Endurance Gold Corporation (EDG -- TSX.V) is pleased to announce preliminary results from a surface reconnaissance mapping and sampling program on the Virginia Silver Property, located 30 kilometres northwest of Smithers, in northwestern British Columbia.
The Virginia Silver property covers a mineralized vein/shear zone hosted in Lower Cretaceous Skeena Group sediments, which was initially discovered in 1966, and aggressively worked by Silver Standard Mines during the period 1968-1969. That work included driving two exploration adits totaling 152 metres, and 22 short diamond drill holes. Based on detailed underground channel sampling, and on the limited diamond drilling, Silver Standard's mining engineer at the time estimated a resource of 30,000 tons grading 25 ounces per ton silver. This resource estimate is not National Instrument 43-101 compliant, but to the best of Endurance's knowledge, is relevant and reliable.
In October 2006, Endurance completed a small 12 line kilometre grid covering the southern potential extension of known mineralization. Soil sampling and reconnaissance scale mapping was then completed on the grid, with some 322 soil samples, and 24 rock samples submitted to ALS Chemex in Vancouver for multi-element assay. Final results from the soil geochemistry are pending. Results from the rock sampling have been received, and have confirmed the high grade tenor of the ore deposit.
A set of seven samples were collected proximal to the abandoned and reclaimed mill-site. The samples consisted of pieces of disturbed ore, most likely from a small stock-pile that was spread over a cleared area during the reclamation process. Individual samples returned values to as high as 2.94 gpt Au, 1830 gpt Ag, 2.22% Zn and 4.47% Pb. The composite grade average of the seven collected samples was 1.42 gpt Au, 731.9 gpt Ag, 0.80% Zn, and 1.46% Pb. Of significance is the presence of substantial gold grades, which had only been sporadically reported from historic workings.
Commencing mid-November, Endurance will complete a short five hole, 400 metre diamond drilling program on the property, to test for extensions of the known mineralization southwest along strike.
The Company is earning a 100% interest in the property by issuing 100,000 warrants of Endurance, exercisable at $0.20 for a period of two years, and on or before October 23, 2008, making a one-time payment of either 250,000 shares of Endurance, or $250,000 cash. Endurance owns a 100% interest in an additional 7 claims totaling 2,970 hectares surrounding the Virginia Silver Property.
Duncan McIvor, P. Geo, and John J. Watkins, P. Geo, are the Qualified Persons under National Instrument 43-101, and are 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.
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