Endurance Gold Corporation (EDG -- TSX.V, "Endurance") is pleased to announce that field work activity in 2013 has identified encouraging gold values on its 4,960 acre Elephant Mountain Property (the "Property"). The 2013 summer program returned gold values in grab samples up to 4.4 grams per tonne ("g/t") gold associated with a strong gold-arsenic soil anomaly. The company has also finalized the comprehensive option agreement on the Property with the private vendor.
The Property is located in the Rampart-Eureka-Hot Springs placer gold mining district near Eureka, Alaska and can be accessed by road and trails from Eureka, a placer mining area located about 76 miles (123 kilometres) west of Fairbanks.
The Property was explored for gold by Placer Dome, Inc. ("PDI") between 1989 and 1992. PDI identified a gold-arsenic soil geochemical anomaly over the intrusive that extends for at least 6,000 feet and up to 1,500 feet wide (1,830 metres and up to 457 metres wide), with peak values in the PDI soil samples up to 1,540 parts per billion ("ppb") gold. During that time, PDI completed trenching and ten (10) drill holes primarily in this North Zone soil anomaly. The best of the PDI drill holes returned an average grade of 0.015 ounce per ton gold (0.514 g/t gold) over an interval of 326 feet (99.4 metres) and bottomed in mineralization. In the PDI drill holes, gold mineralization is associated with arsenopyrite and native gold related to quartz veinlet stock-work, in silicified, fractured and sericite altered intrusive. The intrusive host is a multi-phase Cretaceous-aged diorite to granite pluton that intrudes quartzite, siltstone and shale. Subsequent to the PDI exploration program, other companies completed some surface prospecting and mapping, soil sampling, ground magnetics and induced polarization geophysical surveys, and two drill holes in 2000.
A 2007 prospecting and sampling program resulted in the discovery of gold values in grab samples of quartz vein material from the intrusive including 12.98 g/t, 5.21 g/t, 3.02 g/t, 2.59 g/t and 2.18 g/t gold. These high gold values were collected in the South Zone soil anomaly where PDI collected a grab sample that assayed 12 ounces per ton gold (411.4 g/t gold). The South Zone area is approximately one kilometre south of the best Placer Dome drill hole and is defined by a greater than 100 ppb gold-in-soil anomaly within a 150 x 800 metre area.
The 2013 reconnaissance prospecting rock and soil sampling program completed this past summer collected 61 rock grab samples with the best gold values associated with altered intrusive and quartz vein stock-work material including 4,440 ppb gold, as well as 1920 ppb, and 1880 ppb gold. The highest gold value is related to the South Zone soil anomaly. A summary figure showing the PDI soil anomalies and the most recent surface sampling is available on the Company's website.
The Elephant Mountain area is, in part, drained by Eureka and Pioneer Creeks. Alluvial gold was first discovered in Eureka Creek in 1898 and both Eureka and Pioneer Creeks and their small tributaries are two of the most significant alluvial gold bearing creeks in the Eureka-Hot Springs gold district.
The Elephant prospect is interpreted to be a reduced intrusion-related gold system (RIRG) similar to the Fort Knox Mine, Ryan Lode, and True North deposits located in the nearby Fairbanks Gold Mining district in Alaska, as well as the Brewery Creek and Dublin Gulch deposits in the Yukon. All of these RIRG deposits are related to late Cretaceous-aged intrusive events within the Tintina Gold Province of Alaska and the Yukon, and are associated with historic placer gold mining.
The placer gold deposits, gold-in-soil anomalies, elevated gold-in-rock samples, and wide drill intersections in intrusive indicate that the Property warrants a systematic exploration program of rock and soil sampling followed by trenching and drilling to confirm historic results, expand on those results, and identify new exploration targets. The 2013 program confirms the location of the historic prospects and thus a systematic 2014 program is currently in the planning stage. In addition, step out drill holes from the best 1992 PDI drill hole are justified along the trend of the untested North Zone soil anomaly.
Under the terms of the finalized option agreement with the private vendor, Endurance can earn 100% interest in the Property by completing a total of US$200,000 in exploration expenditures, US$200,000 in cash payments and delivering 400,000 Endurance common shares by December 31, 2017. To date the company has completed about $50,000 in exploration expenditures, paid $35,000 in option payments and delivered 25,000 Endurance common shares. The option is subject to a 2% net smelter royalty ("NSR"), and Endurance can purchase half of the NSR at any time.
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits. The Company's exploration focus, for projects operated by Endurance, is intrusive-related mineral systems with potential for discovery of major new precious or rare metals deposits, and its business plan offers shareholders exposure to several majority-owned exploration projects with significant discovery potential such as the Bandito Rare Earth-Niobium Property in the Yukon, the Elephant Gold Property in Alaska, and the Rattlesnake Hills Gold Property in Wyoming.
Robert T. Boyd, P.Geo. is a qualified person as defined in National Instrument 43-101 and supervised the compilation of the information forming the basis for this release. The 1991 Placer Dome activity preceded the implementation of NI 43-101 and furthermore, the original data and reports have not been completely reviewed by the Company. Therefore the historic data summarized in this release should not be relied upon. Bedrock grab samples are selective by nature and are unlikely to represent average grades within the bedrock when drilled. All 2013 rock and soil samples were analyzed at ALS Minerals using Au-ST43, Au-OG43, and ME-MS41.
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.