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Endeavour Mining invests in Côte d’Ivoire exploration projects

Endeavour Mining (TSX: EDV) is expanding its footprint in West Africa with an investment in Koulou Gold, a private company holding two exploration-stage projects in Côte d’Ivoire.

Under the financing agreement, which closed on Wednesday, Endeavour has taken up a 12.39% equity stake in Koulou by purchasing roughly 9.6 million units for $2.7 million. Its ownership may rise to 19.11% upon full exercise of the warrants that came with the units.

Koulou currently has an option to earn a 100% interest in the Sakassou project, located on the Bouaflé greenstone belt approximately 30 km northwest of Perseus Mining’s Yaouré mine, which produces over 200,000 oz. of gold per year

The Sakassou project is also about 140 km southwest of Endeavour’s own Lafigué development project, which is also expected to produce over 200,000 oz. a year and has total reserves of 49.8 million tonnes at 1.69 g/t containing 2.7 million oz. of gold.

To date, a total of four mineralized targets have been identified on the Sakassou property, with detailed geological mapping and reverse circulation drilling planned to further delineate the mineralization, Koulou said.

In addition, the gold explorer also holds the Kouto property, located on the Boundiali-Syama greenstone belt along strike from Perseus’ Sissingué mine and Resolute Mining’s Syama mine, which have annual production of over 50,000 oz. and 200,000 oz. respectively.

Limited exploration work has been completed on the Kouto property to date. Early-stage soil geochemical sampling is underway to delineate targets on the property.

Source: MINING.COM – Read More