October 18, 2011
0.8% Nickel Across 13 Meters at Bandito
|Endurance Gold Corporation (EDG - TSX.V) is pleased to announce that this season's program at the Bandito Property, Yukon has completed an evaluation of the base metal potential which included the sampling of the Nickel Discovery Zone. Seven (7) nickel and copper prospects have now been identified and sampled within a 580 meter by 200 meter area on the Bandito Property. Encouraging sampling results from the rare earth and niobium discoveries have been reported separately in a release dated October 12, 2011. |
A summary map of the nickel and copper prospects and trenches sampled during the 2011 program can be viewed on the company website at the following; http://www.endurancegold.com/Bandito/Bandito_2011_CuNiNb_Map_PR_Oct18.pdf
Nickel Discovery Zone
The Nickel Discovery Zone was sampled in 2011 from six prospect pits over a thirteen (13) meter width. These pits average 0.8 percent nickel. The original grab samples collected over a 100 x 100 meter area in talus from the Nickel Discovery Zone assayed up to 11.35 percent nickel and the results of these previous programs are summarized in the release dated December 21, 2010. The pits are distributed evenly across 13 meters of a quartz-sericite-pyrite stock work alteration zone ("QSP Alteration"). Nickel values in each of the six pits varied from 0.38% to 1.47% nickel. Frost movement may have shifted the brecciated bedrock and therefore mechanized trenching and drilling is necessary to enable systematic and representative chip sampling of the Nickel Discovery Zone. Due to the distribution of mineralized talus grab samples and anomalous soil samples in the Nickel Discovery Zone, nickel and copper mineralization in bedrock may extend beyond these sampled pits.
Copper Pass -- Six Copper Prospects
In addition, six other copper and copper-nickel showings have been identified and sampled extending the area of known nickel and copper prospects to 580 meters by 200 meters in the Gossan Target area. All of the copper showings are coincident with the QSP Alteration which imparts the gossan. Two of the copper showings were systematically chip sampled from trenches with the following results:
Gossan Target - Copper Pass Area - Copper Trenches
||1294 ppm Copper, 974 ppm Zn
0.21% Nb2O5, 0.28% TREO+Y
Over 6 meters
||1251 ppm Copper and 993 ppm nickel
||Over 5 meters
|TREO+Y means total rare earth element oxides plus yttrium oxide.
The elevated niobium and rare earth values associated with the Eastern copper trench
are related to an interpreted earlier stage alteration that introduced
rare earth and niobium mineralization.
Eight (8) meters immediately south from the Western Copper Trench, copper mineralization is exposed in five prospect pits over ten (10) meter width that parallel the Western Copper Trench. These five pits average 2460 ppm copper and 331 ppm nickel. Copper values in each of the five pits varied from 673 ppm copper to 0.6% copper. In the pits, frost movement may have shifted the brecciated bedrock and thus mechanized trenching and drilling is necessary to estimate average copper grade and width in bedrock.
Four additional showings were identified by grab sampling of mineralization with results including:
- The "Tree Zone" with a value of 1.76% copper;
- The "South Zone" with a sample that grades 1.22% copper;
- The "North Talus Prospect " two samples with 1275 ppm and 1050 ppm copper; and
- The "Far East Prospect" two samples with 1205 ppm and 1240 ppm copper. One sample also contains 2060 ppm nickel.
Potential exists to expand the area of nickel and copper mineralization into areas that are overburden and tree covered.
Equity Exploration Consultants Ltd (Equity) managed the summer 2011 rock and soil sampling program. Equity is a private, Canadian company which is focused on providing high quality mineral exploration services. Henry Awmack P.Eng (a qualified person as defined in National Instrument 43-101) and Dave Swanton of Equity managed the exploration program.
Red and Green Breccia - Alteration
2011 mapping has defined a strata bound zone of angular breccia and interbedded siltstone within the Proterozoic and forming the host rock for the Nickel Discovery Zone. When unaltered at its southern exposures the breccia is observed to consist of angular andesitic volcanic fragments as well as angular ultramafic, jasper, sedimentary, and limestone fragments. In the Nickel Discovery Zone, this breccia has been subjected to two stages of alteration consisting of the sodium metasomatism related to the syenite intrusive event, followed by a later stage of crackle breccia, stock work and silicification associated with the QSP Alteration and base metal mineralization.
Program Activities Update
The summer exploration program has resulted in the collection of 232 rock and chip samples, 1,464 soil samples and a single drill hole. Results for the evaluation of the rare earth element and niobium potential was reported separately in the company release dated October 12, 2011. Soil sample results are being compiled and an update from these results will be reported separately. Assays are pending on additional rock, chip and core samples.
Next Steps - Nickel and Copper Exploration
Work to date indicates that the nickel and copper prospects require additional trenching and possible drilling to evaluate the extent of the surface discoveries. Follow up on this work is recommended at the time a multi-commodity exploration program is initiated on Bandito.
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 and 2011 work requirements.
ENDURANCE GOLD CORPORATION
Robert T. Boyd
President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, firstname.lastname@example.org
Grab samples are selective by nature and are unlikely to represent average grades on the property or within the target areas. All 2011 samples were analyzed at ALS Minerals Vancouver using the ME-MS81, and ME-AQ81. For assay of samples with greater than 10,000 ppm copper or nickel pulps were reanalyzed by either Cu-OG46 or Ni-OG46. Robert T. Boyd, P.Geo., President, CEO and Director, is a qualified person as defined in National Instrument 43-101 and approved the technical content of 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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