EDG: New Deep Zone Found at Imperial; Big Potential
What you need to know:• EDG reported assay results for the deepest drill hole to date, successfully intersecting a new high-grade zone, the ‘Lower Imperial Zone’.
• The new zone intersected 7.18 g/t Au over 8.3m within a wider intersection of 4.47 g/t Au over 15.3m, ~210m vertically below Imperial.
• The Imperial Zone was also met, extending the zone 185m down dip.
• The 2024 drill program is now complete for 7,303m drilled with assays still pending for 10 remaining holes.
This morning, Endurance Gold Corp. (EDG:TSXV) announced assay results from the deepest drill hole to date at the Reliance Gold Project. DDH24-106 intersected the Imperial Zone at 386m downhole, as expected, materially extending the zone by ~185m down dip. Additionally, and excitingly, the hole intersected the new ‘Lower Imperial Zone’ at 608m downhole and ~210m vertically below Imperial (Figure 1). This new discovery supports the orogenic nature of the system by growing the vertical extent to over 1km and opens significant new potential at depth along the ~1.5km strike length of the Royal Shear. We are highly encouraged by today’s results and are increasingly bullish on the size potential of this system. We are maintaining our BUY rating and target price of $0.50/share on EDG.
The hole reported in today’s release was targeted to test below the previously reported deepest intersection at the Imperial Zone and successfully intersected the zone ~185m down dip (386m downhole), reporting 3.51 g/t Au over 6.7m, including 10.34 g/t Au over 1.7m. The hole then continued to a down hole depth of ~650m where it intersected the new Lower Imperial Zone at a down hole depth of 608m. This zone is hosted in a coarse-grained gabbro intrusive. The lower contact zone assayed 7.18 g/t Au over 8.3m, including 28.08 g/t Au over 1.7m, and the upper contact zone assayed 4.35 g/t Au over 2.0m. The entire gabbro body assayed 4.47 g/t Au over 15.3m (Figure 2).
Highlights from today’s results include:
• Imperial Zone: 3.51 g/t Au over 6.7m, including 10.34 g/t Au over 1.7m (from 386.9m)
• Lower Imperial Zone: 7.18 g/t Au over 8.3m including 28.08 g/t Au over 1.7m, within a wider intersection of 4.47 g/t Au over 15.3m (from 608.3m)
o This new zone demonstrates that the Royal Shear structure hosts mineralization over a vertical distance of 1.1km and remains open
• Six other high-grade intercepts were discovered between the Imperial and Lower Imperial Zones. Highlights include:
o 4.76 g/t Au over 3.5m, including 31.50 g/t Au over 0.4m
o 7.79 g/t Au over 0.5m,
o 1.97 g/t Au over 5.0m, including 20.10 g/t Au over 0.4m
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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