February 02, 2006
Endurance Acquires Large Saskatchewan Paleoplacer Gold Project
|News Release 06-03|
Endurance Gold Corporation (EDG - TSX.V) is pleased to announce that it has entered into an option agreement to acquire the 7 claim, 2,688 hectare Simmie Gold Project, located 50 kilometres southwest of Swift Current, Saskatchewan. Endurance can earn a 100% interest in the property, subject to a 3% NSR, by issuing 200,000 shares and completing $150,000 in exploration expenditures over three years. Of the 200,000 shares, 20,000 are payable upon TSX Venture Exchange acceptance of this transaction.
The claims, located in the eastern block of the Cypress Hills, cover a large area of sparsely outcropping, poorly-consolidated conglomerates and sands of the Miocene/Eocene Cypress Hills Formation. In 1990, a regional geochemical survey by the Saskatchewan Research Council and Cameco Corporation was completed over an area of 64,000 square kilometers in southwest Saskatchewan. The main objective of the survey was to map kimberlite indicator minerals in surficial deposits but, in addition, gold grain counts were completed on all of the samples. This work resulted in the discovery of a highly anomalous gold occurrence in sands of the Cypress Hills Formation, up to 468 grains of detrital gold (against a background of 5-10 grains). The discovery prompted an extensive program of sampling by Consolidated Pine Channel Gold Corp. in 1996-1997, which confirmed widespread distribution of gold in the sandy matrix of the conglomerates on the property, with values up to 258 ppb Au. In 2003, the property was briefly optioned to Claude Resources, who excavated two trenches and collected 22 samples, all of which were anomalous with values up to 184 ppb Au.
Gold occurs as rough, flattened detrital grains to 0.5 mm in size, and the shape and size of the grains suggest the possibility of a local, as of yet un-identified source. Current interpretation by the Saskatchewan Geological Survey is that the gold is derived from the Bearpaw Mountains and Little Rocky Mountains of northern Montana, which are host to numerous vein gold deposits. Regardless, the lateral and vertical extent of gold mineralization within the host conglomerate has not been fully evaluated. Of importance to note is that the project has never been drill tested, to determine if gold grades increase with depth to the base of the conglomerate, which is normal in most all paleoplacer gold deposits. Equally important is the shallow and flat lying nature of the unconsolidated conglomerate, which in itself represents an excellent source of aggregate. The economics of any defined gold deposit could be enhanced by the production of an aggregate by-product.
A summer field program of orientation ground penetrating geophysical techniques to map the basement contact of the conglomerate will be followed as warranted by a program of large diameter churn or reverse circulation drilling to determine gold content of the horizon along its base. Additional work will consist of detailed micro-probe analysis of the gold mineralization collected to date, to better understand its potential source.
Duncan McIvor, P.Geo, is the Qualified Person under National Instrument 43-101, and is responsible for the content of this News Release.
ENDURANCE GOLD CORPORATION
Per: "Duncan McIvor"
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT
Jeffrey Wilson, Corporate Communications (604) 868-0225, or visit our website at
The TSX Venture Exchange or any other regulatory authority has not reviewed, and does not accept responsibility for, the adequacy or accuracy of this news release.
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