May 13th, 2021, Kelowna, British Columbia – Enduro Metals Corporation (TSXV: ENDR OTCQB: ENDMF FSE: SOG-FF) (“Enduro Metals” or the “Company”) is pleased to report assay results from 4,516m drilled in 17 diamond drill holes completed along the McLymont Fault during the 2020 exploration program at Newmont Lake. The McLymont Fault is 1 of 4 major systems within the Company’s 638 square kilometre Newmont Lake Project situated in the heart of BC’s prolific Golden Triangle.
- All 17 drill holes completed along a 4.5km-long continuum intersected gold mineralization of varying styles and significance, including 2 types of skarns, intrusion related veins, and hypogene porphyry mineralization.
- NW20-13, the final drill hole of the 2020 exploration program intersected intrusion-hosted hypogene porphyry mineralization along the McLymont Fault for the first time. This information is critical to the Company’s theory of an undiscovered porphyry camp at Newmont Lake (see Figures 5 & 6).
- NW20-10 intersected a 25m wide vein swarm approximately 55m west of the 24m wide vein swarm discovery in NW20-09 (see October 21st, 2020), now referred to as the Troy Veins. Individual samples in the new vein intersections are as high as 20.30 g/t gold, 11.21 g/t silver, and 1.84% copper over 0.65m at 180.66m downhole.
- Metallic screen analysis targeting selective gold mineralization saw up to 70% increases in individual gold assays, including NW20-03 previously reported as 20.75 g/t Au over 1.00m is now 34.50 g/t Au over 1.00m at 55m downhole.
- The Company is fully funded for a follow-up drill program in 2021 set to begin in June/July. More information on the 2021 exploration program and further interpretations will be available shortly.
Figure 1: Simplified geological model of the McLymont area. Note the image is not to scale. NW Zone, NE Extension, Troy, Lower Gold Zone, and Feeder have all been intersected in drilling. The porphyry target, lower skarn target, and Goldfish have not been drill-tested.
Highlight drill results from 2020 exploration program include:
- 28.34m of 10.48 g/t Au, 2.31 g/t Ag, and 0.36% Cu @ 144.12m in Troy Veins.
- Including 8.85m of 32.52 g/t Au, 6.54 g/t Ag, and 1.07% Cu @ 160m.
- 4.85m of 10.35 g/t Au, 15.93 g/t Ag, and 0.73% Cu @ 68m in NW Skarn.
- 103.30m of 0.90 g/t AuEq @ 15.54m in NW Skarn and Lower Gold Zone.
- Including 1.00m of 35.12 g/t AuEq.
- 138.62m of 0.82 g/t AuEq @ 115.60m in NE Ext. Skarn and Lower Gold Zone.
- Including 33.57m of 2.47 g/t AuEq @119.83m in NE Ext. Skarn.
- 22.23m of 2.20 g/t AuEq @ 18.83m in Ken Zone Skarn.
- Including 10.84m of 4.06 g/t AuEq @ 21.64m.
- 156.12m of 1.89 g/t AuEq @ 6.86m from fully sampled R-07-09 in NW Skarn and Lower Gold Zone.
- Including 86.29m of 3.27 g/t AuEq @ 6.86m.
- 144.00m of 3.30 g/t AuEq (uncut) @ 9.51m from fully sampled R-08-07 in NW Skarn and Lower Gold Zone.
- Including 55.70m of 7.72 g/t AuEq (uncut) @ 20m.
- Including 0.49m of 759.40 g/t AuEq @ 25.25m.
Cole Evans, President/CEO of Enduro Metals commented, “Despite initial setbacks, 2020 was a transformative year for Enduro Metals, putting the Company in a great position heading into the 2021 exploration season. What is most important is we feel we have a strong understanding of the geological story at Newmont Lake, allowing us to build off our success from 2020 and narrow our focus to copper-gold porphyry systems. This is what we feel is the ultimate prize at Newmont Lake, and we are now well-positioned scientifically to make that push.
Enduro’s 2021 exploration program will start next month. More information will be released in the coming weeks with details on 2021 plans and other geological interpretations/developments. We know where we need to go, what we need to do, and we have the money to do it. I am very much looking forward to getting in the field and making it happen.”
Figure 2: Stereoscopic image of fine-grained gold observed in the Lower Gold Zone approximately 100m below the NW Zone and NE Extension skarns. The Lower Gold Zone is hypothesized to be the top/side of a larger porphyry system (see Figure 1).
Table 1: Drilling results from all 17 drill holes completed in the McLymont Fault area listed in numerical order.
Metal prices used in AuEq calculations are as follows: Gold $1650/oz, Silver $19.50/oz, Copper $3.25/lb. The AuEq formula used for calculations is: AuEq g/t = (Au ppm * 100%) + (((Ag ppm * 0.63) * 100%) / 53.21) + (((Cu ppm * 0.007165029) * 100%) / 53.21) True widths are unknown as the mineralized body remains open and requires further drilling. Recoveries are assumed to be 100% for the purposes of equivalent calculations.
Figure 3: Plan view map of drilling along the McLymont Fault. Note most historic drilling was completed between 1987-1990 by a previous operator.
Figure 4: Plan view map of drilling and mapping in the Ken-Glacier area.
Figure 5: Disseminated pyrite with trace chalcopyrite within a K-feldspar altered monzodioritic intrusion encountered at 440m downhole in NW20-13. The intrusion and related breccia assayed 33.37m of 0.40 g/t Au with sporadically elevated copper values.
Figure 6: Hydrothermal brecciation immediately adjacent to the K-feldspar altered monzodioritic intrusion encountered in NW20-13. The intrusion and related breccia assayed 33.37m of 0.40 g/t Au with sporadically elevated copper values.
Table 2: Metallic Screen breakdown from NW20-09 the Troy Veins discovery hole. Note overlimit Au (-) Fraction from the 231.9 g/t Au samples were 191.2 g/t Au and 191.4 g/t Au on overlimit analysis, respectively.
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 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 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 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 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.