May 24, 2011
Bandito Rare Earth Alteration System Expanded Nine Square Kilometers in Area
|Endurance Gold Corporation (EDG - TSX.V, "Endurance") is pleased to announce that further compilation of historic data on the Bandito REE-Ni Project has resulted in the identification of new targets and expanded the size of the altered rare earth enriched nepheline syenite and altered host rock to approximately nine (9) square kilometers in size. Within this large alteration system, eleven target areas have been defined that have potential for significant enrichment in rare earth minerals. |
The Bandito project is located in the southeastern Yukon, 60 kilometers northeast of the road head at Smith River, British Columbia. Results reported on November 22, 2010 confirmed that Bandito hosts a rare earth element (REE), niobium and zirconium enriched system.
Within the REE bearing alteration system, and within the Gossan REE-Ni target area, nickel-copper mineralization has also been recognized with values reported up to 11.0% nickel and 2.07% copper (see press release dated December 21, 2010). A summary of the base metal targets compiled will be provided in a separate release.
Rare Earth Target Compilation- Eleven Targets
Based on the review and compilation of historic data, eleven areas have been identified that require prospecting, systematic sampling, and possible drilling in 2011. These eleven areas encompass a three by three kilometer or nine (9) square kilometer area largely underlain by a Proterozoic-aged altered nepheline syenite intruding into altered clastic sediments and quartzite.
None of the target areas have been drilled to evaluate the REE potential of this large system. Several small-diameter drill holes tested radioactive zones in 1980. Based on the data compiled, the 1980 drill holes were not systematically analyzed for REE, despite the intersection of altered rocks and breccia.
This nine square kilometer alteration area consists of sodium and potassium metasomatized, fluorite-enriched and iron oxide altered syenite that is reddish coloured in float and outcrop ("Red Syenite"). The Red Syenite is in contact with large areas mapped as sodium and potassium metasomatized clastic sediments and quartzites (Fenite), and potassium altered hornfels clastic sediments (Hornfels). Some diatreme to crackle breccia also occur within the altered targets.
A summary of the eleven target areas and REE results compiled for each target can be viewed at http://www.endurancegold.com/Bandito/Technical/REE%20Target%20Summary%20Bandito%20Property.pdf
Highlights from seven of the targets include:
Samples were collected in 1980, 1986, 1987, 2005 and 2006 and are grab samples except for Trenches 86-10 and 86-11. Grab samples are selective by nature and are unlikely to represent average grades on the property or within the target areas. A description of the analytical technique and laboratory for each year is provided on the link to the Company website.
|Potters Camp Target:
||trench 86-10 channel (red syenite-fenite?) - 9,654 ppm TREE+Y over 7.5 meters
trench 86-11 channel (red syenite) - 3,889 ppm TREE+Y over 3.2 meters
CR-COD-2 (chlorite fenite) - 8,820 ppm La; 7,775 ppm Ce; and 1,400 ppm Y
Unocal BA-24-1 (red syenite) - >10,000 ppm La; 8,800 ppm Ce; 2,400 ppm Y
||Unocal BA-35 (red syenite) - 3,700 ppm La, 2,800 ppm Ce, 2,200 ppm Nb
478706 (red syenite) - 0.565% TREO+Y, 2,240 ppm Nb, 405 ppm Ni, 1,560 ppm Cu
GD 69A (albite fenite) - 0.558% TREO+Y, 1,925 ppm Nb
|COD Ridge Target
||20581 (no rock description) - 28,340 ppm TREE+Y
||CR-CE-4 (fenitized arenite) - 3,480 ppm La; 3,500 ppm Ce; and 840 ppm Y
||20591 (no rock description) - 37,445 ppm TREE+Y
|TOD Ridge Target
||CR-TOD-5 (rhodonite?skarn) - 3,550 ppm La; 3,400 ppm Ce; and 1,750 ppm Y
|North SID Target
||20635 (no rock description) - 17,605 ppm TREE+Y
Under the terms of the agreement with True North Gems Inc. ("TGX"), Endurance can earn an initial 51% joint venture interest in the Bandito property 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. Once Endurance earns its 51% interest, it has a further option 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 has exceeded its 2010 work requirements.
ENDURANCE GOLD CORPORATION
Per: Robert T. Boyd
President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, firstname.lastname@example.org
Robert T. Boyd, P.Geo., President, CEO and Director, 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.
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