November 08, 2010
Staking Increases Size of the Bandito Project, Yukon
|Vancouver -- November 8, 2010 -- Endurance Gold Corporation (EDG -- TSX.V, "Endurance") announces that an additional 64 claims have been staked and recorded to increase the size of the Bandito property by eighty percent to a total of about 3000 hectares. The Bandito Property is governed by the Bandito Property Option Agreement dated August 20, 2010 between Endurance and True North Gems Inc. (TGX: TSX-V). Endurance has the right to earn up to 75% joint venture interest. |
The property is located in the Yukon, 155 kilometres east of Watson Lake, 18 kilometres east of North Toobally Lake and 55 kilometres northeast of the road head at Smith Falls, British Columbia.
The Bandito property is underlain by Proterozoic-aged sandstone, argillite and andesite-jasper breccias which have been intruded by Proterozoic-aged (650 Ma) multi-phased nepheline syenite. The north trending Beaver River Thrust truncates the Proterozoic assemblage on the west edge of the property, with younger Paleozoic sediments on the east of the property. Compilation of historic mapping and petrographic studies indicate that a two-square kilometer area has been altered through potassium and sodium metasomatism. Alteration is currently interpreted to be pre-Cambrian in age and occurs both within the nepheline syenite, which is intensely sericite altered, and in the adjoining Proterozoic-aged sediments in which the host rocks have been variably altered to potassium feldspar, albite, carbonates, riebeckite, aegirine, and iron-oxide minerals. The acquisition of additional mineral claims was intended to adequately encompass the area of alteration identified from historic mapping.
In 2004 and 2005, TGX collected grab samples that assay up to 1.2% copper and 9.5% nickel from an approximate one square kilometre hornfels and iron-oxide enriched gossan and brecciated zone near the syenite intrusive contact and within the area of alteration noted above. Grab samples are selective by nature and are unlikely to represent average grades within the gossan, or on the property. The Bandito property was also previously explored for uranium, thorium and rare earth elements (REE), with some encouraging results for REE. All of these nickel, copper and REE prospects occur within the known alteration area at the convergence of the headwaters of Copper and Zircon creeks between Corundum and Pyrochlore Domes, the topographic highs on the property.
Orientation stream sediment and soil geochemical surveys completed by TGX in 2006 indicated anomalous copper, nickel and arsenic geochemical results that extend the potential for discovery of additional mineralization outside of the currently mapped gossan area and known mineralization on Bandito. Previous geochemical surveys completed in the 1980's indicate anomalous rare earth elements (lanthanum, cerium and yttrium) in several rock samples, soils and stream sediments.
Neither TGX nor the earlier exploration activities systematically evaluated the Bandito property for its potential to host significant base or precious metal prospects. Furthermore the available information from historic activity is insufficient to evaluate whether zones of economically significant REE concentrations exist on the property. This fall and winter, Endurance plans to continue compiling all historic data, including the analysis of rock samples collected by TGX in 2006 but never analyzed. Coincident with the staking program, orientation stream sediment samples were collected from the area of the enlarged Bandito property position. A systematic exploration program is proposed by Endurance for the summer of 2011.
Under the terms of the agreement, Endurance can earn an initial 51% joint venture interest in the Bandito property in Watson Lake district, Yukon 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. The initial cash payment of $25,000 is now paid. Once Endurance earns its 51% interest, it has a further option that will allow Endurance 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 GOLD CORPORATION
Per: Robert T. Boyd
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, firstname.lastname@example.org
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 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.
You can view the Next News Releases item: Mon Nov 22, 2010, Rare Earth and Niobium Potential Confirmed Over Two Square Kilometer Alteration on the Bandito Project, Yukon
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