NEWS RELEASE 05-05
Endurance Gold Corporation (EDG -- TSX.V) announces that it has acquired an option to earn a 100% interest in the 6 claim, 1,344 hectare "Pardo" Property, located 65 kilometres northeast of Sudbury, in east-central Ontario. The road accessible property covers a sequence of Proterozoic aged rocks of the Mississagi Formation, a basal unit of the Huronian Supergroup sedimentary assemblage that forms the 15,000 square kilometre Cobalt Embayment.
Historic exploration work between 1996 and 2000 by Tenajon Resources and Triex Minerals identified widespread low-grade gold mineralization hosted within a basal conglomerate, located immediately at the unconformity. Work by those companies returned individual grab samples to 9.9 grams per tonne ("gpt") Au, and detailed channel samples to 966 ppb Au over 12 metres. Gold mineralization is associated with pyritized portions of the conglomerate, and has been defined over a north south strike length of over 5 kilometres. Subsequent IP work defined numerous anomalies that appear to reflect the presence of pyritic conglomerate over the limited extent of the survey (two kilometre north-south strike length). Limited trenching on selected IP anomalies returned elevated gold values to 7.03 gpt Au in grabs, and 1.42 gpt Au from a series of seven 1 metre channel samples. Less than 10% of known IP anomalies have been tested to date, and only a small portion of the property has been covered by a grid or seen any significant exploration.
The Pardo Property covers the southern flank of a large Proterozoic sedimentary basin that is analogous in many ways to the Witwatersrand Basin in South Africa. The Witwatersrand Basin is the world's largest gold producing geological environment, with over 1.3 billion ounces of gold production since 1880. In terms of size, stratigraphy and depositional environment, the two basins have several similarities. There are significant differences as well, primarily in the age of the two basins, with the Cobalt Embayment being significantly younger than the Wits Basin. Regardless, the widespread occurrence of low grade gold mineralization within the basal conglomerate on the Pardo Property, the potential size of the target, and the very limited previous exploration activity, dictates that the property warrants serious evaluation.
Under the terms of the agreement, Endurance can earn a 100% interest in the property, subject to a 3% NSR, by making $100,000 in cash payments and issuing 200,000 shares over a four year period. An additional payment of $5,136 will be made to an underlying vendor of the property, for out-of pocket staking costs. One of the Vendors of the Property is a Director and Officer of Endurance.
Endurance Gold Corporation has also acquired, by staking, a three claim, 768 hectare property in Turner Township, located 40 kilometres NNW of the Pardo Property, and covering a similar geologic environment.
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
ENDURANCE GOLD CORPORATION
#906, 1112 West Pender Street
Vancouver, B.C. V6E 2S1
Tel: (604) 682-2707 Fax: (604) 681-8799
FOR FURTHER INFORMATION, PLEASE CONTACT
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.