Endurance Gold (TSX-V:EDG, OTC: ENDGF) reported four additional diamond drill results from its Reliance Gold Project in the Bralorne Mining Camp of British Columbia, Canada. Every single one of the four holes reported significant gold mineralized intervals, including multiple intersections of high-grade gold over wide intervals:
Hole 26 is a 25 meter down-dip step-out from DDH-21-020 which intercepted 15.7 g/t gold over 24. 8 meters - hole 26 delivered 13.5 meters grading 8.06 g/t gold beginning at 80 meters downhole.
In addition, hole 27 (a 125 meter step-out to the southeast from hole 26) delivered multiple impressive gold mineralized intervals including 30 meters grading 4.16 g/t gold beginning at 109 meters downhole. Hole 28 also returned a 30+ meter gold interval grading 2.59 g/t Au at a similar downhole depth to hole 27.
With these additional excellent drill intersections, Endurance is also highlighting the presence of several large quartz veins up to 52 meters horizontal width in a much larger Feeder Zone Target Area, that now encompasses and includes the original 020 target area.
The Eagle South Target Area associated with the potential feeder structures has now been expanded on surface to a strike distance of about 300 meters and a width of about 130 meters.
Furthermore, hole 25 returned 3.94 g/t gold over 7.2 meters, including 7.17 g/t gold over 1.5 meters from a 7.2-meter wide arsenopyrite-rich fault breccia commencing at 198.4 meters downhole. This is interpreted to be the 100 meter down-dip extension of hole 24 which returned 8.41 g/t gold over 12.0 meters.
Endurance is delivering exceptional results at Reliance, and I cannot recall a $50 million market cap junior delivering as high of a hit rate over a significant sample size of drilling in such a short period of time. Diamond drilling results to date indicate four brecciated quartz vein structures with horizontal widths up to 52 meters that are intimately associated with the best gold intersections in the feeder zone target. EDG's understanding of these feeder structures is still evolving but the evidence supports the notion that the gold mineralization is strongest on the margins of the veins.
That means the company has identified roughly eight feeder structures in the Eagle South Target Area so far. Drilling will continue to investigate the size potential of these quartz vein breccia zones to enhance EDG's understanding of the best gold-bearing zones located along their margins.
Assays are still pending for the upper portion of hole 25, as well as ten additional diamond drill holes from Reliance. As evidenced in the plan map above, EDG is stepping out further to the southeast in hole 35, 36, and 37, with results pending. In addition, Endurance is working on new drill pads even further southeast of the "E7" prospect areas that returned encouraging soil sample results, high-grade rock sampling results late last year, and subsequently channel sampled this year (reported on July 7th).
In the near term, I also expect Endurance to begin stepping out to the northwest in the Eagle area to test areas untested in the middle part of the Eagle area trend within the “Feeder Target Area” . Ultimately Endurance will also be testing even further to the northwest to begin investigating the theory that Eagle connects with Imperial as one large 1,500+ meter gold mineralized trend.
The EDG chart has been consolidating over the last few weeks within the context of a strong long term uptrend:
EDG.V (Weekly)
Next chart resistance is the all-time high at $.57, however, I expect that EDG shares can easily reach or exceed that level on the strength of this morning's results and the anticipation of the next set of results. I believe EDG shares offer a very attractive speculation below a C$100 million market cap, and the strength of the results to date paint a picture of what is quickly becoming a multi-million ounce high-grade gold deposit in an excellent location for mining.
Endurance management is well aware that the geological picture at the Eagle South Area is becoming more complex, and requires more detailed graphics and 3D images in order to illustrate exactly what the company has been uncovering. I expect the next news release to contain some more detailed graphics and interpretations of the Eagle South Target Area.
Disclosure: Author owns EDG.V at the time of publishing and may choose to buy or sell at any time without notice. Author has been compensated for marketing services by Endurance Gold Corp.
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