AFEMA

The Afema Joint Venture Project was acquired by Endeavour in February 2021 as part of the Teranga acquisition. Located in southeast Côte d’Ivoire at the intersection of two gold-enriched Ghanaian greenstone belts, the greenfields project covers more than 1,400 km2 including the Afema mine license and three exploration permits.

Afema includes a historical near-surface oxide and sulphide resource and lies within an area hosting several gold mineralized structures on extensions from prolific gold belts in Ghana. The Woulo Woulo prospect is the most recent discovery at Afema. Currently, multi-drill exploration campaign is underway at the Woulo Woulo prospect, the Niamienlessa structural trend and the Afema Shear and an initial resource estimation is targeted for completion in the first half of this year.

As of January 2021, more than 550 holes have been drilled, totaling nearly 51,000 metres. Next steps include expanding trenching and drilling to new areas of interest within the Afema mining license and outward onto the three regional exploration permits. As well, early-stage metallurgical test work as well as environmental and social assessments are expected to be initiated in the near-term.

KEY FACTS

Ownership:

51% EDV, earning 70%

Joint venture partner:

Sodim Limited

Joint venture agreement terms

• 51% joint venture interest through the completion of a three-year $11m exploration and community development work program

• Earning 70% interest through delivery of positive study

• Endeavour to sole fund and manage exploration programs and feasibility studies