For the second time in less than a month, Endeavour (TO:EDV) has announced the delineation of a c 1Moz maiden resource – in this case, at Kari Pump, 7km west of the Houndé processing plant in Burkina Faso. As at Fetekro, the majority (98.0%) of the resource has been classified into the indicated category of resources. More significantly, the average grade of the maiden Kari Pump resource is at a 31.8% premium to the average of the pre-existing Houndé resource and a 44.3% premium to the average of the pre-existing Endeavour resource, with further potential upside in the region.
On track for achieving five-year exploration target
Kari Pump’s 1,007koz maiden resource equates to 5.4% of Endeavour’s prior, global resource (on a 100% basis), or 5.7% on an attributable basis. However, it equates to 6.7-10.1% of Endeavour’s five-year exploration target of 10-15Moz and was achieved at a discovery cost of US$9/oz (cf US$15/oz budgeted). Taken together with Fetekro, Endeavour can thus be seen to have achieved 11.5-17.3% of its five-year target in under a year.
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