The Bandito property is 5,400 hectares in size and located in the Yukon, 155 kilometres east of Watson Lake, 60 kilometres northeast of the airstrip and road head at Smith Falls, British Columbia. A cat trail that accessed historic petroleum drilling activity passes within 30 kilometres of the property. The Liard Basin, an emerging shale gas basin is located south east of the property.
The Bandito Property was originally optioned from True North Gems Inc. ("TGX") in 2010 with an option to earn up to 75% interest. Under the terms of a recent revised agreement with TGX, that was finalized in January 2013, Endurance. purchased 100% interest in the Property for $50,000 in cash and 5 million Endurance shares. TGX has reserved a 1% Net Smelter Returns Royalty ("NSR"). Endurance can purchase ½ of the NSR at any time for $1 million. TGX has the right to receive two additional cash payments of $150,000 payable on completion of a Bankable Feasibility Study and $350,000 payable when Endurance secures the mine production financing.
The Bandito property is underlain by Proterozoic-aged argillite, quartzite and stratabound andesite-jasper polymictic breccia which have been intruded by Proterozoic-aged (650 Ma) multi-phased reddish coloured nepheline syenite (Red Syenite) with pegmatitic, fine grained and coarse grained phases. The north trending Beaver River Thrust truncates the Proterozoic assemblage on the west edge of the property, with younger Paleozoic sediments on the north, east and west sides of the property. An approximate nine-square kilometer area of the Syenite and host rocks has been altered through potassium and sodium metasomatism and the introduction of hematite and sometimes magnetite.
Alteration occurs both within the fluorite-rich Red Syenite, which is fluorite enriched, iron oxide and sericite altered, and in the adjoining Proterozoic-aged sediments in which the host rocks have been hornfels and variably altered to potassium feldspar, albite, carbonates, arfvedsonite, riebeckite, aegirine, magnetite, specular hematite, chlorite, rhodonite, sphene, zircon, monazite, apatite, xenotime, pyrochlore, fluorite, and apatite (Fenite).
Exploration History 1975 to 2010
The Bandito property was explored from the mid 1970's through 1987 for thorium-uranium and rare earth elements (REE), with some encouraging results for REE in multiple samples over the nine square kilometer altered area associated with the Fenite and Red Syenite. True North Gems Inc explored the property for gemstones and nickel between 2004 and 2006. Exploration and evaluation work was completed by the following companies:
2011 - 2012 Rare Earth and Niobium-Tantalum Exploration Results
The results of the rock sampling for the 2011 and 2012 field programs are summarized in a release dated October 12, 2011 and November 5, 2012. Trench and rock sample results for niobium and rare earth are illustrated and summarized on the 2011 REE-Nb summary map and the 2011 and 2012 soil sample compilation maps.
Rare Earth Highlights -- The most significant prospects sampled in 2012 were related to follow-up prospecting of the large REE-Niobium syenite-hosted soil anomaly discovered in 2011. Highlights of 2012 bedrock grab and float samples include:
Note: TREO+Y is the addition of all converted oxide percentage values for the complete suite of rare earth elements plus yittrium. HREO ratio refers to the percentage of the heavy rare earth oxides (from europium to lutetium plus yttrium) as a percentage of all rare earth oxides.
The most significant prospects sampled in 2011 include two highlight trenches on the South Fenite Trend which returned the following results:
|South Fenite Trenches|
|Northern||2.30% TREO+Y||Over 6 meters|
|Including 3.32% TREO+Y||Over 4 meters|
|Southern||1.38% TREO+Y||Over 8 meters|
|Including 2.08% TREO+Y||Over 5 meters|
The South Fenite trench (northern) averages 10.8 percent heavy rare earth oxides (HREO) and 10.8% neodymium oxide (Nd2O3).
Niobium & Tantalum Results Highlights - About 350 meters north east from the South Fenite trench and hosted within the Red Syenite, initial reconnaissance scale sampling has identified a significant niobium-tantalum prospect. The grab sample contained 1.3% Nb2O5 (9100 ppm Nb), and 0.094% Ta2O5 (768 ppm Ta). In addition sampling in 2012 has identified grab samples up to 0.958% Nb2O5 with numerous other elevated niobium results in syenite including 0.323% Nb2O5 (grab), and 0.316% Nb2O5 (grab), 0.312% Nb2O5 (grab), to this higher grade niobium-tantalum prospect. Other peak values in the Red Syenite include 0.22% Nb2O5 over 3.0 metres, 0.312% Nb2O5 (grab), and 0.243% Nb2O5 (grab), plus 0.22% Nb2O5 over 3.0 meters.
The elevated niobium values in syenite are contained within a two (2) square kilometre area underlain by metasomatized syenite that is largely tree covered with poor outcrop exposures.
In the North Fenite, South Fenite and Copper Pass Fenite (2.9 kilometers strike) about thirty (30) samples from the 2011 program returned values greater than 1000 ppm niobium (>0.143% Nb2O5) including values up to 0.429% Nb2O5 over 1.0 meter and 0.21% Nb2O5 over 6 meters.
Large Rare Earth and Niobium-Tantalum Soil Anomalies Expand Exploration Potential sourced from high values in Syenite
1464 soil samples were collected during the 2011 field season. Results were summarized in a press release dated November 7, 2011. Highlights of results from soil sampling include the recognition of:
The strongest of the 90th percentile niobium-tantalum and rare earth soil anomalies are underlain by Red Syenite and extend to the edge of the sampled grid. Prospecting of these soil anomalies has identified potential for discovery of bulk mineable intrusive-hosted rare earth-niobium-zirconium deposits.
Nickel - Copper Exploration Results
The results of the rock sampling for the 2011 field program are summarized in in a release dated October 18, 2011. Trench and rock sample results for copper and nickel are illustrated and summarized on the 2011 nickel-copper summary map.
Nickel Discovery Zone - The Nickel Discovery Zone was discovered in 2004 with the collection of grab samples in 2004, 2005 and 2006. Grab samples from the Nickel Discovery Zone assay up to 11.35 percent nickel. In 2011, representative samples were collected from six prospect pits over a thirteen (13) meter width. These pits average 0.8 percent nickel. The pits are distributed evenly across 13 meters of a quartz-sericite-pyrite stock work alteration zone ("QSP Alteration"). This QSP Alteration has different characteristics from the sodium metasomatism in the REE-Nb system.
Six Copper Prospects - In addition to the Nickel Discovery Zone, six other copper and copper-nickel showings have been identified and sampled extending the area of known nickel and copper prospects to 580 meters by 200 meters in the Gossan Target area. All of the copper showings are coincident with the QSP Alteration which imparts the gossan. Two of the copper showings were systematically chip sampled from trenches with the following results:
Gossan Target - Copper Pass Area - Copper Trenches
|Eastern||1294 ppm Copper, 974 ppm Zn
0.21% Nb2O5, 0.28% TREO+Y
|Over 6 meters|
|Western||1251 ppm Copper and 993 ppm nickel||Over 5 meters|
Additional showings were identified by grab sampling of mineralization with results including:
Robert T. Boyd, P.Geo. is a qualified person as defined in National Instrument 43-101 and supervised the compilation of the information forming the basis for this summary.