July 24, 2017
Endurance Identifies Four Chargeability Anomalies On The Elephant Property, Alaska
All Four gold targets prioritized for drilling
Endurance Gold Corporation (EDG -- TSX.V, "Endurance") is pleased to report the results of the induced polarization ("IP") and ground magnetic surveys that were undertaken on the Elephant Property located 76 miles (123 kilometres ("km")) northwest of Fairbanks within the Rampart-Eureka-Manley Hot Springs placer gold mining district near Eureka, Alaska.
A total of about 43 line-km of IP and 39 line-km of magnetic surveying were completed during the 2017 IP program. The surveys successfully identified four prioritized resistivity and chargeability anomalies that warrant drill testing. Plan maps and sections showing the four IP targets are available at www.endurancegold.com.
The 2017 resistivity survey is dominated by a linear east-west trending low that entirely bisects the survey area. This dominant anomaly is readily discernible on the 5th level resistivity contour plan and is interpreted to represent the resistivity expression of the Elephant Mountain Fault traversing the intrusive. In addition, at least three less dominant linear northwesterly trending resistivity lows intersect the Elephant Mountain Fault complex. Two of these northwesterly trending resistivity lows are coincident with anomalous gold-in-soil, including the high priority South Zone soil anomaly.
Adjacent and extending northwards from the Elephant Mountain Fault in the northern part of the grid is a two-lobed well-defined chargeability feature estimated at 1,200 x 600 metres ("m") in size associated with pervasively sericite altered granodiorite and 1 to 3% disseminated sulphides, quartz veinlets and sulphide-quartz veinlets with associated gold. This chargeability anomaly is directly associated with a km-scale, greater than 100 parts per billion ("ppb") gold-in-soil anomaly, and was partially tested with Endurance's 2016 drill hole EL 16-13, which returned 0.40 grams per tonne (gpt) gold over 147.1 m including 0.63 gpt gold over 48.2 m.
For targeting purposes this chargeability feature has been broken into two separate lobes defined by east-west oriented areas of higher chargeability. These targets are the North Zone Target and the Pump Zone Target. A portion of the North Zone Target was tested by the Company's 2016 drill hole and partially tested with drill holes by previous operators in 1992 and 2000. Large portions of the stronger chargeability features associated with the North Zone Target remain untested by drilling. The Pump Zone Target is newly recognized and remains untested by either trenching or drilling.
South of the Elephant Mountain Fault, one of the northwesterly trending narrow resistivity low features is contained within a 1,000 x 250 m gold-in-soil anomaly, where values exceeded 100 ppb, known as the South Zone Target. This resistivity anomaly estimated to be at least 350 m in strike length is associated with the South Zone discovery hole EL 16-14A which returned 4.09 gpt gold over 4.6 m hosted in an altered shear zone with bands of massive arsenopyrite and stibnite. Adjacent and on the east side of this resistivity feature and discovery drill hole is a near surface chargeability feature with a strike length of between 100 and 200 m. This South Zone chargeability feature remains untested by drilling.
Elevated chargeabilities were noted on the largest separation readings on the north side and within the Elephant Mountain fault between the South Zone and combined North Zone-Pump Targets. This area also has some anomalous gold-in-soil and is referred to as the Central Zone Target. This target expresses itself at depth because it is interpreted to be beneath an area of deeper oxidation associated with the fault.
A magnetic survey confirmed low magnetic susceptibility associated with the intrusive and higher magnetic susceptibility associated with the hornfels altered sediments. The North Zone and the Pump Zone Targets are associated with the lowest magnetic susceptibility areas of the intrusive complex while the South Zone Target is associated with the border phases of the intrusive complex which have been observed to contain xenoliths of hornfels that increase the relative magnetic susceptibility within the South Zone Target area.
Peter Walcott and Associates was engaged to complete the 2017 time domain pole-dipole IP and magnetics surveys. The 2017 surveys were completed at 50 m dipole spacing on 200 m spaced lines for the entire approximate five (5) square km grid. In the South Zone Target, tighter 25 m dipole spacing was completed over several of the 200 m spaced lines as well as five additional shorter 50 m spaced lines on which only 25 m dipole spacing was completed.
In 2004, Aurora Geosciences completed a combined 18.75 line-km IP and 36.75 line-km magnetics surveys on the Elephant Property. The 2004 IP survey area (at 25 m dipole spacing) is located southwest and west of the 2017 IP and mag surveys. Evaluation of the Aurora IP survey data has identified a chargeability anomaly that represents a western extension and expansion of the Pump Zone Target identified in the 2017 survey. The results and data from an IP survey completed by Placer Dome Inc. in 1992 was not available to the Company.
Next Steps - The size of the North Zone and Pump Zone chargeability targets combined with the associated wide low-grade gold intersections and gold-in-soil anomalies is evidence of an exploration potential for discovery of a large-tonnage low-grade gold resource at the North Zone, Pump Zone, and Central Zone Targets. Recommended drill testing of these targets north of the Elephant Mountain Fault will focus on discovery of the feeder zones and/or oxidized lower grade gold zones which have potential for higher grades or lower grade mineralization with favourable recovery characteristics. At the South Zone Target, south of the Elephant Mountain Fault, recommended drill testing will focus on expanding on the South Zone Discovery drill hole and identifying the source of the near surface chargeability anomaly which may represent a currently unrecognized sulphide bearing shear zone.
The Elephant Property is the anchor property of the three properties that form the Elephant Mountain Project which can be easily accessed by the all-weather Elliott Highway. The Elephant Mountain Project includes at least six (6) km-scale gold targets associated with a Cretaceous aged intrusive complex and associated alteration that extends over a strike length of about twelve (12) km. Five (5) of these km-scale gold targets are associated with gold-in-soil (greater than 100 ppb gold with peak values up to 1,880 ppb gold) and rock grab samples up to 11.98 gpt gold. A map showing the location of the properties and targets is also available at www.endurancegold.com. For a descriptive summary of the gold targets on the Trout and Wolverine Properties, please refer to the Company's news release dated April 3, 2017.
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits. The company also owns a significant shareholding in Inventus Mining Inc.(IVS-TSXV) which controls the entire Pardo paleoplacer gold district near Sudbury, Ontario and owns shares in GFG Resources Inc. (GFG-TSXV) which controls the entire Rattlesnake Hills gold district in Wyoming.
ENDURANCE GOLD CORPORATION
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. The drill intersections in this release may not represent the true width of the intersection. The split drill core samples from the 2016 drill program were analyzed at ALS Minerals using Au-AA23, Au-GRA21 (>10 g/t), and ME-MS61L. Confirmation standards were inserted within sample shipments by Endurance as well as ALS Minerals inserted standards with each shipment analyzed. Bedrock grab samples mentioned in this release are selective by nature and are unlikely to represent average grades within the bedrock when drilled.
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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