June 10th, 2021, Kelowna, British Columbia – Enduro Metals Corporation (TSXV: ENDR OTCQB: ENDMF FSE: SOG-FF) (“Enduro Metals” or the “Company”) is pleased to report initial results from a Platinum Group Element (“PGE”) analysis. The first batch of results has identified the presence of significant palladium in drill core selected from the Burgundy/72’ system. This area is 1 of 4 major systems within the Company’s 654 square kilometre Newmont Lake Project situated in the heart of BC’s prolific Golden Triangle.
Additionally, the Company is pleased to advise it has engaged Dr. Alan Wilson, one of the world’s foremost experts on alkalic copper-gold porphyry deposits through GeoAqua Consultants Ltd., to provide technical expertise to the Newmont Lake Project.
- Diamond Drill Hole ST19-06 intersected 22.28m of 0.89% copper, 0.71 g/t gold, 0.26 g/t palladium, and 6.65 g/t silver starting at 228m downhole (see News Release dated October 9th, 2019). Individual samples are as high as 1.29 g/t palladium over 1.9m.
- A limited number of samples were taken over a 22.28m interval and an expanded PGE analysis of drill core is now underway.
- The blind drill target was uncovered using advanced hyperspectral technology and analysis.
- Alan Wilson is widely considered to be among the world’s foremost experts in alkalic porphyry deposits and will be at Newmont Lake for a portion of the 2021 exploration program.
- Palladium is the most valuable of the four major precious metals worldwide (currently $2,835 USD per ounce). It is a distinct characteristic of mines/deposits in British Columbia including Galore Creek, Mt. Milligan, Mt. Polley, New Afton/Afton, and Ajax.
About Dr. Alan Wilson:
Dr. Alan Wilson is an economic geologist with three decades of experience in the exploration of base and precious metal deposits globally, as well as extensive commercial and strategic experience in deal structures for mineral projects globally. Dr. Wilson has worked for several of the world’s largest mining companies over his career including International Exploration Manager of Grupo Antofagasta Minerals, Copper Commodity Leader for Anglo American, District Geologist for Newcrest Mining, Senior Geologist for Billiton, and Senior Geologist for Rio Tinto.
Dr. Wilson obtained his PhD in Economic Geology at the University of Tasmania, Australia in 2003, completing the first detailed geological and genetic study of the then-recently discovered Cadia alkalic gold-copper porphyry deposits in Australia. His widely published work at Cadia, and subsequent exploration and technical evaluations of alkalic porphyry systems worldwide has established Alan as a recognised technical and exploration expert in alkalic porphyry deposits. Alan is a Fellow of the Society of Economic Geologists and a Fellow of the Geological Society of London, through which he holds Chartered Geologist accreditation.
Figure 1: Merged Total Magnetic Intensity (“TMI”) data across the Newmont Lake Property shows multiple areas of interest for alkalic porphyry mineralization confirmed by boots-on-ground exploration and drilling. Large magnetic anomalies are indicative of plutons potentially capable of forming large alkalic copper-gold porphyry deposits.
Cole Evans, CEO of Enduro Metals commented, “We are excited to have Dr. Wilson at Newmont Lake this season to work with our technical team on refining drill targets at a number of our prospects. His expertise in alkalic copper-gold porphyry deposits will be invaluable as we look to expand on our results to date in multiple areas of copper-gold interest.
Due to their size, grade, and rarity, alkalic porphyry deposits are arguably amongst the most sought after and difficult to find deposit types in the world. Traditionally, efforts to identify and delineate PGE’s in alkalic systems is not widely implemented, but research by the geological community is advancing our understanding on how these deposits may also represent a substantial secondary inventory of PGE resources worldwide, and it is important we integrate this knowledge into our exploration efforts moving forward.
From our very limited PGE sampling to date, I am encouraged that Pd/Au and Pd/Pt ratios are comparable to other silica-undersaturated deposits in the Canadian Cordillera, including our neighbour Galore Creek. The geochronological work completed by UBC Okanagan earlier this year (see News Release dated January 18th, 2021) suggests the Burgundy/72’ system to be coeval to Galore Creek and our boots-on-the-ground exploration work suggests the system is also comparable in geometry, rock composition, alteration, and mineralization.
It should be noted PGE concentrations are not always correlated with high concentrations of copper and gold, suggesting we could see areas of higher PGE concentrations with more exploration and analysis.”
A combination of current market conditions, and scientific advancements by the geological community (latest Hanley et., al. 2020) aimed to further the understanding and development of PGE’s in several alkalic porphyry deposits globally has made palladium a precious metal of secondary interest in alkalic copper-gold porphyry deposits.
In response, a small-scale analysis was undertaken to determine whether hypogene mineralization intersected at Burgundy/72’ contained notable PGE content, as represented by the analytical results. Given the positive results of the small-scale test, further PGE analysis is underway on 2019 drill core from the Company’s “first-pass” drill program at Burgundy/72’ to determine the extent of palladium mineralization.
Table 1: Initial assay results from limited PGE analysis of drill core at the 72’ zone at Burgundy.
Figure 2: World map showing Cu-Au porphyry deposits known to be PGE enriched or have distinct PGE mineral phases, and the Newmont Lake Project’s location (modified from Hanley et al., 2020; Economou–Eliopoulos, 2005).
Figure 3: Precious metal ratios for selected PGE-enriched porphyry deposits categorized as Canadian or Global with preliminary Pd/Au – Pd/Pt ratios from limited sampling/drilling completed to date in the Burgundy/72’ system (modified after Hanley et. al., 2020). Burgundy/72’ is thought to be a silica-undersaturated alkalic system with similarities to Galore Creek and Mt. Polley. Note the generally high Pd/Pt ratio of deposits in British Columbia relative to other global deposits.
Figure 4: Stockwork and disseminated chalcopyrite-bornite associated with secondary K-feldspar, hematite, and “shreddy” biotite typical of a potassic alteration assemblage.
Economou-Eliopoulos, M. (2005). Platinum-group element potential of porphyry deposits. In J. Mungall (Ed.), Exploration for platinum-group elements deposits (pp. 203–246). Mineralogical Association of Canada Short Course Series 35. Quebec City, QC: Mineralogical Association of Canada.
Hanley, J., Kerr, M., LeFort, D., Warren, M., MacKenzie, M., & Sedge, C. (2020). Enrichment of platinum-group elements (PGE) in alkalic porphyry Cu-Au deposits in the Canadian Cordillera: New insights from mineralogical and fluid inclusion studies. Porphyry Deposits of the Northwestern Cordillera of North America: A 25-Year Update, Special Volume 57 p 88-109, Montreal, QC: Canadian Institute of Mining, Metallurgy, & Petroleum.
QAQC / Analytical Procedures
Core samples from the Newmont Lake Project were sent to MSALABS’ 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 MSALABS’ 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 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 652km2 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
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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. Platinum Group Element finds are limited, and further analysis will be required to determine any economic significance. 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.