October 18th, 2021, Kelowna, British Columbia – Enduro Metals Corporation (TSXV: ENDR OTCQB: ENDMF FSE: SOG-FF) (“Enduro Metals” or the “Company”) is pleased to report the discovery of a new alkalic porphyry system at Burgundy Ridge on its Newmont Lake project in northwestern British Columbia. BR21-001 intersected 331m of 0.71% CuEq starting at surface, including 146m of 1.00% CuEq from 139m downhole, and 18.27m of 3.00% CuEq from surface. The hole was drilled to test an area with some shallow drill holes and high-grade trenches (reference 2019 press releases) within an extensive geochemical/geophysical anomaly. The drill hole confirms a new copper-gold porphyry discovery in BC’s prolific Golden Triangle.
Figure 1: Cross-section of discovery hole BR21-001 looking north-northeast. Copper and gold assays are plotted with calculated copper equivalent values. See Table 1 for more details.
The surface expression of the Burgundy system is a 2700m x 600m NNE oriented area centred between the KSM-Treaty Creek porphyry camp and the Galore Creek porphyry camp. Burgundy is 1 of 4 major systems, identified thus far, within the Company’s 654 square kilometre Newmont Lake Project.
Figure 2: Plan view map of Burgundy displaying TMI Geophysical (Total Magnetic Intensity) data, copper in surface rock geochemistry, areas of completed geological mapping, and areas of ice/snow retreat where no geological map exists to date.
Cole Evans, President/CEO of Enduro Metals commented, “This discovery drill hole at Burgundy is a pivotal moment for Enduro and the Newmont Lake projects development, confirming the occurrence of a significant alkalic copper-gold porphyry deposit. This is a true grassroots discovery, and we are at the very beginning of the process.
What I find exciting is the transitioning alteration of calc-sodic to calcic and calc-potassic assemblages and also minor amounts of zinc suggesting Burgundy Ridge is on the fringes of a large system, and we likely have not tested the best portions of the porphyry. The combination of grade, size, and accessible location of the discovery makes Burgundy a top-tier copper-gold exploration target, sandwiched between two world-class porphyry camps at Galore Creek and KSM.”
Table 1: Reported assay intervals for BR21-001. Metal prices used in CuEq calculations are as follows: Gold $1670/oz, Silver $21.50/oz, Copper $4.10/lb, and Zinc $1.38/lb. The CuEq formula used for calculations is: CuEq % = (Cu ppm + ((Au ppm * $53.85) / $0.009038960) + ((Ag ppm * $0.69) / $0.009038960) + ((Zn ppm * $0.003042382) / $0.009038960)) / 10,000. True widths are unknown as the mineralized body remains open and requires further drill testing. Recoveries are assumed to be 100% for the purposes of equivalent calculations. Full assay data is available at www.endurometals.com
Figure 3: Cross-section of BR21-001 displaying calculated copper equivalent (CuEq) values, and bar charts for each reported interval displaying percent contribution per metal selected for CuEq calculations. See Table 1 for more details or download full assay sheets at www.endurometals.com (available soon).
Figure 4: Representative drill core from 6.43m to 7.65m in BR21-001 assaying 1.73% Cu, 2.17 g/t Au, 4.31% Zn, and 37.49 g/t Ag over 1.22m downhole. The “Green Rock Breccia” is a hydrothermal breccia cemented with sphalerite, chalcopyrite, and pyrite. Significantly, an earlier stage mineralization event is observed in the form of disseminated chalcopyrite constrained within the K-feldspar and hematite altered pinky-red clasts. This serves as an indication that an earlier mineralizing event is nearby.
Figure 5: Representative drill core from 207.80m to 209.02m in BR21-001 assaying 1.05% Cu, 1.13 g/t Au, 2.06 g/t Ag, and 0.03% Zn over 1.22m downhole. The zone consists of a brecciated fine grained syenite porphyry infilled with biotite-calcite-hematite-diopside-actinolite. Mineralization consists of chalcopyrite-pyrite.
Figure 6: Representative drill core from 221.29m to 222.33m in BR21-001 assaying 1.61% Cu, 1.90 g/t Au, 2.13% Zn, and 30.8 g/t Ag over 1.04m. Alteration consists of pervasive biotite-actinolite-tremolite alteration of a black siltstone. Mineralization is dominated by chalcopyrite with lesser sphalerite and minor pyrite.
Exploration Update from the CEO
Further results are pending from Burgundy, McLymont Fault, and the Chachi Corridor from 2021 diamond drilling. We anticipate results will be available to shareholders in a shorter timeframe than drill results from the 2020 exploration season. Major changes to the preparation lab by the analytical lab have decreased wait times substantially but delays do still exist at the analytical lab due to high-activity and supply chain issues of consumables.
Preparations are underway for winter road construction which will connect our exploration camp, Burgundy, and the McLymont Fault to the provincial highway system for a usable period of approximately 3 months of the year. This will allow Enduro to stockpile drilling equipment, timber, consumable materials, and fuel months ahead of previous exploration programs and at a fraction of the cost of helicopter transport. It also gives the optionality for mobilizing larger mining equipment, as well as transporting stockpiled bulk sample material in the event we elect to complete a 10,000-tonne bulk sample program on one of our high-grade surface targets.
