Research Flash - Endurance Gold Corp. (EDG:TSXV,$0.41|N/R) 2022 Drill Program Kicks Off with Stellar Results
This morning, EDG released its first drill results from the 2022 Reliance RC drill program producing a highlight intercept of 6.64 g/t Au over 30.5m including 13.75 g/t Au over 9.2m. This release includes the first three RC drill holes at the Eagle Zone (Figure 2) and four holes on the Treasure Trend (Figure 1). As a reminder, the 2021 RC and diamond drill program yielded highly encouraging results extending the mineralized corridor across the property to approximately 2km along strike with the most promising results in the Eagle South zone which continues to be open to the SE. The mineralization shows significant potential for a 1.0+ Moz at surface open-pitable resource averaging ~5 g/t Au which would result in a highly profitable low-cost operation.
Initial 2022 RC Highlights Include:
Hole RC22-062 yielding the best result of 6.64 g/t Au over 30.5m, including 13.75 g/t Au over 9.2m
RC22-062 was designed to test the true width of mineralization discovered in diamond drill hole DDH21-020 which returned 15.7 g/t Au over 24.8m. Management expected RC22-062 to be a thinner intersection as it was drilled almost perpendicular to DDH21-020 however, the results reported indicate the zone is both wider and steeper dipping than anticipated
Located 140m North, RC22-061 successfully intersected the up-dip extension of the Eagle Zone with two intervals of 9.69 g/t Au over 3.05m and 6.92 g/t Au over 3.05m
The Treasure Trend is confirmed as a gold-bearing SW dipping structure with the best intersections of 1.8 g/t Au over 4.57m and 1.4 g/t Au over 3.05m at the Vista prospect (Figure 1)
We view these initial results as a great start to the 2022 drilling campaign and we look forward to the results of the remaining 21 outstanding RC drill holes. Additionally, as previously announced, EDG has begun its 8,000m diamond drill program for this year which is the largest on the property to date. We look forward to these results as the Company focuses both on extending the mineralized corridor further SE along strike and to depth.
Treasure Shear: The Treasure Shear is a parallel structure just 300m to the East of the Royal Shear (Figure 1). The four RC holes reported in this release were the first holes drilled on the Treasure Shear and all of which, intersected gold mineralization. We note the grades and widths found are not as significant as along the Royal Shear, but nonetheless, these are strong results for an inaugural drill program. The Company will be following up on these targets in the future as they derive new drill targets.
EDG Doubles Land Package: As previously reported on May 2nd, 2022, EDG announced it has acquired an option to earn a 100% ownership in the former Minto Gold Mine, Olympic and Kelvin gold prospect (Figure 3). The Olympic Claims are located immediately adjoining and contiguous with the Company’s previously accessible Reliance Property. This transaction more than doubles the size of the Reliance Property and delivers additional exploration potential by adding a portfolio of relatively under-explored orogenic gold deposits. The Minto Mine produced 17,500 oz at an average grade of 6.3 g/t Au prior to WW2.