Drilling planned in early 2011
Endurance Gold Corporation (EDG - TSX.V) announces that Ginguro Exploration Inc. ("Ginguro" or "GEG") has provided a further update on the 2010 drilling program at the Pardo Gold Property, 65 kilometers northeast of Sudbury. Endurance owns a 100% interest in the Pardo Property and Ginguro has an Option Agreement with Endurance whereby Ginguro can earn up to a 70% joint venture interest in the Pardo Property ("Pardo Option").
GEG have completed drilling of 137 holes this year at the Pardo Option with assays now complete on all drilling. GEG have identified a gold bearing channelized conglomerate "reef" that has now been expanded to approximately 3,600 meters long by 400 meters wide. The reef remains open along the channel extension. Based on the GEG drill program, the most significant gold intersections that outline the extent of the reef are summarized in a table on Endurance's web site. A map showing the location of these holes is also available.
GEG reports that the extensive geological work and drilling in 2010 has demonstrated similar geologic processes at work in Pardo to those that created the world's largest gold deposits in the Witwatersrand Basin of South Africa and that the Pardo project constitutes the first confirmed paleo placer gold deposit in Ontario.
GEG have also reported to Endurance that it plans to initiate another campaign of drilling on the Pardo Option in early 2011.
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.