NEWS RELEASE 05-04
Endurance Gold Corporation (EDG -- TSX.V) announces that it has acquired an option to earn a 100% interest in the 8 claim, 2,463 hectare "BQ" Property, located 50 kilometres northwest of Smithers, in north-western British Columbia. The road accessible property is located within lower Bowser Basin sediments and within the mid-Cretaceous Rocky Ridge Formation. Lithologies identified to date include quartz and feldspar porphyritic ryholites, with a coarse fragmental component, as well as grits and wackes. Prospecting by the property vendors along a deeply incised creek bed has identified numerous shear and stringer hosted seams of disseminated to semi-massive sulphide mineralization (pyrite-arsenopyrite-sphalerite) over a strike length of approximately 150 metres. Grab samples from the sulphide stringer zones have returned values to 1.4 gpt gold, 550 gpt silver, and greater than 1% lead, zinc, arsenic and antimony. While typically less than a metre in width, the widespread nature of the sulphide occurrences, and the less than 5% outcrop exposure along strike and vertically up the creek valley walls, suggest the potential for additional discovery. The property, despite its proximity to Smithers, has never seen a detailed evaluation, and has never been drilled.
A Year One program of detailed geological mapping of the known exposed mineralization, in conjunction with additional prospecting, will commence immediately. That work may be followed by a drill evaluation of the mineralized system, if and as warranted.
Under the terms of the option agreement, Endurance will pay the Vendors $70,000 in cash and issue 250,000 shares over a three year period, to earn a 100% interest in the property. That interest is subject to a 3% NSR, of which Endurance can purchase a 1.5% interest for $1,500,000 at any time. In addition to the cash and stock payments, a $100,000 work commitment is required through the three years of the option agreement. This transaction is subject to acceptance by the TSX Venture Exchange.
Duncan McIvor, P. Geo., is the Qualified Person under National Instrument 43-101, and is responsible for the content of this news release.
ENDURANCE GOLD CORPORATION
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT
Jeffrey Wilson, Corporate Communications (604) 868-0225, or visit our website at www.endurancegold.com
ENDURANCE GOLD CORPORATION
#906, 1112 West Pender Street
Vancouver, B.C. V6E 2S1
Tel: (604) 682-2707 Fax: (604) 681-8799
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.