Le Plaque has a maiden proven and probable reserve of 5.5 million tonnes grading on average 2.34 grams per tonne gold for 415,000oz. The reserves are based on total measured and indicated resources of 476,000oz at 3.2g/t, contained in 4.63Mt.
Based on an assumed US$1,300/oz gold price, the reserve grade is 51% higher than the current Ity mine plan grade of 1.55g/t.
"Once again, the exploration team has demonstrated their ability to swiftly unlock exploration value by moving from discovery to production in under three years," said CEO Sébastien de Montessus.
The team is currently working to update the Ity mine plan to incorporate both the Le Plaque maiden reserve as well as the 25% increase in plant capacity, following last year's upgrades. "We expect the updated technical report to be published in Q2-2020, with the goal of demonstrating that Ity has a plus-10-year mine life at an average production of circa 250,000oz/y."
The London, UK-headquartered company said the Le Plaque permitting process was already well underway, with a mining licence expected in the second half of 2020.
Endeavour remains optimistic about further resource expansion at the mine. It expects to publish another Le Plaque resource update by June, based on more drilling completed in the second half of 2019.
Meanwhile, the company has launched a new 14,000m and 27,000m drilling programme earlier this year on the greater Le Plaque deposit, with the aim of converting all the defined extensions into resources.
More drilling is also planned at nearby Le Plaque targets with the goal of advancing them towards the resource stage during the second half of this year. The Le Plaque deposit remains open along strike and at depth with a significant extension delineated to the south.
"The Ity area continues to be highly prospective and we're planning a further $14 million exploration programme totaling about 100,000m in 2020 to grow the Le Plaque, Bakatouo, extend the Daapleu deposits and test other high priority targets such as Floleu and Samuel," de Montessus said.
Shares in the company (TSX:EDV) advanced to a new 12-month high on Monday at C$29.18, up more than 7% on the reserve update. Endeavour has a market capitalisation of $3.09 billion (US$2.3 billion).
