Fed tests gold upleg
Gold’s outlook and fundamentals remain really bullish.
Endeavour Mining (TSX: EDV; US-OTC: EDVMF) has increased the Kari Pump indicated resource at its Hounde gold mine in Burkina Faso by 40% at a $9 per oz. gold discovery cost. Kari Pump is located 7 km west of the Hounde mine processing plant.
The company has now upgraded 90% of its Kari Pump resource to the indicated category. The deposit contains 11.3 million indicated tonnes grading 2.71 grams gold per tonne for 987,000 oz. gold as well as 200,000 inferred tonnes at 2.21 grams gold for 20,000 oz. gold.
Mineralization at Kari Pump starts at surface and covers a 1.3 km by 0.8 km area that remains open in several directions. The current resource covers only 35% of the larger gold in soil anomaly, which covers a 6 km long by 2 km wide area.
Endeavour has drilled more than 200,000 metres into the Kari gold anomaly over the past 18 months and made three separate gold discoveries. The Kari Center discovery covers 1.2 km by 0.2 km and the Kari West discovery covers 1 km by 0.5 km.
The company has drilled more than 71,000 metres at Kari Pump. It intends to start a second 200,000 metre drill program at Kari by the end of 2018 focused on extending mineralization at Kari Pump and tabling maiden resources at both Kari West and Kari Center.
Shares of Endeavour Mining are currently trading at $17.64 with a 52-week range of $17.10 to $26.86. The company has a $1.9 billion market capitalization.
