Endurance Gold acquires option for 10 claims

Oct 26, 2022

2022-10-25 12:17 ET – News Release

Mr. Robert Boyd reports

ENDURANCE INCREASES THE SIZE OF THE RELIANCE GOLD PROJECT, B.C.

Endurance Gold Corp. has acquired an option to earn a 100-per-cent ownership in the Sanchez group of 10 mineral claims totalling 856 hectares. The Sanchez claims adjoin the eastern boundary of the company’s Reliance gold project in Southern British Columbia, on which the company is currently focusing its diamond drilling activities. The Reliance gold project is located four kilometres east of the village of Gold Bridge and 10 km north of the historic Bralorne-Pioneer gold mining camp, which has produced over four million ounces of gold.

Highlights of the transaction include:

The Reliance gold project now consists of three option agreements (Sanchez, Olympic and Reliance) where the company is earning 100-per-cent interest. An updated location map is available on the company website;
Acquisition of 100-per-cent ownership mineral claims through a modest transaction with no underlying royalty;
Increases the size of the Reliance gold project to 3,250 hectares. The company now controls approximately eight km of mineral claims along the Upper Bridge River Valley with year-round road access;
Adds an additional underexplored orogenic gold prospect that has not been evaluated with modern exploration methods and offers potential for extensions of gold mineralized structures on the Olympic option;
Preliminary field review on the Sanchez claims has identified ankerite altered shear zones recently exposed by continuing forestry activity. The shear zones are potentially analogous to the Royal shear trend where the company’s priority is advancing the Eagle area discoveries.

Under the terms of the letter agreement with the private vendor, the company can earn a 100-per-cent interest in the Sanchez claims for:

A total cash consideration in the aggregate amount of $10,000 prior to Jan. 31, 2023, with $5,000 payable on TSX Venture Exchange acceptance;
The allotment and issuance of a total 300,000 common shares of the company by Dec. 31, 2025, with 40,000 shares payable on TSX Venture Exchange acceptance;
No royalty payable;
On vesting its ownership interest, the Sanchez claims will be free and clear of any continuing obligations.

Any shares to be issued will be subject to a four-month hold period on issuance as per the policies of the TSX Venture Exchange.

The most significant known gold prospect on the Sanchez claims is the Bill Miner prospect with two historic short prewar adits from which grab samples collected in 1988 returned up to 9.4 grams per tonne gold. In addition, recent forestry activities have opened new ankerite altered areas associated with structural deformation. This setting is similar to the recent discoveries by the company at the Eagle and Imperial zones on the Royal shear trend.

About Endurance Gold Corp.

Endurance Gold is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits.

We seek Safe Harbor.

https://endurancegold.com/