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Re: News Release - Tuesday, May 24, 2011
Bandito Rare Earth Alteration System Expanded Nine Square
Kilometers in Area
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Endurance Gold Corporation (EDG - TSX.V, "Endurance") is pleased to
announce that further compilation of historic data on the Bandito
REE-Ni Project has resulted in the identification of new targets and
expanded the size of the altered rare earth enriched nepheline syenite
and altered host rock to approximately nine (9) square kilometers in
size. Within this large alteration system, eleven target areas have
been defined that have potential for significant enrichment in rare
earth minerals.
The Bandito project is located in the southeastern Yukon, 60 kilometers
northeast of the road head at Smith River, British Columbia. Results
reported on November 22, 2010 confirmed that Bandito hosts a rare earth
element (REE), niobium and zirconium enriched system.
Within the REE bearing alteration system, and within the Gossan REE-Ni
target area, nickel-copper mineralization has also been recognized with
values reported up to 11.0% nickel and 2.07% copper (see press release
dated December 21, 2010). A summary of the base metal targets compiled
will be provided in a separate release.
Rare Earth Target Compilation- Eleven Targets
Based on the review and compilation of historic data, eleven areas have
been identified that require prospecting, systematic sampling, and
possible drilling in 2011. These eleven areas encompass a three by
three kilometer or nine (9) square kilometer area largely underlain by
a Proterozoic-aged altered nepheline syenite intruding into altered
clastic sediments and quartzite.
None of the target areas have been drilled to evaluate the REE
potential of this large system. Several small-diameter drill holes
tested radioactive zones in 1980. Based on the data compiled, the 1980
drill holes were not systematically analyzed for REE, despite the
intersection of altered rocks and breccia.
This nine square kilometer alteration area consists of sodium and
potassium metasomatized, fluorite-enriched and iron oxide altered
syenite that is reddish coloured in float and outcrop ("Red Syenite").
The Red Syenite is in contact with large areas mapped as sodium and
potassium metasomatized clastic sediments and quartzites (Fenite), and
potassium altered hornfels clastic sediments (Hornfels). Some diatreme
to crackle breccia also occur within the altered targets.
A summary of the eleven target areas and REE results compiled for each
target can be viewed at
http://www.endurancegold.com/Bandito/Technical/REE%20Target%20Summary%
20Bandito%20Property.pdf
Highlights from seven of the targets include:
Potters Camp Target:
- trench 86-10 channel (red syenite-fenite?) - 9,654 ppm TREE+Y over
7.5 meters
- trench 86-11 channel (red syenite) - 3,889 ppm TREE+Y over 3.2
meters
- CR-COD-2 (chlorite fenite) - 8,820 ppm La; 7,775 ppm Ce; and 1,400
ppm Y
- Unocal BA-24-1 (red syenite) - >10,000 ppm La; 8,800 ppm Ce; 2,400
ppm Y
Gossan Target
- Unocal BA-35 (red syenite) -- 3,700 ppm La, 2,800 ppm Ce, 2,200 ppm
Nb
- 478706 (red syenite) - 0.565% TREO+Y, 2,240 ppm Nb, 405 ppm Ni,
1,560 ppm Cu
- GD 69A (albite fenite) - 0.558% TREO+Y, 1,925 ppm Nb
COD Ridge Target
- 20581 (no rock description) - 28,340 ppm TREE+Y
Anatase Target
- CR-CE-4 (fenitized arenite) - 3,480 ppm La; 3,500 ppm Ce; and 840
ppm Y
Odin Target
- 20591 (no rock description) - 37,445 ppm TREE+Y
TOD Ridge Target
- CR-TOD-5 (rhodonite?skarn) - 3,550 ppm La; 3,400 ppm Ce; and 1,750
ppm Y
North SID Target
- 20635 (no rock description) - 17,605 ppm TREE+Y
Samples were collected in 1980, 1986, 1987, 2005 and 2006 and are grab
samples except for Trenches 86-10 and 86-11. Grab samples are selective
by nature and are unlikely to represent average grades on the property
or within the target areas. A description of the analytical technique
and laboratory for each year is provided on the link to the Company
website.
Under the terms of the agreement with True North Gems Inc. ("TGX"),
Endurance can earn an initial 51% joint venture interest in the Bandito
property by completing a total of C$125,000 in cash payments by
December 31, 2012 and also completing C$1,000,000 in exploration
expenditures by December 31, 2013. Once Endurance earns its 51%
interest, it has a further option to acquire an additional 24% interest
(total 75%) by issuing TGX 200,000 shares of Endurance and by
completing an additional C$1,000,000 in exploration expenditures prior
to December 31, 2015. Endurance has exceeded its 2010 work
requirements.
ENDURANCE GOLD CORPORATION
Per: Robert T. Boyd
President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, info@endurancegold.com
www.endurancegold.com
Robert T. Boyd, P.Geo., President, CEO and Director, is a qualified
person as defined in National Instrument 43-101 and supervised the
compilation of the information forming the basis for this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news
release. This news release may contain forward looking statements
based on assumptions and judgments of management regarding future
events or results that may prove to be inaccurate as a result of
factors beyond its control, and actual results may differ materially
from the expected results.
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Copyright (c) 2011 ENDURANCE GOLD CORPORATION (EDG) All rights
reserved. For more information visit our website at
http://www.endurancegold.com/ or send mailto:info@endurancegold.com
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Endurance Gold Corporation
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EXPLORATEUR |
CODE : EDG.V |
ISIN : CA29267M1086 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Endurance Gold est une société développant des projet miniers d'or basée au Canada. Ses principaux projets en exploration sont CARTER en USA et ANNIE, NATRONA, HUTTON PROJECT, PARKIN, MCCORD GOLD, PARDO, TURNER, BQ, NECHAKO, BANDITO et DOGPAW LAKE au Canada. Endurance Gold est cotée au Canada. Sa capitalisation boursière aujourd'hui est 15,2 millions CA$ (11,2 millions US$, 10,1 millions €). La valeur de son action a atteint son plus bas niveau récent le 16 janvier 2009 à 0,01 CA$, et son plus haut niveau récent le 15 juillet 2022 à 0,57 CA$. Endurance Gold possède 101 090 000 actions en circulation. |