Endurance Gold drills 12.1 m of 4.95 g/t Au at Reliance

Nov 15, 2022

2022-11-14 10:45 ET – News Release

Mr. Robert Boyd reports

ENDURANCE DRILLING CONFIRMS 400 METRE STRIKE EXTENT OF EAGLE SOUTH FEEDER ZONE WITH 4.95 GPT GOLD OVER 12.1 M INCLUDING 12.55 GPT GOLD OVER 4.3 M

Endurance Gold Corp. has released additional assay results from the recently completed diamond drilling program on its Reliance gold property in Southern British Columbia. The road-accessible property 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.

The primary objectives of the 2022 drilling program are to extend the strike of the mineralized system and to test the extent of mineralized feeder structures below the shallow-dipping, near-surface Eagle zone. In 2022, a total of 38 diamond drill holes for 8,274 metres and 33 reverse circulation holes for 2,455 m were completed. Assays are still pending for 16 diamond drill holes.

Assay results reported herein are from six diamond drill holes completed in the Eagle area which confirm a 400 m strike potential of the Eagle South feeder zone. Highlights of the drilling results include:

DDH22-044 returned 4.95 grams per tonne (g/t) gold over 12.1 m, including 12.55 g/t gold over 4.3 m. The hole also returned 3.52 g/t gold over four m from a second deeper structure.
DDH22-042 returned 2.99 g/t gold over 12 m, including 7.35 g/t gold over 4.3 m from an Eagle South feeder structure in a 250 m step-out to the northwest from hole DDH21-020, which previously reported 15.7 g/t gold over 24.8 m (see news release Jan. 12, 2022).
Other intersections within the northwest extension of the Eagle South feeder zone include:
- DDH22-040 with 2.08 g/t gold over 13.3 m, including 8.85 g/t gold over 2.6 m;
- DDH22-039 with two significant intersections of 1.58 g/t gold over 13.3 m, including 6.37 g/t gold over 1.5 m and a deeper intersection of 0.78 g/t gold over 15.1 m.
The Eagle South feeder zone continues to be open along strike and to depth.

“Results reported to date from the 2021 and 2022 diamond drill holes continue to deliver over 75 per cent of drill holes returning significant gold intersections,” commented Robert T. Boyd, chief executive officer of Endurance Gold. “As previously reported, drilling has confirmed that the near-surface shallow-dipping Eagle zone extends over a 500-metre strike. In addition, a total of 19 significant intersections along a 400 m trend are now confirmed in the Eagle South feeder zone, which remains open to expansion along strike and to depth.”

As reported in August, drilling within the Eagle South feeder zone has identified multiple quartz vein zones with estimated horizontal widths ranging from five m to 52 m. The most significant veins with associated mineralization to date are the 024, 037 and 027 veins. These quartz veins exhibit a pervasive crackle breccia texture with gold-arsenopyrite mineralization concentrated in more intense cataclastite brecciation along the quartz vein margins.

The Eagle South feeder zone is bound by the shallower dipping Eagle zone to the northeast and the steeply dipping Royal shear fault to the southwest. The area of deformation related to this target area is open along strike and to depth below the southwest dipping Royal shear fault. As reported above, significant gold intersections have been reported over 400 m of this Eagle South feeder zone, an area of brittle-ductile deformation, strong pervasive ankerite-sericite alteration and multiple brecciated quartz veins.

Assay results are pending on drill holes DDH22-045 to DDH22-060. Results from these remaining 16 drill holes and other program updates will be reported through year-end and into the new year. Two of the drill holes tested the northern strike extensions of the Imperial zone. The drill has now been demobilized and will return in the new year.

The 2022 diamond drill assay results reported in this release and year-to-date are summarized in the tables entitled “2022 diamond drilling — significant intersection results reported on Nov. 14, 2022,” and “2022 diamond drilling — all significant gold intersections.” A schematic geological interpretation of the Eagle area is available on the company website in the maps section. The complete tabulation of previous RC and 2021 diamond drill results are summarized on the company’s website.

Financing clarification

The company recently closed an oversubscribed non-brokered private placement and issued a total of 4,855,562 units at a price of 42 cents per unit for gross proceeds of $2,039,336 (see news release from Nov. 1, 2022). The company would like to clarify that the aggregate number of units subscribed by the insiders of the company in the financing was 2,054,012 units, not the 2,554,012 units disclosed in its Nov. 1 news release. The gross proceeds of the financing and the number of units issued were unchanged. This clarification is issued at the request of the TSX Venture Exchange to facilitate their final acceptance.

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.

Diamond drill core was logged and evaluated on the property and samples designated for collection under the supervision of a geologist at the property. Drilling was completed with NQ size tools capable of collecting 4.76 centimetre diameter core. Drill core was cut using a diamond saw with one-half of the core sent for analysis and the remaining kept for future studies. Sample intervals were typically two-metre core length and intervals were shortened for lithology or alteration changes. All drill core samples have been submitted to ALS Global in north Vancouver, B.C., an ISO/IEC 17025:2017 accredited laboratory, where they are crushed to 70 per cent less than two millimetres, then up to 250 grams pulverized to less than 75 microns. Samples are then submitted for four-acid digestion and analyzed for 48-element ICP-MS (inductively coupled plasma atomic emission spectroscopy) (ME-MS61) and gold 30 g FA (fire assay) ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish (AU-ICP21). Overlimit samples returning greater than 10 parts per million (ppm) gold are reanalyzed by Au-GRA21 methodology and overlimit antimony returning greater than 10,000 ppm Sb are reanalyzed by Sb-AA08 methodology. Endurance Gold monitors quality assurance/quality control by inserting blanks, certified standards and pulp duplicates into the sample stream. The 2022 work program was supervised by Darren O’Brien, PGeo, vice-president of exploration for the company and the qualified person as defined in National Instrument 43-101. Mr. O’Brien has reviewed and approved this news release.