EDG: Eagle Zone Reports High-Grade Gold at Depth
What you need to know:• EDG reported assay results for four drill holes at the Eagle Zone, intersecting high-grade mineralization to a downhole depth of 284m, extending the down-dip plunge by ~180m.
• 4,000m of the 15,000m 2023 program have been completed to-date, totalling 14 holes (results pending on four of these holes).
• Drilling has paused due to a forest fire near EDG’s drill crew housing.
This morning, Endurance Gold Corporation (EDG:TSXV) provided an update on the ongoing exploration program at its Reliance Gold Project and assay results for four of the deepest holes drilled to date in the Eagle Zone. The results confirm strong mineralization to a downhole depth of 284m, building upon the previously reported results which also intersected strong mineralization at depth at the Imperial Zone (find our notes from June 26th and July 11th here). We are excited by these results as the Eagle Zone is the largest and most promising target area for EDG. Confirming this high-grade gold at depth (which still remains open) supports significant potential resource growth from the already sizeable at-surface mineralized area at Eagle. We are maintaining our BUY rating and target price of $0.50/share on Endurance Gold Corporation.
The assays summarized in Table 1, are from the first four holes drilled to test the downdip extensions of mineralization at the Eagle Zone. Highlights can also be seen in the longitudinal section in Figure 1 below. The drilling targeted the footwall of the Royal Shear fault and its extensions to depth. Three of the fourth holes reported today intersected strong gold mineralization. Highlights include:
• Hole-069 returned four intersections with a highlight of 15.68 g/t Au over 2.8m including 51.9 g/t Au over 0.5m (from 168.6m downhole).
• Hole-070 returned six intersections with a highlight of 7.91 g/t Au over 3.7m including 11.73 g/t Au over 1.2m (from 251.2m downhole). The deepest intercept was 284m downhole, the deepest at Eagle to date.
• Hole-067 returned two intersections with a highlight of 3.0 g/t Au over 11.2m (from 190.7m downhole).
These results mark a large step forward in proving the sizeable Eagle Zone continues to depth having extended the down-dip plunge by ~180m. We note, the zone remains open to depth and along strike. A sizeable portion of the remaining 11,000m of this year’s program is planned to continue exploring Eagle to depth and along strike. The results reported today indicate that there exists two dominant gold bearing structures down-dip of the Eagle Zone. These structures are ~60-80m apart and will be targeted in future drilling to test continuity.
Fourteen diamond drill holes have been completed in 2023 at the Diplomat, Imperial, and Eagle Zones, combining for over 4,000m of the ongoing 15,000m program.
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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