September 30th, 2020, Kelowna, British Columbia – Enduro Metals Corporation (TSXV: ENDR OTC: SIOCF FSE: SOG-FF) (“Enduro Metals” or the “Company”) is pleased to provide a progress update on the ongoing 2020 exploration and drilling campaign at the Company’s Newmont Lake Project, in the heart of northwestern British Columbia’s Golden Triangle.
Exploration Work Completed in 2020 up to September 28th includes:
- 3,656 metres of diamond drilling
- 304 core samples sent in for assay from historic unsampled drill core
- 252 rock samples sent in for assay
- 784 soil samples sent in for assay
- 15 metres of channel sampling
- 9 line-km’s of induced polarization (IP) geophysical survey completed
- >2,500 hyperspectral recordings
- 4km sq. of detailed 1:2000 geological mapping around priority target areas
- Staking and acquisition of an additional 3,811 hectares of mineral claims
Cole Evans, President & CEO of Enduro Metals commented, “Unpredictable weather made for a dynamic start to the exploration season. Our field teams have done a tremendous job keeping the field program on schedule, and after my recent visit to the project, I am happy to report all exploration activities including diamond drilling are ongoing. Productivity has been increasing as we move deeper into the exploration season.
The technical team has collected critical oriented core data for the first time in the McLymont area, enabling us to better understand controls on various gold mineralization styles and increasing confidence in our targeting strategies. Drilling will continue into October where productivity is expected to remain high with favourable weather conditions.
Longer than anticipated assay result delivery periods are posing a short-term challenge for the Company and is expected to be an industry-wide challenge resulting from the sudden exploration frenzy across Western Canada. Fortunately, Enduro has onsite state of the art elemental geochemistry and hyperspectral technologies that enhance our abilities to make same day technical decisions. Drill holes are being sent for analysis as they are completed, and we will begin providing results in batches as they become available.
The Chachi Corridor continues to be a high-priority area of interest that was recently expanded by 3,811 hectares of new staking and claim acquisition on the northeastern boundary. Our field teams have completed further IP geophysical surveying in the corridor targeting localities of high-grade silver, zinc, copper, and lead mineralization, along with other boots on the ground exploration techniques. 3D inversion geophysical modelling is underway to aid in solidifying the first-ever drilling targets in the area.”
The following is a summary of completed and/or on-going exploration objectives listed by area of interest for the Newmont Lake Project:
McLymont Fault – High-Grade Gold, Silver, & Copper
- Diamond drilling commenced along the McLymont Fault on August 14th, 2020. A total of 11 planned diamond drill holes totaling 3,266m have been completed to September 28th within the major gold-bearing system focused on the NW Zone and the NE Extension. Drilling is ongoing in this area.
- Diamond drill core processing is still underway, and all assay results are pending from the 2020 diamond drill holes, as well as newly sampled historic diamond drill holes.
- Approximately 6.7 line-km of induced polarization (IP) ground geophysics has recently been completed along the McLymont Fault and geophysical inversion modelling is underway.
- Approximately 2,000 geological stations (locations) with corresponding lithology, alteration, veining, mineralization, and hyperspectral readings have been collected over the McLymont Fault and greater area of interest.
- 1:2000 scale detailed geological mapping has been completed over the NW Zone and the NE Extension.
Figure 1: Plan map of new 2020 Enduro Metals’ diamond drilling sites at the NW Zone and NE Extension, Newmont Lake Project in British Columbia.
The NW Zone and NE Extension are described as a high-grade Au-Ag-Cu system represented by three separate mineralization styles. A massive to semi-massive sulphide carbonate replacement style (skarn), a high-grade epithermal quartz-carbonate +/- pyrite +/- chalcopyrite vein style with selective examples of ultra-high-grade coarse visible gold, and broad Au-Cu mineralization represented by disseminated and vein hosted pyrite +/- chalcopyrite within deeper felsic volcanic packages that lay beneath the upper high-grade portions of the historic resource area and beyond.
Ken Zone – High-Grade Gold, Silver & Copper
- Drilling at the Ken Zone commenced on September 16th, 2020. A total of 4 diamond drill holes (402 m) have been completed to date at the Ken Zone.
- Diamond drill core processing is still underway, and all assay results are still pending from all 2020 diamond drill holes at the Ken Zone.
- 1:2000 scale detailed geological mapping has been completed over the entire high-grade Ken Zone target area.
- Approximately 500 geological stations (locations) with corresponding lithology, alteration, veining, mineralization, and hyperspectral readings have been collected potentially linking the Ken Zone to the NW Zone and NE Extension.
- 15 metres of channel sampling, approximately 800 metres from the Ken Zone, has been completed.
The Ken Zone is located approximately 3 km north of the NW Zone. It is a high-grade Au-Ag-Cu system described by two primary mineralization styles to date. The first style is massive magnetite-chalcopyrite carbonate replacement with the second, a high-grade epithermal quartz-carbonate +/- pyrite +/- chalcopyrite vein system. A 2018 chip sample across high-grade quartz-carbonate-chalcopyrite veins within the magnetite skarn assayed 0.5 m of 11.5% Cu, 30.3 g/t Au, 135 g/t Ag, and 635 ppm Co.
Figure 2: Plan map showing 2020 Enduro Metals’ diamond drill hole sites at the Ken Zone, Newmont Lake Project in British Columbia.
Chachi Corridor – Multi-Element Hydrothermal System
The Chachi Corridor continues to be a key focus area of further geochemical and geophysical work in 2020 following up on grassroot findings from the 2019 exploration season of high-grade gold, silver, copper, lead, zinc, nickel and cobalt occurrences over the 10km x 4km area of interest referred to as the Chachi Corridor. Work in 2020 to September 28th includes:
- 1:2000 scale detailed geological mapping has been completed over the target area of the high-grade Ag-Pb-Zn trend.
- Approximately 300 geological stations (locations) with corresponding lithology, alteration, veining, mineralization, and hyperspectral readings have been collected.
- Approximately 9.2 line-km of induced polarization (IP) geophysics has been completed.
- Further soil sampling has been completed to infill gaps along the 6 km Ag-in-soil anomaly.
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 Metals entered into an option agreement to acquire 436km2 from Romios Gold Resources (“Romios Claims”) who has carefully amalgamated the area since 2005 from a number of smaller operators. Remaining terms on the option agreement are a $1,000,000 CAD cash payment, and issuance of 8 million common shares of Enduro Metals to Romios Gold Resources. Romios will retain a 2% Net Smelter Returns Royalty (NSR) on the Newmont Lake Project, or on any after acquired claims within a 5 km radius of the Romios Claims 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 20.258km2 is owned 100% by Enduro Metals and was acquired via staking. Building on prior results, the company’s geological team made several significant discoveries during its initial exploration program in 2019. Diamond drilling in 2019 at the NW Zone demonstrated that the historic gold resource remains open laterally and to depth., Work in 2020 is seeking to further extend the known gold deposit and to investigate th elarge-scale discovery potential of multiple targets and deposit types. A gold-rich copper porphyry outlined on the Burgundy Trend has striking similarities to large-scale deposits in the region, including the Red Chris deposit for which Newcrest last year paid US$807 million for a 70% interest. Chachi, a newly discovered area, generated high-grade samples of gold, silver, lead, zinc, nickel, and cobalt over a 9km x 4km area with associated geophysical responses.
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
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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 expected use of proceeds of the Offering 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.