EDG: First Batch of Drill Results Don't Disappoint
What you need to know:• The Company reported assay results for three drill holes including hole-065 which returned 8.98 g/t Au over 9.3m from 212.75m downhole depth, intersecting Imperial Zone mineralization 55m downdip from DDH21-009 which returned 8.47 g/t over 24.9m.
• 2,100m of the 15,000m 2023 program have been completed to-date.
• Results are pending for one remaining hole at Imperial and two holes at the Eagle area.
This morning, Endurance Gold Corporation (EDG:TSXV) provided an update on the ongoing exploration program at its Reliance Gold Project and assay results for three drill holes completed at the Imperial and Diplomat target areas. The best intercept reported today was 8.98 g/t Au over 9.3m including 12.44 g/t Au over 6.0m. Eight holes have been completed over 2,100m of the ongoing 15,000m program which commenced in May. We remind readers this is the largest program to-date with 12,606m drilled across the last two years. The mineralized gold system along the Royal Shear has now been traced for about 1,500m and remains open both along strike and at depth. We are maintaining our BUY rating and target price of $0.50/share on Endurance Gold Corporation.
The results reported today are significant as they better confirm strong mineralization at depth at Diplomat and Imperial and start this year’s program in a similar fashion as previous year’s (intersecting high-grade gold at one of the highest success rates of any gold exploration junior in Canada).
Today’s results are the first batch of assays reported for this drill campaign and we expect the Company to report results consistently to the end of 2023. Additionally, we expect an update on preliminary soil and rock samples at the Inigma target this summer. We view Inigma as an exciting target as it currently holds no value in our valuation but could provide tailwinds for future resource growth in this prolific gold camp.
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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