October 21st, 2020, Kelowna, British Columbia – Enduro Metals Corporation (TSXV: ENDR OTC: SIOCF FSE: SOG-FF) (“Enduro” or the “Company”) is pleased to report its first-received drilling results from 2020’s exploration campaign. This initial result is from the NE Extension Zone along the McLymont Fault of the Company’s Newmont Lake Project, located in the heart of northwestern British Columbia’s Golden Triangle. The McLymont Fault is one of four target areas on the 638 km2 Newmont Lake Project.
Drill hole NW20-09 intersected 31.09 g/t Au, and 1.07% Cu over 8.85 metres starting at 159.88m downhole, including 225.30 g/t Au, and 4.90% Cu over 0.59 metres at 162.45m downhole. Mineralization was identified over a broader interval of 10.03 g/t Au, and 0.36% Cu over 28.34m starting at 144.12m with 8 individual samples containing >15 g/t Au.
Table 1: Intervals have been reported as core length as insufficient drilling has been undertaken to determine true widths of the interval at this time. The 28.34m interval was fully sampled and all uncut assays were included in the 10.03 g/t Au average.
The intersect is approximately 170m northeast of the historic NW Zone along the McLymont Fault, a 160m step-out from previously reported diamond drill hole NW19-12 which intersected 44.13m of 4.03 g/t Au and 0.29% Cu (see Enduro July 28th, 2020) and is 285m step-out from previously reported diamond drill hole R-08-07’s 144m of 3.18 g/t Au (see Enduro July 28th, 2020). Mineralization is associated with a swarm of quartz-carbonate veining with distinct euhedral quartz textures containing semi-massive pyrite-chalcopyrite. Fine disseminations of visible gold are common in the vein cement.
NW20-09 was a “rushed assay” drill hole selected due to the volume of visible gold observed while drilling. This is the 1st of 17 drill holes to be reported within the McLymont area during the Company’s 2020 exploration program at Newmont Lake. Additional assay results will be released as they become available. Drilling crews have demobilized for the winter season, and plans are developing for winter infrastructure and operational improvements.
Cole Evans, President/CEO of Enduro commented, “This discovery within the NE Extension is highly significant because of striking similarities to mineralization at the Snip deposit located ~20km SW directly along the regional trend. Further, mineralization in NW20-09 is distinctly different from the skarn mineralization we see at the NW Zone and elsewhere in the NE Extension. This relates back to our current models of 3 gold mineralization styles and how important these concepts are in understanding the McLymont area. Now that field crews have demobilized, we are focused on amalgamating our work from 2020 to create what we believe will be a revolutionary new way to look at the entire Newmont Lake area that may have greater implications for the Golden Triangle as a whole.”
Figure 1: Semi-massive pyrite-chalcopyrite with fine disseminations of visible gold in NW20-09. Figure 1 & 2 collectively represent 0.59m of 225.30 g/t Au, 25.81 g/t Ag, and 4.90% Cu.
Figure 2: Semi-massive pyrite-chalcopyrite with fine disseminations of visible gold in NW20-09. Figure 1 & 2 collectively represent 0.59m of 225.30 g/t Au, 25.81 g/t Ag, and 4.90% Cu.
Figure 3: Plan view map of 2020 drilling at the NW Zone and the NE Extension along the McLymont Fault, Newmont Lake Project. Historic drilling completed by several previous operators largely between 1987-1990 is shown in grey. A combination of assaying unsampled historic core and historic results were reinterpreted leading to the discovery in NW20-09.
QA/QC 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 Corporation. 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 Corporation, a Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
About Enduro Metals Corporation
Enduro Metals is an exploration company focused on it’s flagship Newmont Lake Project; a total 638km2 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 8 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 202km2 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”. 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 include statements concerning Enduro’s expectations concerning the release of additional assay results, its plans for developing for winter infrastructure and operational improvements, and all other statements that are not statements of historical fact.
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 Covid-19 pandemic; 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.
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.