EDG: 2024 Exploration Plans; Work Commencing in May
What you need to know:
• EDG announced its 2024 exploration program at the Reliance Gold Project.
• Plans include up to 10,000m of diamond drilling, Geochemical sampling, and geotechnical, structural, mineralogical and metallurgical studies, as well as other initiatives.
• Work is expected to commence in early May, well ahead of Golden Triangle peers.
• We view the pullback in EDG stock as a buying opportunity.
On April 8th, Endurance Gold Corp. (EDG:TSXV) announced plans to commence 2024 exploration work in early May at its Reliance Gold Property in southern B.C. This is much earlier than most explorers in B.C. as those projects predominantly lie further north, within the Golden Triangle. Compounded by the recent spike in the gold price over $2,400/oz, we are excited for EDG to get back to drilling and continue to produce some of the best drill results in its peer group. We remind readers that out of 161 drill holes drilled to-date, that 24% of them intersected mineralization of over 10 g/t Au and 11% intersected over 100 gram-meters (Figure 1 & 2). See EDG’s top drill intercepts in Figure 3 below. We are maintaining our BUY rating and target price of $0.50/share on EDG.
Highlights of the upcoming program include:
• Up to 10,000m of diamond drilling on the fully-permitted Royal Shear trend
• Geochemical surface sampling and prospecting to expand the Upper Eagle Enigma and Olympic soil grids with the goal of developing more drill-ready targets
• Geological, structural, mineralogical, and metallurgical studies
• Community consultation ahead of a drill permit application on the Olympic Claims
• Continued property-scale environmental baseline studies
• Revise 3D geological model in anticipation of an inaugural mineral resource estimate.
In addition to ongoing drilling activities at the highly successful and promising Royal Shear trend, we are excited about the upside potential presented by several other targets being explored by EDG this year. Early results suggest the presence of parallel structures at the Treasure Shear and Olympic Claims, indicating patterns similar to those at the Royal Shear. Consequently, these additional targets hold the promise of collectively forming a multi-million-ounce deposit. The release confirmed EDG’s intention to apply for drill permits on the Olympic Claims with the 2024 exploration plans prioritizing high-potential drill targets.