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Re: News Releases - Wednesday, October 12, 2011
Trench Returns 2.65% Treo+Y over 6 Meters
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Endurance Gold Corporation (EDG -- TSX.V) is pleased to announce that
this season's program at the Bandito Property, Yukon has identified a
significant rare earth discovery with values up to 2.65% TREO+Y over 6
meters and 1.38% TREO+Y over 8 meters in the South Fenite AND a
separate niobium-tantalum discovery with values of 1.3% Nb2O5 and
0.094% Ta2O5 hosted in coarse crystalline syenite.
Location of the most significant mineral prospects identified during
the 2011 program can be viewed on the company website at the following:
http://www.endurancegold.com/Bandito/Bandito_2011
REE_Nb_Results_Map_PR_Oct 12_11.pdf
"The results from the 2011 Bandito work program have achieved one of
our key objectives of identifying a rare earth system with
representative grades in excess of 1.0% TREO+Y" stated Robert T. Boyd,
President and CEO, "In addition, we have identified the potential for
discovery of a separate niobium-tantalum system hosted within a
volumetrically large niobium enriched intrusive. Rare earth and
niobium mineralization of significant tenor in samples collected over a
three-square kilometer area is very encouraging and justifies further
systematic exploration."
Rare Earth Discovery Trenches
Systematic trench sampling has been completed on the eastern extension
of the South Fenite Target. Initial grab sample results of 2.235% and
1.256% TREO+Y from the area of this prospect were reported on September
8, 2011. Two trenches, separated by about 15 meters, have returned the
following results:
South Fenite trenches
northern 2.65% TREO+Y Over 6 meters
Including 3.85% TREO+Y Over 4 meters
southern 1.38% TREO+Y Over 8 meters
Including 2.08% TREO+Y Over 5 meters
TREO+Y means total rare earth element oxides plus yttrium
The mineralization extends under talus cover along strike in both
directions from the South Fenite trenches. Heavy rare earth oxide
(HREO) percentages are 5.1% with average niobium values up to 350 ppm.
Insufficient studies have been completed on these samples to identify
the minerals which host the rare earths. Petrographic studies completed
on other REE prospects hosted in fenite on the property have identified
bastnasite and monazite.
The South Fenite trend is interpreted to be almost vertical, is
intermittently exposed over east-west strike length of at least 1.1
kilometers and varies in width from 5 to 20 meters. The South Fenite
falls within a much larger sediment-hosted alteration system that is
three (3) kilometers in strike and about 500 meters in width hosted
within Proterozoic-aged quartzite and clastic sediments (REE
Alteration). The REE Alteration remains open to expansion along strike
in both directions where it disappears under cover. This REE Alteration
is located immediately adjacent to the contact with a nine square
kilometer sized nepheline syenite intrusive.
The subparallel North Fenite trend is steeply dipping, has a mapped
strike length of at least 1.1 kilometers, and is up to 160 meters at
its widest exposure. On its northern edge, the North Fenite parallels
the nepheline syenite intrusive but is separated from the intrusive by
altered quartzite at least 50 meters in width. As reported on September
8, 2011 the best REE result received to date returned 2.558% TREO+Y
over 0.5 meters associated with hematite-rich multiphase Fenite.
Analytical results from sampling of other possible rare earth prospects
on the North Fenite are still pending.
Niobium and Tantalum in Syenite
About 350 meters north east from the South Fenite REE discovery trench
and hosted within the large nepheline syenite intrusive body, initial
reconnaissance scale sampling has identified a significant
niobium-tantalum prospect. The grab sample contained 1.3% Nb2O5, 0.094%
Ta2O5.
The syenite outcrop was selected for sampling due to bedrock exposure
associated with an elevated scintillometer response. The sample is pink
to salmon coloured coarse grained potassium feldspar rich syenite.
Within the sample, mafic clots up to 5 centimeters in size, possibly
representing sodium-rich amphiboles, have been extensively altered and
replaced by specular hematite, chlorite and other unidentifiable fine
grained mafic minerals. This grab sample contains 0.068% TREO+Y.
In addition to this higher grade niobium-tantalum prospect, other peak
values in syenite include 0.312% Nb2O5 (grab), 0.243% Nb2O5 (grab), and
0.26% Nb2O5 over 1.0 meter.
Insufficient studies have been completed to identify the minerals which
host the niobium-tantalum mineralization in this geological setting.
Petrographic work on fenite-hosted prospects has identified
ferrocolumbite and niobian rutile, as two of the niobium bearing
minerals on the property.
