Research Note - Endurance Gold Corp. (EDG:TSXV, $0.39|N/R) - Thesis Rehash – 12 Additional Assay Results Released
Through 2022, Endurance Gold was active in extending the strike of the mineralization of the Reliance Gold Project through drilling. As of November 14th, 2022, the Company completed 38 diamond drill holes for 8,274m and 33 RC holes for 2,455m year-to-date then demobilized its drill. The Company has assays pending for 2 more diamond drill holes (DDH22-059 and DDH22-060). The purpose of the program was to define the strike extent of the Eagle and Eagle South Feeder Zone (ESFZ) mineralized systems. This objective was achieved, expanding the Eagle Zone to 530m in strike length and the ESFZ to 550m in strike length. The ESFZ remains open along strike in both directions (to the southeast and to the northwest -- towards the Imperial target area).
Earlier in 2022, the Company signed an exploration agreement with the Bridge River Indian Band regarding the Reliance Gold Property. The Agreement covers all exploration activities through to completion of a feasibility study. Additionally, on October 25th Endurance acquired an option to earn a 100% ownership in the Sanchez Group of ten mineral claims totalling 856 hectares. This acquisition is on top of the acquisition of the Olympic Claims, which are approximately 3km east the Eagle Zone. The Company reported results from soil and biogeochemical orientation surveys on the Olympic claims on January 3rd, 2023. These samples identified a geochemical anomaly along the Olympic trend, which has a strike length of 1.6km and is open to expansion. This anomaly has a similar geochemical signature to the initial sampling that discovered the Eagle Zone in 2020.
WHY WE LIKE EDG:
• Multiple high-grade drill results over 100 gram-meters
• At surface mineralization 4.0+g/t material (potential for open pit)
• Stable mining jurisdiction (nearby fully permitted operation)
• Significant management/insider ownership (~55%+)
• Current $3M in working capital
• Strategic Partnerships – Ongoing
• Final 2 Drill Assay Results Expected in early Q1/23
• More drilling in spring 2023 to test Eagle Zone extension along strike (northwest to bridge gap with the Imperial Zone and southeast)
o Infill drilling to bring shallow intercepts to resource by 2024
• Second drill rig being brought in in summer 2023 to test Eagle and ESFZ to depth
• New parallel structures