Endurance Gold Corporation (EDG - TSX.V, "Endurance") is pleased to announce that it has finalized an option agreement to earn 100% ownership in a large mineral property that immediately adjoins the Company's 100%-owned Rattlesnake-Natrona Gold Property in Natrona County, Wyoming. The acquisition expands the Company's consolidated land position from 1,280 acres to about 6,500 acres. The acquisition will result in Endurance controlling at least eighteen (18) Tertiary volcanic complexes which define both the northern half and eastern and western extensions of the Rattlesnake Hills Gold District, Wyoming. These Tertiary-aged volcanic complexes are related to the known gold mineralization in the district. A map illustrating the location of the expanded Endurance Property is available for viewing at www.endurancegold.com.
"This acquisition combines two complementary mineral properties into an excellent portfolio with an abundance of gold exploration targets" stated Robert T. Boyd, President and CEO of Endurance. "Endurance is now positioned as a major participant in the future exploration of the emerging Rattlesnake Hills alkaline gold district, Wyoming".
The Rattlesnake Hills Gold District encompasses an area over 15 square kilometers and hosts the North Stock Gold Discovery of Evolving Gold Corporation ("EVG") located on their 14,250 acre Rattlesnake Hills Property. At the North Stock Discovery, drill results previously announced by EVG include 2.92 grams per tonne gold ("gpt Au") over 146.3 metres, 10.8 gpt Au over 67.1 metres, and 2.74 gpt Au over 131.1 metres associated with breccia related to the Tertiary intrusions.
The geological setting of the Rattlesnake Hills Gold District is similar to the setting for large scale alkaline intrusive hosted gold deposits within the Rocky Mountain alkalic gold province, that include Cripple Creek, in Colorado, that has produced 20 million ounces of gold to date.
The Endurance properties cover widespread areas of Tertiary phonolite (alkalic) intrusions emplaced into Precambrian aged sediments and metavolcanics. Most of the intrusions on the Endurance property have associated pyroclastic breccia. Crackle breccia spatially associated with the intrusions is observed in Archean basement in a few exposed areas on the Endurance property. Some of these areas of breccia and alteration have elevated gold values in grab samples. This geological environment is identical to that hosting the North Stock Discovery, where gold mineralization occurs in breccia zones within and surrounding the alkalic intrusions.
The area of the most encouragement to date on Endurance's property host gold values in grab samples up to 1.1 gpt Au in crackle breccia. The most encouraging STP-DC target area identified to date is three (3) kilometers north of EVG's North Stock Discovery and about one (1) kilometer east along the interpreted structural trend from EVG's Bald Mountain drill target which has reported chip samples up to 7.45 gpt Au and 5.17 gpt Au associated with breccia.
The terms of the letter agreement ("Letter Agreement") with a private vendor ("Vendor") provide the Company with the option to earn a 100% interest in the Vendor's property, consisting of 249 lode mining claims and Wyoming state leases, by completing a total of US$300,000 in exploration expenditures in the district, making US$100,000 in cash payments, and delivering 1.2 million Endurance common shares prior to December 31, 2016. The Vendor will receive a $10,000 initial cash payment on acceptance by the TSX-Venture Exchange of the Letter Agreement. Once the Company has earned its interest the Vendor has the right to a 1% NSR on both the Vendor and the Company's federal lode mining claims. Half of the NSR can be purchased by the Company for US$500,000 at any time. The Letter Agreement requires a minimum field program be conducted during 2013.
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, 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 100% owned exploration projects with significant discovery potential in Alaska, Yukon, and Wyoming.
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. 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.