The Proterozoic-aged nepheline syenite that hosts this prospect is
mapped over an area of at least nine square kilometers and is sericite
and iron-oxide (hematite) altered throughout. The syenite intrusive
body is poorly exposed and primarily overlain by areas of tree and soil
cover. Where observed, the nepheline syenite is variable in composition
from fine to coarse grained to pegmatitic in character and nepheline to
non-nepheline bearing. Near the southern intrusive contact fine grained
mafic phases with accessory magnetite have been observed.
Other Niobium Prospects in Fenite
Elevated niobium is also common in the North and South Fenite Trends
and fenite mapped south of Copper Pass in the area of copper and nickel
mineralization. About thirty (30) samples returned values greater than
1000 ppm niobium (0.143% Nb2O5) with the six highest grab and chip
samples assaying 0.873% Nb2O5, 0.615% Nb2O5, 0.429% Nb2O5 over 1.0
meter, 0.472% Nb2O5, 0.386% Nb2O5, and 0.372% Nb2O5. These
fenite-hosted niobium prospects occur over a strike distance of 2.9
kilometers.
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.
Additional Program Activities Update
The summer exploration program has resulted in the collection of 232
rock and chip samples and 1,464 soil samples. Results for the rock
sampling of the nickel and copper prospects and trenches will be
reported separately. Soil sample results are being compiled and an
update from these results will also be reported separately. During the
planned drill program, one drill hole was completed under the South
Fenite trenches and intersected the northeastern contact of the South
Fenite. Assays are pending on the drill core as well as additional rock
and chip samples. Due to difficulties in accessing water late in the
summer season, additional planned drill holes have been deferred.
Next Steps -- Rare Earth and Niobium (Tantalum) Exploration
Work to date indicates that the South and North Fenite Trend rare earth
discoveries require additional trenching and drilling to evaluate the
extent of this surface discovery.
Furthermore, a systematic rock and chip sampling program together with
trenching and drilling is required to evaluate the spatial extent of
the syenite-hosted niobium and tantalum mineralization in this large
intrusive and alteration system.
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
Per:
Robert T. Boyd
President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, info@endurancegold.com
www.endurancegold.com
Grab samples are selective by nature and are unlikely to represent
average grades on the property or within the target areas. The average
trench sample values reported in this release may not represent average
REE grades over the entire South Fenite Trend. Fenite alteration is
low-sulphide and multiphase with sodium and potassium alteration
(albite and k-feldspar), sericite, altered sodium amphiboles, hematite,
chlorite, ankerite, fluorite, tremolite-actinolite, biotite, monazite,
zircon, rutile, and numerous other unidentified minerals.
All 2011 samples were analyzed at ALS Minerals Vancouver using the
ME-MS81, and ME-AQ81. For ME-MS81, a prepared sample (0.200 g) is added
to lithium metaborate flux (0.90 g), mixed well and fused in a furnace
at 1000�C. The resulting melt is then cooled and dissolved in 100 mL of
4% HNO3 / 2% HCl solution. This solution is then analyzed by
inductively coupled plasma - mass spectrometry. For REE analysis of
high lanthanum, cerium (>10000pm) and praseodymium (>1000 ppm), pulps
were reanalyzed by OG-REE ICP AES. For niobium analysis of values than
exceeded 2500 ppm, pulps were reanalyzed by X-Ray Fluorescence
Spectroscopy (XRF). Heavy rare earths used in the HREO calculation
include Eu, Gd, Tb, Dy, Ho Er, Tm, Yb, Lu, plus yttrium.
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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Copyright (c) 2011 ENDURANCE GOLD CORPORATION (EDG) All rights
reserved. For more information visit our website at
http://www.endurancegold.com/ or send mailto:info@endurancegold.com
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Endurance Gold Corporation
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EXPLORATION STAGE |
CODE : EDG.V |
ISIN : CA29267M1086 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Endurance Gold is a gold development stage company based in Canada. Its main exploration properties are CARTER in USA and ANNIE, NATRONA, HUTTON PROJECT, PARKIN, MCCORD GOLD, PARDO, TURNER, BQ, NECHAKO, BANDITO and DOGPAW LAKE in Canada. Endurance Gold is listed in Canada. Its market capitalisation is CA$ 14.2 millions as of today (US$ 10.4 millions, € 9.4 millions). Its stock quote reached its lowest recent point on January 16, 2009 at CA$ 0.01, and its highest recent level on July 15, 2022 at CA$ 0.57. Endurance Gold has 101 090 000 shares outstanding. |