interpreted mineralised zone extents.
The grade estimation was validated with visual and statistical analysis, and comparison with the drilling data on sections with swath plots comparing the block grades with the composites.
Endeavour considers that the quality and spatial distribution of the data used, the geological continuity of the mineralisation and the quality of the estimated block model for Le Plaque deposit is sufficient for the reporting of Indicated and Inferred Mineral Resources, in accordance with the CIM Definition Standards. Indicated Mineral Resources have typically been defined in areas with a drillhole spacing of 25m along sections, and 25m between sections, where there is a reasonable level of confidence in geological and grade continuity. Inferred Mineral Resources have typically been defined in areas with a drillhole spacing of 50 to 75 m, and where the controls on mineralisation are less well understood, or the continuity is much reduced.
Mineral Resources are reported within a $1,500 optimised pit shell using cut-off of grades of 0.5 g/t. Basic pit optimization parameters used are defined below:
· Base mining cost: 2.67 (US$/t)
· Oxide mining cost (including haulage): 3.20 (US$/t)
· Transition mining cost (including haulage): 3.74 (US$/t)
· Fresh mining cost (including haulage): 4.01 (US$/t)
· Processing cost + G&A: Oxide 15.85 (US$/t); Transition: 16.79 (US$/t); Fresh: 17.61 (US$/t)
· Selling cost: 70 (US$/oz Au)
· Mining recovery: 95%
· Processing recovery: Oxide 94.6%; Transition 93.2%; Fresh 81%
· Average slope angles: 40^
*HOUND**É** MINE *
*Mambo **geology** and resource modelling*
Mambo is located 12km north of the Houndé plant, the geology is composed of intermediate to mafic volcanics that have been intruded by an elongated granite body that trends NE-SW. Locally sericite and carbonate alteration and tectonic breccias and veining are present within the orezone. Sulphides, mostly pyrite, are also present as disseminations through the rock. At Mambo, laterite cover is approximately 20m thick, below which saprolite varies in thickness between 10m to 50m. Ore zones are continuous through saprolite and fresh rock and are dipping towards the NW at 25 to 40 degrees.
Mineralisation is approximately 10 - 40m thick, with higher grade material mainly concentrated at the contact between mafic volcanics and the granite, or in the altered mafic volcanics.
The mineralisation is very continuous and intercepts thicken within the granite body to between 30 - 40m. Further exploration work will continue to delineate the extent of the Mambo orebody along strike and down dip.
The statistical analysis, geological modelling and resource estimation were prepared by Helen Oliver FGS CGeol, Group Resource Geologist at Endeavour who is a Qualified Person as defined by NI 43-101.
The Mambo Mineral Resource model was developed in Geovia’s Surpac software. The database used to generate the Mineral Resource was comprised of 361 drillholes, with a total drilling meterage of 41,484 m. All of the drill holes, with the exception of two, were drilled in 2020 and 2021. Drilling was supported by industry standard quality assurance and quality control (QAQC) systems, with quality control sampling comprising blanks, coarse blanks, certified reference materials, and field and pulp duplicates. Endeavour has reviewed the QAQC data available and considers the assay data to be suitable for use in the subsequent Mineral Resource Estimate (MRE).
Mineralised zones were delineated on 40m sections at a threshold of 0.4 Au g/t with a minimum of three samples, equivalent to 2.5m vertical thickness. Extrapolation down- or up-dip and along strike was generally limited to 20m. Fourteen mineralised zones composed of 23 lenses were identified.
The gold assays were either not capped or capped at 5 Au g/t Au or 10 Au g/t depending on mineralised zone and composited to one metre down-the-hole intervals.
Spatial analysis of the gold distribution within the larger mineralised zones indicated good continuity of the grades along strike and down dip. Variogram ranges in the direction of maximum continuity were between 65m and 125m, typically about 85m.
Some 944 density measurements from 25 drill holes covering each weathering type (and lithology for fresh rock) were averaged. Average density values were applied to the block model, as outlined below:
· Laterite: 2.00 g/cm^3
· Saprolite: 1.77 g/cm^3
· Saprock: 2.34 g/cm^3
· Fresh Rock: 2.76 g/cm^3 (limited lithological variation, hence average value used)
Gold grades were estimated using Ordinary Kriging. The grade was estimated in multiple passes to define the higher confidence areas and extend the grade into areas with less sample coverage. The larger Mambo mineralised zones show a change in strike orientation and therefore dynamic anisotropy was used.
The grade estimation was validated by an Inverse Distance Squared (“IDW2”) estimate, by visual and statistical analysis, and swath plots comparing the block grades with the composites.
