Vancouver, British Columbia--(Newsfile Corp. - October 25, 2022) - Endurance Gold Corporation (TSXV: EDG) (OTC PINK: ENDGF) (FSE: 3EG) (the "Company") is pleased to announce that it has acquired an option to earn a 100% ownership in the Sanchez Group of ten mineral claims totaling 856 hectares (the "Sanchez Claims"). The Sanchez Claims adjoin the eastern boundary of the Company's Reliance Gold Project in southern British Columbia, on which the Company is currently focussing its diamond drilling activities. The Reliance Gold Project is located 4 kilometers ("km") east of the village of Gold Bridge, and 10 km north of the historic Bralorne-Pioneer Gold Mining Camp which has produced over 4 million ounces of gold.
Highlights of the transaction include:
- The Reliance Gold Project now consists of three option agreements (Sanchez, Olympic, and Reliance) where the Company is earning 100% interest. An updated location map is attached below and available on the Company website.
- Acquisition of 100% ownership mineral claims through a modest transaction with no underlying royalty.
- Increases the size of the Reliance Gold Project to 3,250 hectares. The Company now controls approximately eight (8) km of mineral claims along the Upper Bridge River Valley with year-round road access.
- Adds an additional under-explored orogenic gold prospect that has not been evaluated with modern exploration methods and offers potential for extensions of gold mineralized structures on the Olympic Option.
- Preliminary field review on the Sanchez Claims has identified ankerite altered shear zones recently exposed by ongoing forestry activity. The shear zones are potentially analogous to the Royal Shear Trend where the Company's priority is advancing the Eagle Area discoveries.
Under the terms of the letter agreement with the private vendor, the Company can earn a 100% interest in the Sanchez Claims for:
- a total cash consideration in the aggregate amount of $10,000 prior to January 31, 2023, with $5,000 payable on TSX Venture Exchange acceptance;
- the allotment and issuance of a total 300,000 common shares ('Shares') of the Company by December 31, 2025, with 40,000 Shares payable on TSX Venture Exchange acceptance;
- no royalty payable; and
- on vesting its ownership interest, the Sanchez Claims will be free and clear of any continuing obligations.
Any Shares to be issued will be subject to a four-month hold period on issuance as per the policies of the TSX Venture Exchange.
The most significant known gold prospect on the Sanchez Claims is the Bill Miner prospect with two historic short pre-War adits from which grab samples collected in 1988 returned up to 9.4 grams per tonne gold. In addition, recent forestry activities have opened new ankerite altered areas associated with structural deformation. This setting is similar to the recent discoveries by the Company at the Eagle and Imperial zones on the Royal Shear Trend.
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.
ENDURANCE GOLD CORPORATION
Robert T. Boyd, President & CEO
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.
The Reliance Project B.C. - Location of Sanchez Claims with respect to the Olympic and Reliance Options
To view an enhanced version of this graphic, please visit:
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/141809