EDG: Mineralization Confirmed At Depth
What you need to know:• EDG reported assay results for its deepest drill result intersecting 17.28 g/t Au over 4.2m from 306.5m downhole depth, intersecting Imperial Zone mineralization 115m step out NW of DDH23-065 which intersected 8.98 g/t Au over 9.3m.
• 3,030m of the 15,000m 2023 program have been completed to-date, totaling 11 holes.
• Results are pending for four holes at the Eagle zone and one at Crown.
This morning, Endurance Gold Corporation (EDG:TSXV) provided an update on the ongoing exploration program at its Reliance Gold Project and assay results for one drill hole completed at the Imperial target. The Company reported its deepest drill intercept to date at the Imperial Zone, intersecting three significant mineralized intervals within the Zone. Eleven holes have now been completed for over 3,030m of the ongoing 15,000m drill program, the largest program to date. With strong mineralization being confirmed at depth at Imperial, we look forward to the drill results from the Eagle Zone which is an area that has reported the most consistent and high-grade results across the property. We are maintaining our BUY rating and target price of $0.50/share on Endurance Gold Corporation.
The results reported today combined with the three holes reported on June 26th (find our note on those results here), are important as they confirm strong mineralization at depth at Diplomat and Imperial. Before these results, very little drilling had been done to depth leaving the market unsure if the strong at surface mineralization continued down dip. We are pleased with these results as they increase the potential of the strong at-surface mineralization across the property continuing to depth (Figure 1).
The Company also mentioned that the four drill holes completed at the Eagle and Crown Targets have intersected 18 anticipated mineralized intervals. Assay results for these drill holes will be reported in the coming weeks. The drill hole testing the Crown soil anomaly is the first hole to test the 600m undrilled gap between Imperial and Eagle which could significantly grow the mineralized corridor at Reliance.
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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