EDG: Gaps Begin to be Filled & Drilling Accelerates with 2nd Rig
What you need to know:• EDG announced assay results for four drill holes as part of its 10,000m 2024 drill program; it has completed 22 holes (6,100m) to date.
• Today’s results confirmed strong mineralization in large untested gaps between Eagle & Imperial, also confirming mineralization at depth.
• A 2nd drill rig has been added to accelerate the drill program – this rig will test the near-surface portion of the Eagle Zone.
• Assays are pending on 12 drill holes and drilling will continue to late Nov.
This morning, Endurance Gold Corp. (EDG:TSXV) announced assay results from four additional diamond drill holes completed at the Eagle Zone at its Reliance Gold Project. To date, twenty-two drill holes have been completed for over 6,100m of the 10,000m drill program, with assay results of ten holes having been reported (including today’s four). Drilling has accelerated since late September as a second drill rig has been mobilized and is focused on shorter near-surface mineralization. We are maintaining our BUY rating and target price of $0.50/share on EDG.
Today’s results were successful in confirming strong gold mineralization in sizeable step-outs and at depth from previous high-grade intercepts. Specifically, holes -91 & -92 tested the down-dip extension of the Eagle Zone and represent 185m and 125m step-outs respectively, of previously reported intersections at Eagle. Hole-91 reported the best intercept of the batch, returning 5.91 g/t Au over 3.0m. Figure 1 below highlights the step-outs, showing large gaps in the drilling at depth and giving us confidence that strong mineralization could exist between.
Holes -89 & -90 in the Crown area, were the first drill holes testing the northwest extension of the Eagle Zone at depth, in the area known as the untested gap between Eagle and Imperial. Both holes intersected a brecciated high-grade vein grading 14.6 g/t Au over 1.3m and 19.2 g/t Au over 0.7m, respectively (Figure 1). These intercepts were spaced ~110m apart along the structure dip. More drilling has already taken place in this area with visible gold in two of the unreported drill holes.
Highlights from today’s results include:
• 5.91 g/t Au over 3.0m, including 13.7 g/t Au over 1.0m (Eagle)
• 14.60 g/t Au over 1.3m (Crown Area)
• 19.20 g/t Au over 0.7m (Crown Area)
• Second Rig Added – to test the near-surface exposure of Eagle Zone
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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