In March 2012, Ginguro Exploration Inc. ("Ginguro") and Endurance Gold Corporation ("Endurance" or "the Company") formed a 55-45 Joint Venture on the 33 square kilometre "Pardo" Property, located 65 kilometres northeast of Sudbury, in east-central Ontario.
The road accessible property covers a sequence of Proterozoic aged rocks of the Mississagi Formation, a basal unit of the Huronian Supergroup sedimentary assemblage that forms the 15,000 square kilometre Cobalt Embayment.
The Pardo Property covers the southern flank of a large Proterozoic sedimentary basin that is analogous in many ways to the Witwatersrand Basin in South Africa. The Witwatersrand Basin is the world's largest gold producing geological environment, with over 1.3 billion ounces of gold production since 1880. In terms of size, stratigraphy and depositional environment, the two basins have several similarities. The Cobalt Embayment is younger than the Wits Basin.
Gold mineralization defined to-date on the Pardo Property is spatially associated with pyritic and quartz pebble bearing portions of the Mississagi Formation conglomerates, at or proximal to the unconformity. Studies have also identified particulate carbon fragments related to the gold mineralization.
The widespread occurrence of low grade gold mineralization associated with the Mississagi conglomerate on the Pardo Property, and the potential size of the target, warrants further serious drilling programs.
Prior to 2009, Endurance completed approximately $1,000,000 in exploration on the claim block, including trenching and two drilling campaigns totaling 1,626 metres in 97 holes. Intercepts up to 2.01 grams per tonnes gold over 8.4 metres were returned from Endurance's drilling program.
Later in 2009, the Company completed an option agreement with a wholly-owned subsidiary of Ginguro. Ginguro earned the right to a 55% joint venture interest by completing $1,000,000 in exploration expenditures and making cash payments totaling $250,000 to Endurance, and a joint venture as to 55% Ginguro and 45% Endurance was formed in March 2012.
Since acquiring the option in 2009 and through 2011, Ginguro completed 17 drill holes in 2009 and 137 drill holes in 2010. In addition Ginguro completed some metallurgical test work on several large samples from surface pits and trenches on the Pardo property. The summary of the 2009 and 2010 exploration results by Ginguro can be reviewed in the most recent Endurance press releases.
Ginguro have informed Endurance that a 2012 exploration program is planned on Ginguro's consolidated land holding in the district. The 2012 program would include a comprehensive basin analysis, under the direction of Ginguro's Witwatersrand expert consultants. The purpose of the basin analysis is to "zero-in" on the best area (mid-fan setting) within the 10,000 meter length of the gold trend identified to date. On completion of the study, diamond drilling will test the mid-fan gold setting. A program proposal on the Pardo JV Property is expected shortly.