As reported on December 21, 2010 Bandito hosts high values of nickel, copper, bismuth and lead associated with the Gossan Target. At the Gossan Target area, nickel-copper mineralization has been recognized with values reported up to 11.0% nickel and 2.07% copper.
Based on the review and compilation of historic data, six additional areas have been identified for prospecting, systematic soil and rock sampling, and possible drilling in 2011. Three of the seven targets have had some systematic prospecting and soil sampling. Where observed, secondary nickel and copper mineralization is associated with iron-oxide and silicified crackle and diatreme breccia.
These target areas extend over four kilometers south, and about one kilometer to the west of the original nickel discovery. Three virgin drainages have copper and nickel geochemical anomalies in stream sediments of similar or better tenor to the anomalies associated with the discovery zone on the Gossan Target. One new target has significantly anomalous gold and copper. None of the target areas have been systematically prospected, soil sampled, mapped, rock sampled, trenched or drilled to evaluate the base metal potential of this iron-oxide copper-nickel (+/- gold) system.
All targets are underlain by Proterozoic-aged altered clastic sediments and quartzite. Alteration, breccia and crackle breccia in the northern base metal targets is spatially related to the contact of a Proterozoic-aged sodium and potassium metasomatized, fluorite-enriched and iron oxide altered syenite, that is reddish coloured ("Red Syenite").
A detailed summary of the seven target areas and data compiled for each target, and a diagram that illustrates the location of the targets an be viewed on the company website.
Highlights from four of the highest priority base metal and gold targets are as follows:
Gossan Target - Iron Oxide Breccia (reported on December 21, 2010)
- Minimum 700 x 400 meter target area observed;
- Thirteen grab samples with assays up to 11.0% nickel and 2.07% copper;
- Mineralization in iron-oxide crackle and diatreme breccia;
- Stream sediment sample in gully downslope from these rock samples contains 244 ppm Cu and 152 ppm Ni;
- About 250 meters north of high grade rocks there is a 250 by 250 meter soil anomaly, still open to expansion, with peak values up to 4,740 ppm copper, 2,860 ppm nickel and 2150 ppm zinc;
- Stream sediment sample draining the strong soil anomaly contains 388 ppm Cu and 56 ppm Ni;
- Associated with an ovoid topographic depression with lower relative magnetic signature.
Red Breccia Target
- 500 meters southwest of the discovery prospect on the Gossan Target;
- North-south topographic depression extends for about one kilometer and about 200 meter width;
- Depression is associated with a comparative magnetic low signature;
- Spatially related to 600 meter north-south outcrop of "hematite soaked" polymict diatreme breccia;
- A stream sediment sample 500 meters south of Gossan discovery contains 236 ppm Cu and 42 ppm Ni.
South Gold-Copper Target
- About four (4) kilometers south of the Gossan Target;
- A stream sediment anomaly contains 531 ppm Cu, 65 ppb gold, 5 ppm silver, 1240 ppm Pb, 2770 ppm Zn, and 23 ppm Ni. Highest copper, gold and silver silt sample in the area;
- Target has never been prospected or sampled.
Zircon Creek EM Target
- About one kilometer west southwest of the discovery zone at the Gossan Target;
- At least 400-meter north-south trending electromagnetic conductor;
- Target has never been prospected or sampled.
Results reported on November 22, 2010 and May 24, 2011 confirmed that Bandito also hosts a rare earth element and niobium enriched system with eleven (11) targets defined for further work this summer. The Red Syenite is the host to the majority of the rare earth targets. A summary of the rare earth targets compiled and the associated values was provided in the release of May 24, 2011
As announced on June 1, 2011 an exploration program to evaluate the rare earth and nickel-copper potential on Bandito is expected to commence in July. Soil sampling, mapping, prospecting, rock sampling and possible trenching is required on all seven base targets and eleven rare earth targets to prioritize targets for drilling.
The Bandito Property is optioned from True North Gems Inc. ("TGX"). Under the terms of the agreement with 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 by December 31, 2012 and also completing 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 2010 work requirements.
All of the rock samples quoted are grab samples. Grab samples are selective by nature and are unlikely to represent average grades on the property or within the target areas. The 2006 and 2010 stream sediment samples and associated geochemistry were -80 mesh silt samples collected in 2006 and 2010 and analyzed at ALS Minerals by ME-MS6. Statistical analysis of GSC regional stream sample data for map sheet 095D place the 95th percentile for copper at 30.2 ppm, nickel at 45.2 ppm, gold at 6 ppb, and silver at 0.4 ppm. Robert T. Boyd, P.Geo., President, CEO and Director, 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.