Vancouver - September 8, 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")
To date, 85 holes totaling 3,416 metres have been drilled on the Pardo Option. Assay results have now been received for 26 of the holes located on the Pardo Option. The ongoing drill program, in conjunction with four months of geological mapping, has resulted in the identification of a gold-enriched, channelized reef that is now termed the BC Reef. The channelized nature of the BC Reef is similar to some of the channelized conglomerate deposits found in South Africa such as the Black Reef paleo-placer gold deposits mined in parts of the Witwatersrand Goldfields in South Africa.
The BC Reef on the Pardo Option has been defined from the present drilling over an area 700 metres in length elongated northeast to southwest, with a width of 500 metres and to date is entirely located on the Pardo Option. The thickness of the BC Reef ranges from 1 to 5 meters where intersected to date. The channel may extend to the south and this will be tested with future drilling. The BC Reef has been intersected in 15 holes to date, with assays received for 7 holes within the BC Reef. Results of holes that have intersected BC Reef are detailed in the table below.
Assay of core samples -- BC Reef
|Hole ID||From (m)||To (m)||Interval (m)||Au (g/t)|
Assay results on core samples from 59 drill holes are still pending. Drilling is continuing using two rigs on the property, with an additional 37 holes planned at a minimum, bringing total drilling on the current phase to at least 4,500 metres.
In addition to the currently targeted BC Reef, two large prospective areas located to the east and southeast on the Pardo Option remain to be tested by diamond drilling. This area will be drilled this month as part of the ongoing program. The next phase of drilling, which will be undertaken this fall, will focus on definition drilling of areas of enriched gold mineralization identified in the current phase.
Holes 2 through 10 and holes 20 through 22 were drilled in the more distal southern area, ranging from 3 to 5 km south of the currently defined BC Reef. Hole 1, which is located on a claim that is 100% owned by Ginguro, intersected 2.3 g/T Au over 1.0 m (see press release dated July 21, 2010) and the others intersected sub economic gold values. Current and future work is focused on the northern areas, specifically the BC Reef.
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.