News Release 06-17
Endurance Gold Corporation (EDG -- TSX.V) is pleased to update developments on the BQ Property, located 25 kilometres west of Smithers, in northwestern British Columbia. Endurance is earning a 100% interest in the property by making cash payments totaling $70,000, incurring $120,000 in exploration expenditures and issuing 250,000 shares over a three year period. The Company has already met its $120,000 expenditure commitment on the property, having spent to date approximately $450,000 in direct exploration costs.
The Company recently completed an eight hole, 1,491 metre diamond drilling program on the property, designed to test for the continuation of gold mineralization intersected in an earlier drill hole (BQ-03), which returned 0.776 gpt Au over 33.05 metres. One hole (BQ-09) tested a separate, parallel IP anomaly, and intersected barren graphitic sediments. Significant results are tabulated below, using a cut-off grade of 0.50 gpt Au:
Hole Number From (M) To (M) Width (M) Au Grade (GPT) ====================================================================================== BQ-04 207.90 209.40 1.50 0.72 BQ-05 146.00 147.50 1.50 1.14 167.60 168.30 0.70 1.38 BQ-06 21.00 21.50 0.50 0.23 and 1.94% Zn BQ-07 18.00 20.80 2.10 3.47 and 2.64% Zn includes 0.60 8.43 21.95 22.45 1.00 1.31 and 4.18% Zn BQ-08 43.50 47.50 4.00 3.03 includes 1.30 7.21 53.00 54.50 1.50 1.08 90.00 91.00 1.00 1.09 124.90 126.30 1.40 0.60 BQ-09 No significant results BQ-10 57.00 62.00 5.00 1.34 65.00 69.5 4.50 0.92 75.00 75.50 0.50 1.34 80.00 81.50 1.50 0.85 92.85 93.75 0.90 0.51 103.20 104.20 1.00 1.99 116.50 116.90 0.40 0.98 120.20 121.50 1.30 0.85 BQ-11 No significant results
The gold mineralization intersected in drill holes to-date is hosted within a large zone of intense phyllic/argillic (sericite-quartz-carbonate-clay) alteration. Heavy sulphide mineralization is in the form of veins, networks, "spots" or clots, and includes pyrite, arsenopyrite, pyrrhotite, sphalerite and chalcopyrite over a strike length of 400 metres. Gold occurs associated primarily with arsenopyrite, pyrrhotite and chalcopyrite veins and stringers, as very fine (<10 micron) grained mineralization.
The gold mineralization identified on the BQ Property can best described as sediment-hosted gold mineralization generated where steep faults have intersected receptive, permeable lithologies on the fringes of the intrusion-centered districts. The Smithers district can be viewed as an intrusion-centered mineral district with a number of porphyry Mo, Cu and Cu-Au deposits, and numerous Ag-bearing base metal vein systems and replacement deposits. At BQ altered felsic rocks, quartz feldspar porphyry and massive rhyolite, intrude the stratigraphic section and are, at least in part, fault controlled. Significant precious and base metal mineralization may be present confined to fault zones and as irregular shaped replacements in the adjoining rocks.
The Company is currently evaluating all aspects of the geological setting of the gold mineralization identified on the BQ Property with the objective of planning additional exploration work. Endurance will also complete a program of check assaying at a second laboratory, as part of a Quality Assurance and Control procedure.
John Watkins, P. Geo, and Duncan McIvor, P. Geo, are the Qualified Persons under National Instrument 43-101, and are responsible for the content of this News Release.
ENDURANCE GOLD CORPORATION
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT EITHER
Duncan McIvor (604) 682-2707, or Jeffrey Wilson, Corporate Communications (604)
868-0225, or visit our website at www.endurancegold.com.
The TSX Venture Exchange or any other regulatory authority has not reviewed, and does not accept responsibility for, the adequacy or accuracy of this news release.