ENDEAVOUR ANNOUNCES TANDA-IGUELA DRILL RESULTS

180km of drilling underway   ·   Resource update due late-2023   ·   3.3km mineralised system identified

Abidjan, 11 October 2023 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) is pleased to announce that drill results obtained thus far from the extensive 180,000 metre drill programme currently underway at its Tanda-Iguela property, in Côte d’Ivoire, continue to demonstrate its potential to become Endeavour’s next cornerstone asset.

A total of 123,514 metres have been drilled on the Tanda-Iguela property since the start of the year, which represents a significant increase over the 70,000 metres initially planned, with the programme expected to reach 180,000 metres by year-end as seven drill rigs are currently operating on site. The Company remains on track to publish an updated resource by late-2023, which is expected to incorporate the conversion of Inferred to Indicated resources, while the overall resource base is expected to materially increase.

Sébastien de Montessus, President and CEO commented: “Given the significance of the discovery made last year at our Tanda-Iguela greenfield property in Côte d’Ivoire, it has quickly become our largest exploration focus across the group with a 180,000 metre drill programme currently underway.

Following the definition of a maiden resource last year, we are thrilled with the drill results obtained so far this year, as they reaffirm Tanda-Iguela's potential to be a tier 1 asset. Drilling has successfully extended the Assafou mineralised trend, and we are eager to publish an updated resource estimate later this year, which is expected to result in a material increase in the overall resource base with a greater proportion into the Indicated category. Additionally, we are very pleased to have also confirmed mineralisation at several nearby targets.

The continued success at Tanda-Iguela underpins our ability to unlock significant value through our exploration efforts. Given the high quality of this discovery, we look forward to advancing technical studies next year.”

ASSAFOU DEPOSIT EXPLORATION PROGRAMME

Since its discovery in late 2021, more than 166,370 metres have been drilled on the Assafou deposit. Following the completion of the first drilling campaign, a maiden mineral resource comprising of an Indicated resource of 14.9Mt at 2.33g/t containing 1.1Moz and an Inferred resource of 32.9Mt at 1.80g/t containing 1.9Moz was published on 21 November 2022.

Subsequently, an additional 108,370 metres have been drilled on the Assafou deposit, as part of the second drilling campaign through year-to-date 2023.

An updated mineral resource estimate is expected to be published in late-2023, incorporating at least 165,000 metres of additional drill results, compared with 58,000 metres of drill results used to build the maiden resource. The 2023 Assafou drill programme is expected to convert Inferred resources to Indicated status whilst delineating new resources outside of the existing resource envelope.

As shown in Figure 1 below, drilling has proved the mineralised continuity within the Inferred resource boundary and the mineralised trend has now been defined over a length of 3.3 kilometres, extending from surface to depths exceeding 300 metres. As such, the maiden Indicated resources previously outlined over a strike length of 600 metres now represents only 18% of the currently identified mineralised envelope.

Figure 1: Assafou deposit drill programme

Cross Section 3200: Located outside the current Inferred resource boundary to the northwest
As shown in Figure 2 below, further drilling 500 metres northwest of the Assafou Indicated resource boundary has confirmed the continuation of the Assafou mineralisation along the structural contact between the Tarkwaian Sediments and the Birimian Basement.

Figure 2: Assafou Cross Section 3200

Cross Section 3000: Located northwest of the current Indicated resource boundary
As shown in Figures 3 below, northwest of the current Indicated resource boundary, further drilling has identified high-grade mineralisation below the current $1,500/oz pit shell, indicating that mineralisation remains open at depth and that there is potential to further extend resources.

Figure 3: Assafou Cross Section 3000

Cross Section 1933: Infill drilling within the existing resource boundary
As shown in Figure 4 below, infill drilling within the existing resource boundary confirmed the high grade and thickness of the main mineralised lenses in close proximity to the structural contact with the Birimian basement rocks. In addition, further drilling highlighted the presence of deeper underlying lenses below the pit shell.

Figure 4: Assafou Cross Section 1933

Cross Section 1766: Infill drilling identifies additional mineralisation at depth below the current pit shell
As shown in Figure 5 below, additional infill drilling returned high-grade intercepts within the Inferred resource boundary, confirming that thick lenses of high-grade mineralisation are continuous towards the southeast of the Indicated resource, with mineralisation extending to over 100 metres below the current pit shell depth.

Figure 5: Assafou Cross Section 1766

Cross Section 0866: Located at the southeast extent of the current Indicated resource boundary
As shown in Figure 6 below, additional drilling has identified significant mineralisation towards the southwest at shallow depths, within 100 metres of the surface, and extending over 300 metres southwest away from the contact with the Birimian basement rocks.

