Endurance Gold Corporation (EDG - TSX.V) announces that Ginguro Exploration Inc. ("Ginguro") has recently reported exploration results from the Pardo Property, as outlined in a Ginguro News Release dated January 11, 2010. The Endurance Pardo property is comprised of 16 claims covering approximately 33 square kilometres ("Pardo Property"), and forms a part of the larger Ginguro land holdings in the area. Endurance owns a 100% interest in the Pardo Property. Ginguro has an Option Agreement with Endurance whereby Ginguro can earn an initial 55% interest in the Pardo Property.
The Pardo Property, located 65 kilometres northeast of Sudbury, Ontario, is largely underlain by flat lying, Proterozoic aged conglomerates resting unconformably on Archean aged metasediments. Gold mineralization defined to date on the property is spatially associated pyritic and quartz pebble bearing portions of the conglomerates, at or proximal to the unconformity.
Through the course of exploration to date, both Endurance and Ginguro have recognized a coarse, nuggety nature in a portion of the gold mineralization. This style of gold mineralization leads to highly variable gold grades. Ginguro has also recognized a strong correlation between high grade gold assays and low level uranium content (between 10 and 50 parts per million).
Most recently, a series of five pits were blasted by Ginguro on the Pardo Property in order to collect five 500 pound representative samples of the mineralization. This was done to provide data necessary to better analyze the total gold content of the host rock. While the analysis of the five 500 pound samples will be completed as part of the ongoing program by Ginguro, grab samples of the fresh, unweathered rock were taken from each pit site.
The pits are located over a widespread area of the Pardo property. Two of the pits are approximately 25 metres apart at the Trench 2 area, the third pit is located at the Northern occurrence, located approximately 1 km south-south west of Trench 2, the fourth pit is located at the Tea Lake occurrence, approximately 3.2 km south of Trench 2, and the fifth pit is located at the Line 34 showing, approximately 5 km south west of Trench 2.
Results of grab samples from these five pits are as follows:
|
Location |
Grade |
|---|---|
|
Trench 2 Pit A |
107.5 g/T Au (3.1 oz/t) |
|
Trench 2 Pit A |
11.9 g/T Au |
|
Trench 2 Pit B |
2.6 g/T Au |
|
Trench 2 Pit B |
5.3 g/T Au |
|
Northern Showing Pit |
1.0 g/T Au |
|
Northern Showing Pit |
0.5 g/T Au |
|
Tea Lake Pit |
0.9 g/T Au |
|
Line 34 Pit |
1.0 g/T Au |
|
Line 34 Pit |
2.1 g/T Au |
Endurance owns a 100% interest in the Pardo Property, subject to an underlying 3% NSR, of which 1.5% can be purchased for $1,500,000 at any time. On July 02, 2009, Endurance announced it had optioned the property to Mount Logan Resources Ltd., a private Ontario corporation. Ginguro subsequently acquired a 100% interest in Mount Logan, and the underlying Option Agreement with Endurance. Under the terms of the Option Agreement, Ginguro can earn an initial 55% interest in the property by completing $1,000,000 in exploration expenditures and making cash payments totalling $200,000 to Endurance over a three year period. On completion of its 55% earn-in, Ginguro has a one-time option to increase its ownership interest to 70%, by completing an additional $1,000,000 in exploration, and making a further cash payment of $250,000 to Endurance.
On completion of either its 55% or 70% earn-in, Ginguro will form a joint venture with Endurance to continue the exploration and development of the project. In the event either party dilutes to a 10% or less joint venture interest, that interest will convert to a 1.5% Net Smelter Royalty, and a onetime cash payment of $500,000 on the commencement of commercial production.
Endurance Gold Corporation has relied on Ginguro for the technical content of this news release.
ENDURANCE GOLD CORPORATION
Robert T. Boyd
Director
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, BOD@endurancegold.com
www.endurancegold.com
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