Endeavour targeting 15-20 million ounces of gold discoveries in new exploration outlook

African gold producing giant Endeavour Mining has set an ‘ambitious’ target to discover 15-20 million indicated ounces of gold from its projects across West Africa over the next five years.

The company, which recently listed in London to complement its primary listing on the TSX, has defined 8.5 million ounces of indicated resources in the past four years and said it will use the same ranking and screening methodology for its new plans, with discovery costs forecast to be less than US$25 per ounce.

“Our exploration success has been a significant value creation driver over the past four years,” said Endeavour chief executive Sebastien de Montessus.

“Our track record gives us the confidence to set ambitious new targets and, given the strong expected returns, investment in exploration will continue to be an important component of our capital allocation framework.”

Endeavour’s exploration strategy calls for the extension of mine lives at its core assets to well beyond 10 years, in addition to discovering new greenfield projects.

In particular, de Montessus said that the Sabodala-Massawa (Senegal), Houndé (Burkina Faso) and Ity (Côte d’Ivoire) mines all have potential to be Tier 1 assets with over 10 million ounces of resource endowment, including historical production.