EDG: Eagle Zone Extended a Further 125m
• EDG reported assay results for three drill holes, two at the Eagle Zone and one at the previously undrilled Crown target.• Over 4,000m of the 15,000m 2023 program has been completed to-date, totalling 14 holes (results pending on two of these holes).
• Drilling remains paused due to a forest fire near EDG’s drill site; however, the evacuation order may be lifted soon.
• Find our recently published management interview here.
This morning, Endurance Gold Corporation (EDG:TSXV) announced assay results for three drill holes, two at the Eagle Zone and the first drill hole completed at the Crown target. The two holes reported at Eagle continue to confirm the down-dip extension of mineralization in the footwall of the Royal Shear with the highlight intercept reported today being 7.87 g/t Au over 7.5m for 59 gram-meters. More importantly, Hole-071, which was drilled at the previously untested un-drilled Crown area, intercepted strong mineralization (3.81 g/t Au over 3.4m) which extends the Eagle Zone a further 125m northwest at depth. This is significant as currently the Eagle Zone is the largest and most strongly mineralized zone on the property and makes up the majority of our valuation for EDG. Additionally, the continued strong at-depth results from this year’s drill program could significantly increase our internal Atrium resource estimate on the potential deposit as it currently only considers the at-surface mineralization at the Eagle Zone. We are maintaining our BUY rating and target price of $0.50/share on EDG.
The assays summarized in Table 1 are holes drilled to test the downdip extensions of mineralization at the Eagle Zone. Highlights can also be seen in the longitudinal section and Royal Shear Plan Map in Figure 1 and Figure 2 below. All three holes reported today intersected strong gold mineralization. Highlights include:
• Hole-072 returned four intersections with highlights of 8.87 g/t Au over 7.6m, 2.12 g/t Au over 10.5m, 3.61 g/t Au over 2.5m, and 1.62 g/t Au over 3.6m.
• Hole-073 returned two intercepts including 3.17 g/t Au over 4.0m, and 1.92 g/t Au over 8.2m.
• Hole-071 is the first drill hole completed in the Crown area and intersected the northwest extension of the Eagle Zone with 3.81 g/t Au over 3.4m.
The results reported today, alongside the rest of the previously reported drill holes in this program, continue to match the world-class drill success statistics that EDG has reported over the last few years, despite the wider spaced holes and new at-depth targets.
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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