Endurance Gold Corporation (EDG - TSX.V) is pleased to announce plans to proceed with a geological and geochemical sampling program on the Bandito rare earth and nickel project. The objective is to advance several of the rare earth and nickel exploration targets to drill stage by the fall of 2011.
Highlights of the planned program include:
- Field work commencing in July.
- Completion of a five by three kilometer soil sampling grid that evaluates the area of known nickel and rare earth mineralization.
- Completion of a property scale mapping for geology and alteration.
- Completion of extensive reconnaissance and prospect scale rock sampling.
- All geological mapping, rock and soil sampling will be supported by portable XRF.
- Trenching and rock chip sampling of prioritized areas.
- Prospecting of the source area of 2010 stream sediments that were elevated in base metals and rare earth elements.
- Collection of a representative sample of the nickel mineralization for testwork and petrography
- All soil and rock samples will be analyzed for base metals and the rare-earth suite of elements. Selected suites will be analyzed for the precious metals
Endurance has engaged Equity Exploration Consultants Ltd (Equity) to manage the program. Equity is a private, Canadian company established in 1987, which is focused on providing high quality mineral exploration services. The company's core strength is its full-time staff of 14 expert geologists and support team members, in addition to a wide network of associates fulfilling technical and logistical roles.
Under the terms of the agreement with True North Gems Inc. ("TGX"), Endurance can earn an initial 51% joint venture interest in the Bandito property by completing a total of C$125,000 in cash payments by December 31, 2012 and also completing C$1,000,000 in exploration expenditures by December 31, 2013. Once Endurance earns its 51% interest, it has a further option to acquire an additional 24% interest (total 75%) by issuing TGX 200,000 shares of Endurance and by completing an additional C$1,000,000 in exploration expenditures prior to December 31, 2015. Endurance has exceeded its 2010 work requirements.
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.