Endurance Gold Corporation (EDG - TSX.V) is pleased to announce the discovery of several new nepheline syenite hosted rare earth and niobium prospects identified while prospecting and sampling the 1.8 kilometer by 600 meter wide combined rare earth and niobium soil anomaly discovered in 2011. Highlights of bedrock grab and float samples include:
- Float - highly metasomatized syenite - 3.491% TREO+Y with 76.7% HREO ratio, 0.887% Nb2O5, 43.2% ZrO2.
- Float - highly metasomatized syenite - 1.978% TREO+Y with 74.9% HREO ratio, 0.958% Nb2O5, 43.6% ZrO2.
- Bedrock grab - hematite altered syenite - 0.698% TREO+Y with 46% HREO ratio.
- Float - altered syenite with fluorite - 0.323% Nb2O5.
- Float - hematite and fluorite altered and fractured syenite - 0.316% Nb2O5.
The mineralized prospects in syenite discovered in 2012 are distributed over a 2 square kilometer area that is largely underlain by the Proterozoic-aged Pool Creek nepheline syenite which has been hematite altered and sodium metasomatized. The area of mineralized prospects is largely tree and overburden covered with poor outcrop exposure. The coincidence of soil anomalies, concentrations of altered syenite boulders, and low frequency of non-syenite boulders are interpreted to suggest a local derivation for the encouraging rock samples.
"The results from the 2012 Bandito prospecting and rock sampling program have discovered additional intrusive hosted rare earth and niobium mineralization that indicate potential for discovery of a syenite-hosted rare earth-niobium-tantalum mineralizing system analogous to the Nechalacho and Strange Lake deposits" stated Robert T. Boyd, President and CEO, "The large nine square kilometers of alteration in syenite and host rock associated with large soil anomalies indicate that the Pool Creek syenite hosts a strong mineralizing system with significant exploration potential."
Summary maps of the niobium-tantalum and rare earth values in rock samples from 2011 and 2012 programs can be viewed on the company website.
Murray Jones, P.Geo. (a qualified person as defined in National Instrument 43-101) of Equity Exploration Consultants Ltd. (Equity) managed the August 2012 rock sampling program and approved the technical content of this release. Equity is a private, Canadian company which is focused on providing high quality mineral exploration services.
The Yukon Ministry of Energy and Mines has granted Endurance a Class 3 permit that facilitates trenching and initial discovery stage drilling on the Bandito Property during 2013 and beyond.
Under the terms of the agreement with True North Gems Inc. ("TGX"), Endurance can earn an initial 51% joint venture interest in the Bandito property by completing a total of C$125,000 in cash payments and C$1,000,000 in exploration expenditures by December 31, 2013. Once Endurance earns its 51% interest, it has a further option to acquire an additional 24% interest (total 75%) by issuing TGX 200,000 shares of Endurance and by completing an additional C$1,000,000 in exploration expenditures prior to December 31, 2015. Endurance has exceeded its 2012 work requirements.
Bedrock grab and float samples are selective by nature and are unlikely to represent average grades within the soil anomaly areas.
TREO+Y is the addition of all converted oxide percentage values for the complete suite of rare earth elements plus yttrium.
Heavy rare earths used in the percentage HREO calculation include Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu, & yttrium.
All 2012 rock samples were analyzed at ALS Minerals Vancouver using ME-MS81 and ME-MS81h (ICP-MS after lithium metaborate fusion). Over limit analysis were assayed using i) OGREE for rare earth values in excess of 1,000 ppm (except yttrium), ii) ME-XRF30 for yttrium values in excess of 10,000 ppm, and iii) XRF10 for niobium values in excess of 2,500 ppm and zirconium values in excess of 10,000 ppm.
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.