Figure 6: Assafou Cross Section 0866

Cross Section 0433: Located southeast of the current Inferred resource boundary
As shown in Figure 7 below, additional drilling has identified high-grade, thick continuous mineralisation approximately 2 kilometres southeast of the current maiden Indicated resource boundary and over 400 metres southeast of the current Inferred resource boundary.

Figure 7: Assafou Cross Section 0433

Mineralisation at the Assafou deposit is both disseminated and hosted in quartz veins, within the Tarkwaian sandstones. The deposit appears to be monometallic containing no potentially penalising elements associated with the gold. Mineralisation starts at surface and is continuous along strike, along the prominent northwest trending structure that separates the Tarkwaian sandstones from the Birimian mafic basement rocks. The deposit comprises a thick main (up to 60 metres) continuous lens, appearing to be generally dipping at a low angle to the southwest, overlaid by a series of stacked lenses, that extend down to over 200 metres depth. For technical notes and drilling results from the Assafou drill programme, please see the Technical Notes section and Appendix A below.

EXPLORATION ON TARGETS LOCATED NEAR ASSAFOU

In addition to further drilling on the Assafou deposit, a total of 20,000 metres was planned for FY-2023 to test high priority targets identified within a 5 kilometre radius of the Assafou deposit, with 15,143 metres of drilling completed year to date. As shown in Figure 8 below, drilling has focused on identifying potential satellite deposits to Assafou, located within a similar geological setting, hosted along similar structural contacts between the Tarkwaian sediments and the Birimian basement.

Figure 8: Tanda-Iguela regional target

Along the Assafou structure, drilling has returned encouraging results on the Broukro, Kongodjan and Gbabango targets, highlighting that the Assafou mineralised trend potentially extends over 12 kilometres, from Kongojdan in the southeast to Gbabango in the northwest.

• At the Broukro target, located 1 kilometre to the southeast of Assafou, along the Assafou structural contact, additional reconnaissance drilling has identified a continuity of the Assafou mineralisation.
• At the Gbabango target, located to the northwest of Assafou along the Assafou structural contact, additional reconnaissance drilling has identified shallow mineralisation with further infill drilling required to test the continuity of mineralisation.
• At the Kongodjan target, located 4 kilometres to the southeast of Assafou along the Assafou structural contact, reconnaissance drilling has intercepted high-grade mineralisation. The presence of high-grade mineralisation at Kongodjan, suggests potential for a 3 kilometre-long untested corridor between the Broukro and Kongodjan targets as a new prospective target area.

In addition, to the southwest of the Assafou structure, similar structural contacts have been identified through further drilling at the Pala Trend targets.

• At the Pala trend 2, located 4 kilometres west of Assafou, reconnaissance drilling has identified high-grade mineralisation over a 600-metre strike length.
• At Pala trend 3, located 1 kilometre west of Assafou, reconnaissance drilling has identified high-grade mineralisation over a 300-metre strike length.

  NEXT STEPS

• At least an additional 55 kilometres of drilling is planned at Tanda-Iguela before year end, with a continued focus on expanding the Assafou footprint and delineating regional targets.
• Resource estimate update for the Assafou deposit is expected to be published in Q4-2023, incorporating approximately 150 kilometres of new drilling since the maiden resource was delineated.
• Following the initial phase of metallurgical testwork, a second phase of metallurgical testwork has commenced to expand the sample coverage across the deposit and confirm the potential high gravity recovery and high overall recoveries demonstrated in the first phase of testing.
• Sterilisation drilling is underway to the northeast of the Assafou deposit to identify possible locations for infrastructure.
• Early study work is expected to commence following the completion of the updated resource estimate in late 2023.

TECHNICAL NOTES

Assafou Geology

Mineralisation at Assafou is mainly hosted in Tarkwaian sandstone at/or immediately in the vicinity of the structural contact with mafic Birimian basement rocks (mainly mafic rocks). Gold mineralisation occurs both as disseminated occurrences within pervasively altered sandstone and within, or at the edges of, quartz (±carbonate) veins and breccias that crosscut the altered sandstones. Alteration is reflected by an induration (silicification) and by the presence of sulphides (pyrite), disseminated within the matrix and distributed along the sandstone bedding. The more intense the silicification (and presence of pyrite), the more mineralised the sandstones tend to be.

