Endeavour Mining and Randgold Resources have established a joint venture covering their adjacent Sissedougou and Mankono exploration properties located in the northern region of Côte d'Ivoire.
Sébastien de Montessus, President & CEO, stated: "As the two largest producers in Côte d'Ivoire, with a strong presence in West Africa, both companies welcome the opportunity to increase their cooperation. This JV will allow us to accelerate exploration on our Sissedougou property while we continue to focus our efforts on our 100%-controlled 80km corridor along our Ity mine, which our exploration strategic review identified as our highest priority."
Under the terms of the agreement, Randgold and Endeavour will hold respectively a 70% and 30% interest in the newly formed joint venture. Randgold will be the joint venture operator and both parties will contribute to the annual exploration budget in accordance with their shareholdings. AUS$3.8 million exploration campaign has been approved for the remainder of 2017 and 2018.
The adjacent Sissedougou and Mankono exploration properties are located in the northern region of Côte d'Ivoire, at the contact of the shear zone hosting the Tongon mine and the shear zone hosting the Sissingue project and Syama mine.
The Sissedougou property was transferred from La Mancha to Endeavour in late 2015. After nearly 4 years of exploration inactivity, Endeavour re-initiated exploration in 2017 as part of its greenfield program. Sissedougou's potential was initially confirmed with a first 3378 metre drilling program carried out by La Mancha in 2011, as drill results suggested the presence of an 800 metre mineralised structure.