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Updated Resource Lifts Total Gold Ounces by 11%

Streetwise Reports
0 Comments|July 16, 2019

The new numbers and their impact on the existing project are presented in a Haywood report.


In a July 8 research note, Haywood analyst Geordie Mark reported that Endeavour Mining Corp. (EDV:TSX; EVR:ASX) release an updated resource estimate for its Le Plaque deposit in Côte d'Ivoire.

Specifically, Le Plaque's newly calculated resource totals 4.63 million tons (4.63 Mt) containing 476,000 ounces (476 Koz) of gold at a grade of 3.2 grams per ton (3.2 g/t). A gold price of $1,500 per ounce and a grade cutoff of 0.5 g/t were used. "The update showcases the progress Endeavour has made at Le Plaque, which now offers a significant improvement from the previous iteration that outlined 0.97 Mt containing 84 Koz of gold grading 2.7 g/t," Mark noted.

The analyst described the news as "slightly positive." He added that the greater resource at Le Plaque improves the outlook at its existing Ity mine there as it increases the total contained ounces at Ity by 11% and the average gold grade by 5%. The Le Plaque resource could be incorporated into the Ity mine plan, as early as 2021, and enhance the life of mine, with potentially even further growth upside resulting from further drilling and metallurgical and geotechnical work.

Another potential benefit of the Le Plaque resource, wrote Mark, is that it could enhance mill head grades and recoveries. This is due to Le Plaque's closeness to the processing plant, a 6 kilometer distance, along with the deposit's shallowness and high grades.

"Mining at Le Plaque may commence as early as 2021," Mark highlighted, "bolstering front-end project economics through preferential grade processing or a blended stockpile processing strategy."

A maiden reserve estimate for Le Plaque is expected in Q4/19 or Q1/20 after another at least 20,000 meters of drilling is completed there.

Haywood has a Buy rating and a CA$32 per share price target on Endeavour Mining, whose current share price is around CA$23.02. "Endeavour's shares continue to offer compelling shareholder value in a higher gold price environment," indicated Mark.

 

Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Endeavour Mining. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from Haywood Securities, Endeavour Mining Corp., July 8, 2019

Analyst Certification: I, Geordie Mark, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.

Important Disclosures
Important Disclosures:
▪ Haywood Securities, Inc. has reviewed lead projects of Endeavour Mining Corp., Alamos Gold Inc., B2Gold Corp., Barrick Gold Corp., OceanaGold Corp. and SEMAFO Inc. and a portion of the expenses for this travel have been reimbursed by the issuer.
Other material conflict of interest of the research analyst of which the research analyst or Haywood Securities Inc. knows or has reason to know at the time of publication or at the time of public appearance: n/a.

Research policy is available here.

 


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