EDG: Gap Filling Continues Successfully at Crown
What you need to know:• EDG announced assay results for five drill holes as part of its 10,000m 2024 drill program; it has completed 26 holes (7,303m) to date.
• Today’s results continued to confirm strong mineralization in the untested gaps between Eagle & Imperial (Crown Zone), intersecting bonanza grade.
• Two of five holes intersected significant intercepts (147.5 g/t Au over 1.0m and 7.61 g/t Au over 5.7m).
• Assays are still pending on 11 of the 26 holes drilled.
This morning, Endurance Gold Corp. (EDG:TSXV) announced assay results from five additional diamond drill holes completed at the Crown Zone at its Reliance Gold Project. Two of the five holes contained visible gold with one hole intersecting the highest-grade gold sample returned to date on the property of 147.5 g/t Au over 1.0m. Today’s results continue to demonstrate the structural setting and the continuation of gold mineralization between the Eagle and Imperial Zones. Thus far, 26 drill holes have been completed for 7,303m in the 2024 season. We are maintaining our BUY rating and target price of $0.50/share on EDG.
The five holes reported today were widely spaced and tested the undrilled gap between the Eagle and Imperial Zones, also known as the Crown Zone. This drilling was a continuation from holes -89 & -90 which were the first holes testing the northwest extension of the Eagle Zone at depth and are in this undrilled gap area (see Figure 1 below and our previous note which discusses these holes in detail here).
Today’s results yielded two significant intersections at Crown, hole -093 intersected visible gold (Figure 2) within a quartz-sulphide vein at 161m depth, in the ‘Upper Crown Discovery’ and hole -103 in the ‘Lower Crown Discovery’ intersected 7.61 g/t Au and 0.75% antimony over 5.7m from the Royal Shear contact at 273m depth. Hole -103 also intersected a quartz-calcite vein with visible gold at 341.5m depth, returning 49.1 g/t Au over 0.3m.
Hole -093 is a 105m step-out from hole -094 (1.2 g/t Au over 1.2m) and a 130m step-out from hole -089 (14.6 g/t Au over 1.3m). No drilling has been completed in the 180m interval between the hole -093 and surface. Hole -103, being a 200m step-out downdip from hole -093 and a 140m step-out southeast of DDH23-065 at the Imperial Zone (9.0 g/t Au over 9.3m), has significantly expanded the gold system potential in this area.
Endurance Gold is engaged in the exploration and development of mineral properties in North America and has not yet determined whether its properties contain ore reserves that are economically recoverable. The recoverability of the amounts expended on mineral interests by Co. is dependent upon the existence of economically recoverable reserves, the ability of Co. to obtain necessary financing to complete exploration and development of its mineral properties and upon future profitable production or proceeds from disposition of its mineral interests.
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