Endeavour considers that the quality and spatial distribution of the data used, the geological continuity of the mineralisation and the quality of the estimated block model for the Mambo deposit is sufficient for the reporting of Indicated and Inferred Mineral Resources in accordance with the CIM Definition Standards. Indicated Mineral Resources were typically defined in areas with a drillhole spacing of 40m along sections where there is a reasonable level of confidence in geological and grade continuity. Inferred Mineral Resources were typically defined in areas with a drillhole spacing of 80m, and where the controls on mineralisation are less well understood, or the continuity is much reduced.
The Mambo deposit has not been subjected to artisanal workings and therefore the MRE has not been depleted.
Mineral Resources are reported within a $1,500 optimised pit shell using a cut-off grade of 0.5 Au g/t. Technical and economic assumptions were made by Endeavour for mining factors (mining and selling costs, mining recovery and dilution, pit slope angles) and processing factors (gold recovery, processing costs) which were used for optimisation as summarised below:
· Base Mining cost: 2.00 (US$/t)
· Mining & Haulage cost: Oxide: 3.60 (US$/t); Transition: 4.60 (US$/t); Fresh: 4.80 (US$/t)
· Processing and G&A cost: Oxide: 14.00 (US$/t); Transition: 15.00 (US$/t); Fresh: 18.00 (US$/t)
· Selling cost: 80.00 (US$/oz Au)
· Mining recovery: 95%
· Mining dilution: 0%
· Processing recovery: 90%
· Slope angles: 40°
*Kari Centre-Gap-South **geology** and resource modelling*
Kari Centre-Gap-South is on a mineralised trend southwest of Kari Pump, located around 10km West of the Houndé plant. The geology is composed of interbedded mafic volcanic and volcano-sedimentary rocks. Sericite-albite alteration is observed within and around the mineralised envelope. Sulphides are present, with disseminated pyrite being the most dominant.
The mineralisation has strong lithological and structural control and is typically located along lithological boundaries between the volcanic and volcano-sedimentary units, these boundaries are also exploited by alteration. The mineralization is associated with quartz veins, sericite-albite alteration and finely disseminated pyrite. Higher grade mineralisation is also associated with brittle zones along structural controls. The Kari Centre structure is continuous and strikes towards the northeast, dipping at fifty degrees to the northwest.
At Kari Centre and Kari Gap laterite up to 25m thick is underlain by Saprolite up to 100 meters thick, while at Kari South the weathering profile is thinner, with laterite generally less than 15m thick and Saprolite less than 60m thick.
Mineralisation in the Kari area remains open at depth, north of Kari Center, and south of Kari South.
The statistical analysis, geological modelling and resource estimation were prepared by Helen Oliver FGS CGeol, Group Resource Geologist at Endeavour who is a Qualified Person as defined by NI 43-101.
The Kari Centre-Gap-South (KCGS) Mineral Resource model was developed in Geovia’s Surpac software. The database used to generate the Mineral Resource was comprised of 2,041 drill holes, with a total drilling meterage of 201,781 m. All drilling was supported by industry standard quality assurance and quality control (QAQC) systems, with quality control sampling comprising blanks, coarse blanks, certified reference materials, and field and pulp duplicates. Endeavour has reviewed the QAQC data available and considers the assay data to be suitable for use in the subsequent Mineral Resource Estimate (MRE).
Mineralised zones were delineated on 40m sections at a threshold of 0.3 Au g/t with a minimum of two samples, equivalent to 1.25m vertical thickness. Extrapolation down- or up-dip and along strike was generally limited to 20m. 82 mineralised zones were identified.
The gold assays were either not capped or capped at 5 Au g/t Au, 10 Au g/t or 25 Au g/t depending on mineralised zone and composited to one metre down-the-hole intervals.
Spatial analysis of the gold distribution within the mineralised domains in KCG indicated moderate continuity of the grades along strike and down dip. Variogram ranges in the direction of maximum continuity were typically between 50m and 80m. Variography was not undertaken in KS due to the small nature of the mineralised zones.
Some 4,081 density measurements covering each weathering type (and lithology for fresh rock) were averaged. Average density values were applied to the block model, as outlined below:
· Laterite: 2.00 g/cm^3
· Saprolite: 1.80 g/cm^3
· Saprock: 2.23 g/cm^3
· Fresh Rock: 2.75 g/cm^3 (limited lithological variation, hence average value used)
Gold grades were estimated using Ordinary Kriging (OK) in KCG and Inverse Distance Squared (ID2) in KS. The grade was estimated in multiple passes to define the higher confidence areas and extend the grade into areas with less sample coverage. The larger mineralised zones show a change in strike orientation and therefore dynamic anisotropy was used.
The OK grade estimation was validated by an Inverse Distance Squared estimate (“IDW2”). The OK and ID2 estimates were validated by visual and statistical analysis, and swath plots comparing the block grades with the composites.
Endeavour considers that the quality