Fed tests gold upleg
Gold’s outlook and fundamentals remain really bullish.
Africa-focused gold producer Endeavour Mining (TSX: EDV) announced on Monday a one-million-ounce indicated maiden resource for the Kari West and Kari Center discoveries at its Houndé mine in Burkina Faso.
As a result, measured and indicated resources at Houndé have increased by 32% from 3.1 million ounces (44.7Mt at 2.18 g/t Au) to 4.1 million ounces (64.1Mt at 2.01 g/t Au), excluding 2019 depletion. This resource increase is in addition to the previously announced indicated maiden resource at Kari Pump, increasing the total indicated resource for the discoveries at the Kari anomaly to two million ounces.
The maiden resource delineated at Kari West and Kari Centre exceeded the company’s expectations, says Patrick Bouisset, executive vice president of exploration and growth at Endeavour Mining.
“Due to a low strip ratio of roughly 6:1, we were able to delineate more ounces, increasing the total for Kari West and Kari Centre to one million ounces at a grade of 1.61 g/t Au based on a cut-off grade of 0.5 g/t Au,” Bouisset stated in Monday’s press release.
“The resources at Kari West and Kari Centre were both discovered at an industry-leading low cost of $15/oz, underscoring why investment in exploration continues to be a key strategic priority for Endeavour as we build a sustainable business and deliver long-term value for our shareholders,” president and CEO Sébastien de Montessus added.
Endeavour has drilled over 350,000 metres in the Kari area in less than two years, successfully delineating two million ounces during that time span. The company intends to begin another 145,000-metre drill campaign shortly, which will focus on extending the mineralization of the Kari discoveries and testing other nearby targets located within 10 km of the processing facility.
