NEWS RELEASE 06-23
Endurance Gold Corporation (EDG - TSX.V) is pleased to update developments on the Pardo Property, located 65 kilometres northeast of Sudbury, in east-central Ontario. Endurance is earning a 100% interest in the property by making cash payments of $100,000 and issuing 200,000 shares over a four year period.
In September, 2006, Endurance announced the results of a surface channel sampling program (see Endurance News Release 06-19) that included a 13 metre continuous channel sample grading 3.52 gpt Au. These results represented the best values returned to-date from the flat lying basal Proterozoic conglomerate on the property, and demonstrated the potential for ore grades over mineable widths from this prospective geological setting.
In October, Endurance completed a program of additional surface stripping and channel sampling, exposing an area measuring 55 metres by 15 metres extending west from the Trench 2 area. A total of sixty-six one metre channel samples were then collected from the exposure. As part of that program, a parallel set of samples, taken approximately one metre north of the sample line which returned the 13 metre interval carrying 3.52 gpt Au, were also collected. The results confirm the presence of significant gold values, returning a continuous 13 metre interval grading 3.05 gpt Au, and including a one metre interval grading 18.35 gpt Au. The latter sample represents the best assay to date from this geological setting, confirming that the target can carry ore grade gold mineralization.
Results from the remaining newly exposed area were lower, returning anomalous values to 1.02 gpt Au, but generally below 250 ppb Au. This area is believed to be slightly higher stratigraphically, explaining the decreasing gold values within the conglomerate host.
Work to date on the property strongly suggests that gold mineralization, which is intimately associated with pyrite content in the conglomerate matrix, also is spatially associated with the Proterozoic-Archean unconformable boundary. The Pardo Property covers some 24 square kilometres of that boundary, of which less than 1% has been evaluated to date.
Endurance has recently completed staking an additional 48 units to the north of the original claim position, enlarging the total property to 180 units, or 2,880 hectares. The Company also completed a 21 line-kilometre grid, centred on the newly discovered high grade mineralization in the Trench 2 area. The grid will be the focus of a Spring, 2007 program of detailed humus geochemistry, geological mapping, and Induced Polarization surveys. In October, a magnetics and VLF-EM survey was completed over the grid, the results of which were inconclusive.
Duncan McIvor, P. Geo., is the Qualified Person under national Instrument 43-101, and is responsible for the content of this news release.
ENDURANCE GOLD CORPORATION
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT EITHER
Duncan McIvor (604) 682-2707, or Jeffrey Wilson, Corporate Communications (604) 868-0225, or visit our website at www.endurancegold.com.
The TSX Venture Exchange or any other regulatory authority has not reviewed, and does not accept responsibility for, the adequacy or accuracy of this news release.