Endurance Gold Corporation (EDG - TSX.V, "Endurance") is pleased to announce the receipt of confirmatory analytical results for the Bandito Ni-Cu-REE Project located in the southeastern Yukon, 55 kilometers northeast of the road head at Smith River Falls, British Columbia. The recent results and compilation of historic results demonstrate a rare earth element, niobium and zirconium enriched system with an approximate three kilometer strike length associated with a minimum two square kilometer alteration area within the nepheline syenite intrusive and adjoining host rocks.
Within the large alteration area, nickel-copper mineralization has also been recognized with values up to 9.5% nickel and 1.2% copper as reported in earlier releases. The elevated nickel and copper are spatially related to the elevated REE, niobium and zirconium results but the higher base metal values report to different grab samples. Thus, confirmation of base metal assay results will be reported separately.
The two-square kilometer area of iron oxide (FeOx) enriched alteration consists of variably described sodium and potassium metasomatized host clastic sediments (Fenites) adjacent to the sericite-altered nepheline syenite. Multiphase alteration mineralogy observed in hand specimen and petrographic studies on the fenites includes albite, k-feldspar, sericite, biotite, arfvedsonite, aegirine, riebeckite, magnetite, specular hematite, chlorite, rhodonite, sphene, zircon, monazite, xenotime, pyrochlore, fluorite, and apatite.
Rock samples collected in 2005 and 2006 (but never analyzed) were examined and prioritized by Mackevoy Geosciences Ltd. and the most encouraging samples sent for rare earth elements (REE), niobium (Nb) and zirconium (Zr) analysis to confirm historically reported REE and Nb mineralization. The following table summarizes the REE samples (>0.097 % TREO+Y), niobium, and zirconium results from samples collected in 2005 and 2006 and analyzed in 2010.
|2005 & 2006
and/or Petrographic Description
|478706||FeOx MnOx zircon fenite breccia||0.565||2240||>10,000|
|478707||FeOx MnOx fenite breccia||0.432||1805||6020|
|478714||Ni-stained crackle-bx clastics||0.099||18||163|
|GD-4||albite fenite breccia||0.584||444||2680|
|GD-22||albite-aegirine FeOx fluorite fenite||0.097||2180||300|
|GD-54||sericitized nepheline syenite||0.193||411||638|
|GD-69A||albite-aegirine FeOx banded fenite||0.558||1925||4520|
|GD-69B||albite-FeOx fenite breccia||0.156||1610||4660|
- Grab samples are selective by nature and are unlikely to represent average grades on the property. The 2005 and 2006 rock samples were prioritized and submitted in October 2010 to ALS Minerals Lab for processing. Samples were pulverized, split and analyzed using ME-ICP 41 (38 element fusion ICP-MS) and ME-MS81 (35 element AquaRegia ICP-AES) for the complete suite of trace element base metals and REE. Rare Earth Element values (in ppm) were converted to oxide equivalent (REO) using a standard conversion formula for each element and then all REO were added with yttrium oxide to report total REO (TREO+Y). Rerun assays on the over limit zirconium values are still pending.
The 2006 rock sampling program conducted by True North Gems Inc. (TGX: TSX-V) was designed to confirm nickel and copper mineralization discovered in 2005 and thus confirmation of historically reported REE results was not the objective of this 2006 sampling program. Therefore very few samples were collected in 2006 from the altered areas of the property with historically reported elevated rare earth values.
In 1980, an exploration program was completed in the area of the Bandito property by E&B Exploration under an option agreement with Consolidated Silver Standard Mines (CSSM) with the objective of evaluating the uranium potential. CSSM collected numerous grab samples over an area that is presently within the Bandito property. The 1980 program was unsuccessful in identifying significant uranium mineralization. However, CSSM recognized potential for REE concentrations and conducted a sampling program to evaluate this potential. An internal CSSM report dated November 30, 1980 (1980 Report) together with a CSSM geochemical program report dated February 1987 (1987 Report) were acquired with the acquisition of the Bandito property from TGX. These reports provide location maps and documentation of samples that were analyzed, all or in part, for lanthanum, cerium, yttrium, zirconium, and niobium. The 1987 Report analyzed samples for the full suite of REE. No thorium, uranium, or base metal analysis was included in the 1980 Report. The following provides a selection of samples from the 1980 and 1987 Reports:
|1980 Sample No.||1980 and 1987 Hand Specimen or Petrographic Description||Lanthanum (ppm)||Cerium (ppm)||Yttrium (ppm)||Zirconium (ppm)||Niobium (ppm)|
|CR-CE-6||sericitized “red” syenite with FeOx||1460||3000||1090||2140||NA|
|CR-COD-2||R/A Carbonate-chlorite fenite||8820||7775||1400||*||NA|
|CR-COD-4||R/A banded biotite-apatite fenite||3465||4235||1820||295||NA|
|CR-TOD-2||rhodonite diopside kspar skarn||1135||2120||*||1130||NA|
|CR-TOD-5||R/A rhodonite leucoxene carbonate sphene skarn||3550||3400||1750||3780||2800|
|PIT 3||R/A FeOx albite-aegirine(?) fenite||400||710||*300||12940||*1200|
|CR-Pit-SP||R/A site – “sponge”||405||865||*800||*||*|
|Cu-45||R/A site - no description||1125||2050||93||935||1260|
|Cu-46||R/A site – no description||1165||2100||*350||10920||2400|
|15543 (1987)||1986 trench #10 – 7.5 M chip-fenite||2200||3470||1100||NA||185|
|20599 (1987)||1986 trench #11 – 3.2 M chip-fenite||795||1320||340||NA||225|
- For the 1980 Report, no analytical certificates or description of analytical techniques were provided
* thorium background interference noted in the 1980 Report, thus no results reported or results suspect
For the 1987 Report, all samples were analyzed for total REE using I.N.A.A.by Bondar Clegg and Co.
NA not analyzed R/A radioactivity at this site
The 2006 sampling has confirmed the REE potential of Bandito and the historic CSSM work indicates potential on the property for areas of > 1% TREO+Y. The REE and niobium results for the 1980, 1987, 2005 and 2006 samples are plotted on two summary maps available on the Company's website.
The 2010 examination, description and prioritization of the grab samples that were originally collected by TGX in 2006, was conducted by Allison Brand, M.Sc., and David Turner, M.Sc., P.Geo of Mackevoy Geosciences Ltd. Mackevoy confirmed the REO conversion to determine TREO for each of the analysis completed in 2010. Robert T. Boyd, P.Geo. supervised the compilation of the balance of the information within this release.
Further compilation of technical data and petrographic studies are currently in progress. Further mineralogical test work is required to identify the minerals that host the elevated rare earth elements. An exploration program is planned for 2011 to evaluate this large area of alteration to identify REE and base metal drill targets.
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.
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.