EDG: Initiates Its Largest Drill Program Yet
What you need to know:• This week EDG will commence its largest drill program to-date, consisting of up to 15,000m of diamond drilling (vs. 12,606m combined over the previous two seasons)
• EDG is one of the highest grade at-surface discoveries in Canada with grade open along strike and to depth
• Simplistic gold camp in the making – Idyllic access to infrastructure, low permitting risk in comparison to the Golden Triangle
This morning, Endurance Gold Corporation (EDG:TSXV) announced that that drilling will commence this week at the Reliance Gold Project in southern B.C. The planned 2023 program will consist of up to 15,000m of diamond drilling designed to expand the gold zones within the Royal Shear, at depth and along strike. Over the last two years the Company has drilled 12,606m along 1.2km of the 2km long Royal Shear trend and has hit some of the most consistent and best drill results of its junior exploration peer group (Table 1). We believe the Reliance Gold Project is in the early innings of becoming a multi-million-ounce high-grade gold deposit and the initiation of this 2023 drill campaign, the largest to-date, is something that should excite the market. We are maintaining our BUY rating and target price of $0.50/share on Endurance Gold Corporation.
Success with the Drill Bit. The drilling of 144 holes on the Project have a success rate which is one of the best in the world with 79% of holes hitting >1.0 g/t Au, 22% of holes hitting >10 g/t and 11% of holes intersecting >100 gram-meters (Table 2 & 3). We note that most of these drill results are at or near surface and have the potential to be mined in an open pit.
This year’s program will be important in defining the depth extent of the mineralization as well as continuing to expand the zones along strike. Given our internal resource estimate of ~663,006 Koz at ~5.14 g/t Au (Table 4) we believe the 15,000m planned this year could grow the resource to over 1.0 Moz and show further growth potential if strong mineralization is intersected at depth. The 2023 program is described in more detail on the next page.
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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