June 29, 2010
2010 Drilling Commenced At Pardo Gold Property
|Endurance Gold Corporation (EDG - TSX.V) announces that Ginguro Exploration Inc. ("Ginguro") reports that it has commenced the 2010 drilling program at the Company's Pardo Gold Property, 65 kilometers northeast of Sudbury, Ontario. This program of drilling follows a geological mapping program that was recently completed by Ginguro on the property. |
Ginguro reports that geological mapping and analysis conducted by their South African lead-exploration team has been able to refine its exploration methodology to more confidently target gold-bearing reefs within the host conglomerates. The mapping has revealed that a series of north-south fault structures have displaced the basal Proterozoic aged quartz pebble bearing Mississaugi Formation in a horst and graben block faulted pattern. In the horst blocks, the basal reefs of the conglomerate have risen up and are at or very near surface. In the graben blocks, they have been down faulted and the target rocks are deeper, by some tens of metres.
Ginguro reported that the gold-bearing conglomerates (target rocks) at Pardo are flat lying and occur near surface. Therefore, Ginguro is able to drill a large number of shallow holes. The currently planned drilling program is designed to test the gold-bearing conglomerates in the southern portion of the Pardo Gold property and the adjoining Ginguro claims. Endurance has been advised that the majority of the planned drilling program will be undertaken on the claims that Ginguro has optioned from Endurance, Ginguro also reports that drilling will initially be conducted by one drill rig, with a second rig to be added later in the summer. Ginguro intends to infill between diamond drill control holes with large diameter reverse circulation holes, which will significantly lower the cost of drilling while also providing a larger sample for gold analysis.
The initial planned drill hole locations are illustrated on a map that is posted on the Endurance website: http://www.endurancegold.com/i/pdf/2010_Proposed_Holes.pdf
The Pardo Gold Property is comprised of 16 claims covering approximately 33 square kilometres, and is 100% owned by Endurance. Ginguro has an Option Agreement with Endurance whereby Ginguro can earn an initial 55% interest in the Pardo Gold Property by completing $1,000,000 in exploration expenditures, and making cash payments totalling $200,000 to Endurance over a three year period. To date, Ginguro have made cash payments to Endurance of $100,000 including a $50,000 payment received by the Company in June 2010. On completion of its initial 55% earn-in, Ginguro has a one-time option to increase its ownership interest to 70% by completing an additional $1,000,000 in exploration, and making a further cash payment of $250,000 to Endurance.
Endurance Gold Corporation has relied on Ginguro for the technical content of this news release.
ENDURANCE GOLD CORPORATION
Per: Robert T. Boyd
President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, BOD@endurancegold.com
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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