Endurance Gold Corporation (EDG -- TSX.V, "Endurance") is pleased to announce the Company has entered into a letter agreement to option 100% interest in nine (9) claims ("Optioned Claims") adjoining the Company's McCord Gold Project in Alaska, and the staking of eleven (11) additional claims with both acquisitions expanding the Company's McCord Gold Project to a total of forty (40) claims for 5,178 acres.
The McCord Gold Project is easily accessible from the Elliott Highway and is located in the eastern extension of the Livengood gold district. The Project adjoins International Tower Hill's ("ITH") prefeasibility-stage Livengood Gold Property on the eastern side. ITH have reported an in-situ measured and indicated resource of 11.46 million ounces of gold (see the ITH website for complete disclosure).
The Optioned Claims are located on McCord Creek and, to date, have only been evaluated by the vendor for their placer gold potential. An auger drilling program was completed in March 2017 by the vendor. This program discovered one location in the McCord Creek valley where the auger drill has recovered fine gold, gold-in-quartz, gold-in-oxide wad, and significant quantities of cinnabar in concentrates recovered from auger drill holes down to 20 feet in depth. Photos of the auger drill and the specimen samples collected from the gold concentrates in this area are available on the Company's website www.endurancegold.com. The gold samples have low abrasion characteristics suggesting proximity to source.
Host rock geology is mapped as Early Cretaceous clastic sediments in thrust and fault contact with an older ophiolitic assemblage. This specimen area is located downstream from an interpreted structure which could be the source for the gold mineralization. To the best of the Company's knowledge, aside from some historic and current placer mining activity, this area of McCord Creek has never been previously evaluated with systematic exploration involving soil sampling, geophysics and diamond drilling.
The Company plans to evaluate concentrate samples collected by the vendor and conduct a soil sampling program on the expanded portions of the McCord Gold Project. Results from the soil sampling program will assist in determining a follow-up program of geophysics, additional auger and diamond drilling.
Prior to 2013, and before the acquisition of the Optioned Claims, the Company collected 467 soil samples and 73 rock samples from the northeast portions of the McCord Gold Project. Prior programs completed by the Company have identified seven multi-element soil anomalies, associated with multiple anomalous gold values (>100 parts per billion ("ppb")), considered to be of exploration significance. The two largest multi-element soil anomalies, exceeding 10 ppb gold, are approximately 1,500 by 400 metres and 1,100 by 500 metres in size. The maximum soil value exceeds 100 ppb gold, which is the upper detection limit for the analytical method used.
Under the terms of the letter agreement with the private vendor, Endurance can earn 100% interest in the Optioned Claims by completing a total of US$50,000 in exploration expenditures, and US$40,000 in cash payments by December 31, 2024. The initial cash payment of US$1,000 was paid on signing of the letter agreement. An additional bonus cash payment of US$20,000 is payable if the Company wishes to exercise the option earlier than October 1, 2024. The option is subject to a 2% net smelter royalty ("NSR") and Endurance can purchase half of the NSR at any time. The vendor continues to have the right to conduct placer mining activity during the term of the option and will work with the Company in identifying target areas to test with the vendor's auger drill. There is no finder's fee payable for this transaction.
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 Elephant Mountain Gold Property in Alaska and the Bandito Rare Earth-Niobium Property in the Yukon. The company also owns a significant shareholding in Inventus Mining Inc.(IVS-TSXV) which controls the entire Pardo paleoplacer gold district near Sudbury, Ontario and owns shares in GFG Resources Inc. (GFG-TSXV) which controls the entire Rattlesnake Hills gold district, Wyoming. Please visit www.endurancegold.com.
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.
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.