Vancouver - October 4, 2010 - Endurance Gold Corporation (EDG - TSX.V) announces that Ginguro Exploration Inc. ("Ginguro") has provided a further update on the ongoing drilling at the Pardo Gold Property, 65 kilometers northeast of Sudbury, Endurance owns a 100% interest in the Pardo Property. Ginguro has an Option Agreement with Endurance whereby Ginguro can earn a majority interest in the Pardo Property ("Pardo Option").
Ginguro reports that, as a result of geological mapping, diamond drilling and sampling on a sizeable portion of the Pardo Option, the Ginguro's South African-based exploration team has identified a major unconformity at the base of the gold-bearing Boulder Conglomerate ("BC").
The identification of this unconformity is significant in that it is likely to represent a regional erosion surface upon which detrital gold-bearing sediments were deposited in much the same style as the well-studied Witwatersrand paleoplacers were.
A progress report dated September 27th by Ginguro's Project Manager, Michael Shaw of Geo-Consult International Pty Ltd., states that "The identification of the unconformity at the base of the Mississagi Formation and the possibility that the channel conglomerates on the unconformity may be represented by the boulder channel conglomerates at Trench 2 has major implications for the potential of the project. Although the 'BC' conglomerates at Trench 2 are recognized as a very proximal facies of the deposit, Ginguro's consultant, Dr. Lawrence Minter, believes, on the basis of Witwatersrand and other well studied palaeoplacer analogues, that these sediments are likely to have become laterally more extensive further down the palaeodip and that reworking in midfan areas would have produced more condensed and better mineralized units.
Having identified palaeodip directions, Ginguro's geological team has recommended that Ginguro extends its exploration activities to such down-stream areas where greater gold concentrations are expected to occur.
In 2010, Ginguro have completed 129 drill holes and received assays on 97 drill holes located on the Pardo Option. Recently received gold assays that will require follow up consist of the following:
Table 1: Pardo gold assays requiring follow up
|Hole||From (m)||To (m)||Interval (m)||Au (g/t)|
Intersections above represent approximations of true widths of mineralization.
Holes 58, 59, 61, 62, and 68 contained low levels of gold mineralization.
Holes referenced in the table above do not represent all completed drill holes to date. Assays for an additional 32 holes on the Pardo Option remain outstanding. Drilling is continuing with further drill holes planned.
The Pardo Option is comprised of 16 claims covering approximately 33 square kilometres, and is 100% owned by Endurance. Ginguro has an Option Agreement with Endurance whereby Ginguro can earn an initial 55% interest in the Pardo Gold Property by completing $1,000,000 in exploration expenditures, and making cash payments totalling $200,000 to Endurance over a three year period. To date, Ginguro have made cash payments to Endurance of $100,000. On completion of its initial 55% earn-in, Ginguro has a one-time option to increase its ownership interest to 70% by completing an additional $1,000,000 in exploration, and making a further cash payment of $250,000 to Endurance.
In the preparation of this news release, Endurance relied on a press release of Ginguro Exploration Inc., the latter of which was prepared under the supervision of Eric Yang, Geologist for Ginguro Exploration Inc. and a QP pursuant to NI 43-101. Ginguro is managing the exploration program and has implemented a quality control program to ensure best practice in sampling and analysis. Samples are cut in half, with one-half is submitted for assay and the remaining sample retained for reference. Assayed samples are transported in security sealed bags for preparation at ALS Chemex Prep Lab located in Sudbury, Ontario. Prepped samples are shipped for analysis to ALS Chemex Assay Laboratory in Vancouver, B.C. ALS Chemex is an ISO 9001-2000 and ISO 17025 registered laboratory. Samples are analyzed by industry standard 50 gram fire assay fusion with atomic absorption spectroscopy (AAS) finish, and a gravimetric finish on samples exceeding 10 g/t gold. Ginguro inserts a certified reference standard, analytical blank, and field duplicate sample in every batch of 20 samples. Validation parameters are established in the database to ensure quality control.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.