News Release 07-01
Endurance Gold Corporation (EDG - TSX.V) announces updates for the Virginia Silver and BQ Properties, both located in the Smithers region of northwestern British Columbia.
On the Virginia Silver Property, Endurance completed a three hole, 397 metre diamond drilling program in November, 2006. The holes were all designed to test for potential extensions to high grade silver mineralization south from the known occurrence. The Virginia Silver mineralization outcrops in the canyon walls of Causcau Creek, and is contained in a shear/vein zone that strikes 020 to 040 degrees and dips at 15 degrees to the east. The mineralization is hosted in volcanic sandstone, shale, and pebble conglomerate of the Kitsuns Creek Formation of the Lower Cretaceous Skeena Group. Exploration work in the mid-1960's included two adits driven on the mineralized zone, and 22 shallow surface drill holes. That work concluded that the mineralization was terminated to the east by a post-mineral fault, and to the north by a buried creek channel, but that the zone appeared to be open to the southeast. An unclassified non-National Instrument 43-101 compliant resource for the Virginia Silver vein/shear is 30,000 tons grading 25 opt Ag.
Hole VAG-01 was collared at -90 degrees, 100 metres southeast of the outcropping mineralization and intersected a quartz carbonate vein grading 121 gpt Ag and 0.186 gpt Au over 0.20 metres. Wider intervals, to 3.1 metres, of weakly anomalous Ag were also intersected. Hole VAG-02 was collared at -90 degrees, 100 metres south of VAG-01, and failed to intersect any anomalous mineralization. Hole VAG-03 was collared at -90 degrees, 250 metres south-southwest of the outcropping mineralization, and on the east side of the interpreted post-mineral fault. The hole tested part of a 500 metre long, NNW-SSE trending multi-element soil geochemical anomaly, and intersected a wide zone of weakly anomalous silver mineralization from 69.90 to 87.70 metres. Within that zone, a 0.10 metre interval returned values of 67.2 gpt Ag and 0.391 gpt Au. The presence of anomalous Ag-Au values east of the fault zone suggests potential for mineralization in an area of significantly greater size than previously defined.
Endurance is evaluating all data from the 2006 program on the property prior to formulating a 2007 exploration program on the property. The Company is earning a 100% interest in the property by having issued 100,000 warrants of Endurance Gold Corporation, exercisable at $0.20 until October 24, 2008. On or before October 24, 2009, the Company must issue either 250,000 common shares of Endurance, or $250,000 to the property vendor to complete its 100% earn-in.
On the BQ Property, Endurance has received soil geochemical results from a 6.6 line-kilometre grid cut between 1.8 kilometres and 3.0 kilometres east of and along strike from gold mineralization defined during two phases of exploration diamond drilling in 2006. That work has defined a large sulphide rich system with significant As, Sb, Zn, Pb, Cu and Bi contents, within intensely phyllic/argillic altered sediments and volcanoclastic rocks, spatially associated with porphyry intrusive dykes. Significant gold intercepts to date include 0.766 gpt Au over 33.05 metres (Hole BQ-03) and 3.03 gpt Au over 4.0 metres (Hole BQ-08). The results of the new geochemical sampling has identified numerous multi-element anomalies requiring follow-up. The Company is currently compiling and evaluating all 2006 exploration data, in advance of formulating a 2007 exploration program on the property. Endurance is earning a 100% interest in the property by making cash payments totaling $70,000, incurring $120,000 in exploration expenditures (which have been completed), and issuing 250,000 shares over a three year period to October, 2008.
In other news, the Company is pleased to announce that it will be exhibiting at the Cambridge House Vancouver Investment Conference, to be held on January 21-22, 2007 at the Vancouver Convention Centre. Interested parties are invited to visit Booth # 411 for an update on all 9 projects currently owned or under option by Endurance, and to review our upcoming 2007 exploration program proposals. These include aggressive exploration efforts on the Proterozoic sediment hosted gold and gold-uranium Pardo and Turner Projects, in the Sudbury District of east-central Ontario.
Duncan McIvor, P. Geo, and John 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.
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.