February 08, 2006
Endurance Acquires Epithermal Gold-Silver Project in Northwestern British Columbia
|News Release 06-05|
Endurance Gold Corporation (EDG - TSX.V) is pleased to announce that it has entered into an option agreement to acquire the 4 claim, 1,231 hectare Eagle Gold-Silver Project, located 80 kilometres south of Whitehorse, Yukon Territory, and 25 kilometres south of the past producing Mt. Skukum gold mine, in the Atlin Mining District of northwestern B.C
Mineralization defined to date on the property, by two very limited prospecting programs in 1979 and then 1987-1988, have identified multiple narrow epithermal veins in outcrop, with assay values up to 878.8 gpt Ag and 0.3 gpt Au. Of particular interest to Endurance was the discovery, in 1988, of a quartz-sulphide float boulder at the toe of a small glacier on the property, from which a single sample returned an assay of 44.5 gpt Au and 14,356 gpt Ag (1.42 ounces per ton gold and 458.7 ounces per ton silver). That discovery has not been followed up. Most small glaciers in the northwestern portion of the province have receded significantly over the previous 18 years, and the source of this extremely high grade float will be an exploration priority for the company.
The claim group covers the southern margin of the Bennett Lake Caldera, an Eocene age volcanic cauldron that is comprised primarily of rhyolite to dacite ash flow tuffs, with lesser dacite to andesite lavas. Geologically, this environment is prospective for large epithermal gold-silver deposits. As mentioned, the Mt. Skukum gold mine to the north produced 77,790 ounces of gold from 233,440 tonnes of ore between 1986 and 1988, and is currently being evaluated by Tagish Lake Gold Corp.
A detailed two week prospecting and sampling program will commence on the property in early summer, 2006, as weather conditions allow.
Under the terms of the Option Agreement, Endurance can earn a 100% interest in the property, subject to a 2.5% NSR, by issuing 100,000 shares and making cash payments totaling $50,000 over three years. On TSX Venture acceptance of the transaction, a cash payment of $5,000 and issuance of 15,000 shares is payable to the Vendor.
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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