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Re: News Release - Monday, January 09, 2012
Endurance Acquires Intrusive-Hosted Gold Prospect In Alaska
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Vancouver -- January 9, 2012 -- Endurance Gold Corporation (EDG --
TSX.V, "Endurance") is pleased to announce that Endurance has acquired
an option to earn 100% ownership in the Elephant Mountain property in
Alaska, USA. The Elephant Mountain property is located in the
Rampart-Eureka-Hot Springs placer gold mining district near Eureka,
Alaska. The property can be accessed by road from Eureka, a placer
mining area located about 76 miles (123 kilometers) west of Fairbanks
(http://bit.ly/yMsF6x).
Between 1989 and 1992, the Elephant Mountain property was explored for
gold by Placer Dome, Inc. ("PDI"). According to the USGS Alaska
Resource Data Files ("ARDF"), PDI identified a gold-arsenic soil
geochemical anomaly over the intrusive that extends for at least 6,000
feet and up to 1,500 feet wide, with peak values in soil samples up to
1,540 parts per billion gold. During that time, PDI completed extensive
trenching and ten (10) drill holes. The best of the PDI drill holes
returned an average grade of 0.015 ounce per ton gold (0.514 grams per
tonne gold) over a width of 326 feet (99.4 metres). In the drill holes,
gold mineralization is associated with arsenopyrite and native gold
related to quartz veinlet stock-work, in silicified and sericite
altered intrusive. The intrusive host is a Cretaceous-aged diorite to
granite pluton that intrudes quartzite, siltstone and shale.
Subsequent to the PDI exploration program, North Star Exploration Inc.
completed additional soil sampling and drilling in the intrusive and
also encountered anomalous gold in silicified granite.
The Elephant Mountain area is, in part, drained by Eureka and Pioneer
Creeks. Alluvial gold was first discovered in Eureka Creek in 1898 and
both Eureka and Pioneer Creeks and their small tributaries are two of
the most significant alluvial gold bearing creeks in the Eureka-Hot
Springs gold district.
The Elephant Mountain property is also located about 47 miles (75
kilometers) west southwest of the pre-feasibility stage Livengood Gold
Deposit. The Elephant prospect is interpreted to be a reduced
intrusion-related gold system (RIRG) similar to the Fort Knox Mine,
Ryan Lode, and True North deposits located in the nearby Fairbanks Gold
Mining district in Alaska, as well as the Brewery Creek and Dublin
Gulch deposits in the Yukon. All of these RIRG deposits are related to
late Cretaceous-aged intrusive events within the Tintina Gold Province
of Alaska and the Yukon, and are associated with historic placer gold
mining.
The placer gold deposits, gold-in-soil anomalies, and wide drill
intersections in intrusive indicate that the Elephant Property warrants
a systematic exploration program of rock and soil sampling followed by
drilling to confirm historic results and identify new exploration
targets. A 2012 program is currently in the planning stages.
Under the terms of the letter agreement with the private vendor,
Endurance can earn 100% interest in the Elephant Mountain property by
completing a total of US$200,000 in exploration expenditures,
US$200,000 in cash payments and delivering 400,000 Endurance common
shares by December 31, 2017. The initial cash payment of US$2,000 is
due upon regulatory acceptance of the transaction. The initial 25,000
share payment and an additional cash payment of $13,000 are payable to
the vendor on finalization of a formal option agreement. The option is
subject to a 2% net smelter royalty ("NSR"), and Endurance can purchase
half of the NSR at any time. There is no finder's fee payable for this
transaction.
The transaction is subject to acceptance by the TSX Venture Exchange.
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's long term objective is the discovery of major new
precious or rare metals deposits, and its business plan offers
shareholders exposure to several majority-owned exploration projects
with significant discovery potential such as the Bandito Property in
Yukon, and the Rattlesnake Hills Property in Wyoming, USA.
ENDURANCE GOLD CORPORATION
Robert T. Boyd
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, info@endurancegold.com
www.endurancegold.com
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 original technical reports and
data compiled and referenced by USGS for the ARDF preceded the
implementation of NI 43-10 and furthermore, the original data and
reports have not been reviewed by the Company. Therefore the data in
the ARDF summaries should not be relied upon. Additional soil and rock
sampling, and drilling will be required to confirm the historic results
reported in 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) 2012 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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EXPLORATEUR |
CODE : EDG.V |
ISIN : CA29267M1086 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Endurance Gold est une société développant des projet miniers d'or basée au Canada. Ses principaux projets en exploration sont CARTER en USA et ANNIE, NATRONA, HUTTON PROJECT, PARKIN, MCCORD GOLD, PARDO, TURNER, BQ, NECHAKO, BANDITO et DOGPAW LAKE au Canada. Endurance Gold est cotée au Canada. Sa capitalisation boursière aujourd'hui est 15,2 millions CA$ (11,2 millions US$, 10,1 millions €). La valeur de son action a atteint son plus bas niveau récent le 16 janvier 2009 à 0,01 CA$, et son plus haut niveau récent le 15 juillet 2022 à 0,57 CA$. Endurance Gold possède 101 090 000 actions en circulation. |