Earlier than expected winter conditions have temporarily suspended exploration drilling until winter road construction is complete. Snow and freezing conditions started earlier than average this season, and once an adequate snow base has built up and compacted, we will be able to begin construction and mobilizing equipment. We are also in the process of designing and building a new water supply system complete with particulate centrifuges that can deliver fresh water used in the diamond drilling process that can deliver water adequate for multiple diamond drill rigs from over 3km away allowing drilling to recommence without having to wait for optimal weather conditions as needed prior.
Attend the Company Webinar
Enduro Metals is scheduled to provide an update on its exploration program, this recent discovery and future plans during a webinar hosted by Adelaide Capital on Wednesday October 20, 2021, at 2:00pm EST. The webinar will feature a discussion on today’s news release by Cole Evans, President & CEO, followed by a Q&A session. To register for this event, please use the following link:
The webinar will also be live-streamed to the Adelaide Capital YouTube Channel: https://www.youtube.com/channel/UC7Jpt_DWjF1qSCzfKlpLMWw
and a replay will be made available shortly after the webinar.
QAQC / Analytical Procedures
Core samples from the Newmont Lake Project were sent to MSA LABS’ preparation facility in Terrace, B.C., where samples were prepared using method PRP-910. Samples were dried, crushed to 2mm, split 250g and pulverized to 85% passing 75 microns. Prepped samples were sent to MSA LABS’ analytical facility in Langley, B.C, where 50g pulps were analyzed for gold using method FAS-221 (fire assay-AAS finish). Gold assays greater than 100 g/t Au were automatically analyzed using FAS-425 (fire assay with a gravimetric finish). Rock samples were analyzed for 48 elements using method IMS-230, multi-element ICP-MS 4-acid digestion, ultra-trace level. Silver assay results greater than 100 g/t Ag and copper, lead, and zinc greater than 10,000ppm were automatically analyzed by ore grade method ICF-6.
Enduro Metals Corp conducts its own QA/QC program where five standard reference material pulps, five blank reference material samples, and two field duplicates are inserted for every 100 samples when analyzing core samples.
The technical information in this news release has been reviewed and approved by Mr. Maurizio Napoli, P. Geo., Director for Enduro Metals, a Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
About Enduro Metals
Enduro Metals is an exploration company focused on it’s flagship Newmont Lake Project; a total 654km2 property located between Eskay Creek, Snip, and Galore Creek within the heart of northwestern British Columbia’s Golden Triangle. Enduro entered into an option agreement to acquire 436km2 from Romios Gold Resources who has carefully amalgamated the area since 2005 from numerous smaller operators. Remaining terms on the option agreement are a $1,000,000 CAD cash payment, and issuance of 4 million Common Shares to Romios Gold Resources. Romios will retain a 2% Net Smelter Returns Royalty (an “NSR”) on the Newmont Lake Project, or on any after-acquired claims within a 5 km radius of the original boundary of the project, which may be reduced at any time to a 1% NSR on the payment of $2 million per 0.5% NSR. The remaining 218km2 is owned 100% by Enduro and was acquired via staking or cash purchase. Building on prior results, the Company’s geological team have outlined 4 deposit environments of interest across the Newmont Lake Project including high-grade epithermal/skarn gold along the McLymont Fault, copper-gold alkalic porphyry mineralization at Burgundy, high-grade epithermal/skarn silver/zinc at Cuba, and a large 9km x 4km geochemical anomaly hosting various gold, silver, copper, zinc, nickel, cobalt, and lead mineralization along the newly discovered Chachi Corridor.
On Behalf of the Board of Directors,
ENDURO METALS CORPORATION
For further information please contact:
Sean Kingsley – Director of Communications
Tel: +1 (604) 440-8474
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This news release contains statements that constitute “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation (collectively herein referred to as “forward-looking information”). Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Enduro’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this document includes statements, but is not limited to results, analyses and interpretations of exploration and drilling programs; our grassroots exploration program, our mining (including mining methods), expansion, exploration and development activities, geological and mineralization interpretations and the plans, results, costs, and timing thereof. Although Enduro believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions the effect of a pandemic and particularly the COVID-19 outbreak as a global pandemic on the Company’s business, financial condition and results of operations and the impact of the COVID-19 outbreak on our workforce, suppliers and other essential resources and what effect those impacts, if they occur, would have on our business, financial condition and results of operations; assumptions regarding expected capital costs, operating costs and expenditures, production schedules, economic returns and other projections; ; adverse industry events; future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of Enduro to implement its business strategies; competition; and other assumptions, risks and uncertainties.
This list is not exhaustive of the factors that may affect any of our forward-looking information. Although we have attempted to identify important factors that could cause actual results, actions, events, conditions, performance, or achievements to differ materially from those contained in forward-looking information, there may be other factors that cause results, actions, events, conditions, performance, or achievements to differ from those anticipated, estimated or intended.
The forward-looking information contained in this news release represents the expectations of the company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
For US Investors
Enduro Metals cautions that this release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Information included in this media release have been prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (SEC) and information contained herein may not be comparable to similar information disclosed by U.S. companies.