The structural contact likely controlled the initial sandstone deposition (normal fault in extensional regime). It was then reactivated under a SSW-NNE compressive regime at the brittle-ductile transition, associated with strong mylonitisation and alteration (quartz, carbonate, pyrite, ± sericite, ± chlorite) of the basement rocks, and to mafic and felsic intrusions as dykes and sills. Gold mineralisation is likely to have occurred during this reversal, in the post-Tarkwaian reactivation event. Mineralising hydrothermal fluids are believed to have preferentially invaded the sandstones rather than the basement rocks, due to their higher initial porosity, permeability and competency.

Drilling, Assay, Quality Assurance / Quality Control Procedures

Reverse Circulation (“RC”) and Air Core (“AC”) drilling delivers material to the surface via a percussion hammer pushing pulverized rock into dual tube rods, which evacuate the material to the surface, facilitated by high pressure compressed air.

The samples are collected from the cyclone at surface at 1 metre intervals. The cyclone is cleaned after every 6-metre rod by flushing the hole. Additional manual cleaning is required in saprolitic or wet ground, closely monitored by the site geologist / geotechnician to ensure no sample-to-sample contamination occurs. Samples are split at the drill site using several different riffle splitters, based on bulk sample weight. 2 to 5 kilograms laboratory samples and a second 2 to 5 kilograms reference sample are collected. Bulk and laboratory sample weights, in addition to moisture levels are recorded. Representative samples for each interval were collected with a spear, sieved into chip trays and retained for reference.

Drill core (PQ, HQ and NQ size) samples are selected by Endeavour geologists and cut in half with a diamond blade at the project site. Half of the core is retained at the site for reference purposes. Sample intervals are generally 1 metre in length. All samples are transported by road to Bureau Veritas in Abidjan. Each laboratory sample is secured in poly-woven bags ensuring that there is a clear record of the chain of custody. On arrival samples are weighed. Complete samples are crushed to 2 mm (70% passing) with 1 kilogram split out for pulverization. The entire 1 kilogram is pulverized to 75μm (85% passing). A 50 gram sample is extracted and analysed for gold using standard fire assay technique. An Atomic Absorption (“AA”) finish provides the final gold value.

Blanks, field duplicates and certified reference material (“CRM’s”) are inserted into the sample sequence by Endeavour geologists at a rate of 1 of each samples type per 20 samples. This ensures that there is a 5% Quality Assurance / Quality Control (“QA/QC”) sample insertion rate applied to each fire assay batch. The sampling and assaying are monitored through analysis of these QA/QC samples. This QA/QC program was audited by a consultant, independent from Endeavour Mining and has been verified to follow industry best practices.

In 2021 and 2022, 1,757 samples were sent to ALS Ouagadougou for umpire (referee) analysis. Comparison of the Original analysis against the umpire analysis revealed a very strong Correlation Coefficient of 95.90% suggesting that the original assays provided by Bureau Veritas in Abidjan are accurate. Core sampling and assay data were monitored through a quality assurance/quality control program designed to follow NI 43-101 and industry best practice.

Results for Infill drillholes used the following parameters: 0.3 g/t Au cut off for samples, 0.5 g/t Au minimum value composite and 2.0 metre maximum interval dilution length. Composite interval represent calculated downhole (true) thickness. “Including” represents >10 g/t Au.

Results for exploration drillholes used the following parameters: 0.3 g/t Au cut off for samples, 0.3 g/t Au minimum value composite and 2.0 metre maximum interval dilution length. Composite interval represent calculated downhole (apparent) thickness. “Including” represents >10 g/t Au.

This news release highlights the best selected intercepts from drilling activities between 1 January 2023 to 31 August 2023. Full drill results are available by clicking here.

QUALIFIED PERSONS

The scientific and technical content of this news release has been reviewed, verified and compiled by Silvia Bottero, Professional Natural Scientist, VP Exploration Côte d’Ivoire for Endeavour Mining. Silvia Bottero has more than 20 years of mineral exploration and mining experience and is a "Qualified Person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). The resource estimation was completed by Kevin Harris, CPG, VP Resources for Endeavour Mining and "Qualified Person" as defined by National Instrument 43-101.
 

CONTACT INFORMATION

ABOUT ENDEAVOUR MINING CORPORATION

Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.

A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is listed on the London and Toronto Stock Exchanges, under the symbol EDV.

For more information, please visit www.endeavourmining.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This news release contains "forward-looking statements" including but not limited to, statements with respect to Endeavour's plans for further exploration of the Tanda-Iguela property, the extent and timing of Endeavour’s drilling campaign, the timing of the updated mineral resource estimate, the estimation of mineral resources, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", and "anticipates". Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business.

APPENDIX A: BEST SELECTED INTERCEPTS

Full drill results are available by clicking here.

Attachment

• 231011 - NR - Tanda Iguela Update