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EDG: Five Drill Holes Completed – Assays Pending

• EDG announced it has completed its first five diamond drill holes totalling 1,854m, as part of its 10,000m 2024 diamond drill program.
• Assays are expected to start rolling in late August or early September.
• Additional work is ongoing throughout the property to set up drill targets at the undrilled Olympic area and new targets at Upper Eagle.
• EDG closed a $4.0M private placement with Director Richard Gilliam filling the entire order. CEO Robert Boyd continues to buy on the open market.

This morning, Endurance Gold Corp. (EDG:TSXV) announced an update on the ongoing 10,000m drill program at its Reliance Gold Project. As of today, drilling has been completed on five diamond drill holes with a sixth in progress at the Imperial Zone, expanding the zone by ~100m to the northwest. Results are expected to start rolling in towards the end of this month or early September. We remind readers of the consistently stellar drill results EDG has reported over its history, and we expect these high-grade results to continue in this program. We are maintaining our BUY rating and target price of $0.50/share on EDG.

To date, the five holes completed since early July combine for a total of 1,854m drilled. The holes are aimed at targeting the zone at depth with the average hole being ~370m in length, testing the northwestern extension of the Royal Shear. The target horizon was intersected in all five holes which were stepouts to the northwest of DDH23-065 and DDH23-066 (2023 drill holes) that returned 8.98 g/t Au over 9.3m and 17.28 g/t Au over 4.2m, respectively (Figure 1). These holes have expanded the Imperial Zone at depth and to the northwest by ~100m, growing the zone materially. A sixth hole is currently in progress at a drilled depth of 180m targeting the depth extension below DDH24-084. We are excited for the assay results to start being released at the end of this month with the rest of the drilling and subsequent assay results being reported through the rest of the year.

Planned Drilling
Figure 2 highlights the new excavated drill roads and road preparation completed this year to facilitate new drill pads for deep drilling in the Imperial and Eagle areas. Once the sixth drill hole at the Imperial Zone is complete, the drill will commence testing the Royal Shear target zone between the Imperial and Eagle Zones.

Additional Work
Work is ongoing to refine the geological model to develop an inaugural mineral resource estimate. Results from a LiDAR survey over the entire property including the Olympic Target area have been received and will help advance the Olympic area towards drill targets. Further geochemical sampling and prospecting have also been completed with additional targets developing in the Upper Eagle area, an area in which we saw some of the most consistently high-grade drill results on the property.

Insider Buying
CEO Robert Boyd continues to buy on the open market with 60,000 shares totalling $8,475 being bought in 2024. This is in addition to the ~187,000 shares he bought in H2/23. Also, Director Richard Gilliam bought the full $4.0M private placement that closed in May at $0.20/unit. We believe this speaks to management’s confidence in the project and the big discount the shares are currently trading at. The pending news flow should act as a catalyst to reignite this tightly held stock.