July 11th, 2022, Kelowna, British Columbia – Enduro Metals Corporation (TSXV: ENDR OTCQB: ENDMF FSE: SOG-FF) (“Enduro Metals” or the “Company”) is pleased to report that it has significantly expanded the known mineralization footprint of its McLymont Fault Gold Zone through its 2021 drilling and geochemical surveying on the Company’s 100%-owned Newmont Lake Project of BC’s Golden Triangle. These results, together with results of historic drilling, outline a gold-mineralized zone extending for more than 5 kms. The McLymont Fault Zone is one of 4 major target areas on the 654km2 property.
Also, the Company will be providing an update about its 2022 Exploration Program Plan shortly which will include the plan to follow-up on the 2021 Burgundy alkalic copper-gold porphyry discovery intersection.
- Drill hole NW21-03 intersected 151m of 0.73 g/t AuEq starting at 124.2m in the NE extension of the McLymont Fault.
- Including 75m of 1.00 g/t AuEq @ 124.2m downhole.
- Hole ended in gold mineralization at 287m.
- Bulk tonnage style gold mineralization has now been drill tested over approximately 400m strike length at the NW Zone and NE Extension.
- Geochemical soil sampling delineated significant gold mineralization along strike of McLymont Fault, increasing the potential footprint from 700m to 5,500m.
- The apparent scale and intensity of the anomaly is comparable to very large bulk-tonnage style gold deposits neighbouring the Newmont Lake Property (ex. KSM, Treaty Creek).
- The sampling may explain the source of the “Boulder Train” which attracted explorers to the area in the 1980’s with historic float samples >100 g/t Au, but the source was never found.
- See Figure 3 for summary of drilling results along McLymont Fault. Publicly accessible drilling database will be made available shortly.
Figure 1: Plan view map illustrating the scale of the McLymont Fault gold system.
Figure 2: Cross-section of NW21-03 in the NE Extension illustrating the location of recent results along the McLymont Fault. It is noted that the location of this intercept does not have a strong surface geochemical signature. This is thought to be due to the plunging nature of the main mineralized body and unmineralized talus covering outcrop. Geological logging/modeling suggests gold mineralization is structurally concentrated along an antiformal fold (overturned?) adjacent to the McLymont Fault, which is thought to be a normal fault which was later overturned.
Figure 3: Longitudinal cross section parallel to the McLymont Fault through the NW Zone and NE Extension displaying select drill holes based on approximate spacing.
The gold/copper mineralization intersected in NW21-03 is approximately 50m northeast of NW20-04 (139m of 0.82 g/t AuEq, including 37.80m of 2.21 g/t AuEq @ 115.6m downhole). Combined with surface mineralization and the broad zones of copper/gold mineralization previously reported from drill holes NW21-01 and NW21-02, the new results confirm continuity of the McLymont gold/copper mineralization for 400 meters along strike to the NE Extension and remains open.
Cole Evans, President/CEO of Enduro commented, “The 2021 drilling and geochemistry has accomplished 2 important things:
1) The drilling expanded bulk-tonnage style gold mineralization NE to approximately 400 meters along the mineralized horizon that remains open, with a second horizon below continuing to emerge.
2) The geochemistry greatly increases the apparent footprint of the McLymont gold mineralization from 700m to a potential strike of 5,500m.
High-grade “Boulder Train” rock samples first found in the late 1980’s brought explorers to this area, but the boulder source was never found. Our data suggests that the source of this anomaly was likely covered by ice and snow. Historic drill hole GSC88-01 was drilled in a small window through the snow in 1988 and intersected 0.6m of 73.40 g/t Au, 12.50 g/t Ag, and 0.13% Cu at a depth of 72 meters. Only 2% of this drill core was assayed at the time. The substantial increase in the size of the mineralized footprint and the evident connection to McLymont suggests that more drilling could lead to significant expansion of the McLymont mineralization.
Figure 4: Long-section and plan-view maps illustrating the extent of glacial and snowfield retreat exposing large areas along the McLymont Fault with comparable geochemical signature as the NW Zone. Very limited drilling data from the 1980’s suggests the presence of a much larger gold system potentially kilometres in scale.
Figure 5: Close up view of mushketovite intergrown with chalcopyrite thought to be associated with gold mineralization in NW21-03. This sample assayed 1.32 g/t Au, 0.52 g/t Ag, and 0.10% Cu over 1.00m at 182m downhole.
Table 1: Spatially highlighted assays to date displayed in Figure 3 in order from left to right. 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.
Historic Mineral Estimate
The historic mineral estimate from within the NW Zone is based on diamond drilling completed between 1987-1990 by Gulf Minerals with an estimate of 1,406,000 tonnes of 5.16 g/t AuEq (4.43 g/t Au, 6.4 g/t Ag, and 0.22% Cu) containing 200,000 oz gold, 291,000 oz silver, and 6,790,000 lbs copper contained within approximately 100m of surface at a “base case” cut-off grade of 2.00 g/t AuEq (see Mineral Resource Estimate on North West Zone, Newmont Lake Property, Romios Gold Resources 2007). 16,992m of diamond drilling were completed between 1987-1990, of which 3,382m was assayed for gold mineralization. The historic resource is considered reliable as it was prepared by experienced resource geologists. The relevance is considered low as the “base case” cut-off grade was derived from $475 USD price per ounce of gold which is materially different from current gold prices. Additional work, including more drilling and sampling, is needed if the historic resource were to be upgraded. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and therefore the Issuer does not treat the historical estimate as current mineral resources or mineral reserves. No mineral reserves are contained in the historical resource estimate.
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. The Qualified Person has not completed sufficient work to verify all historic information on the Property. During a site inspection of the Newmont Lake Project, historic drill core was inspected by the Qualified Person from certain drill holes drilled between 2007- 2008. Core from these select drill holes was confirmed to be complete, and the original collar locations were verified by a Differential Global Positioning System. Measurements at each site confirmed the orientation information for the select historic drill holes which have been part of an on-going analysis program to identify mineralization in the historic drill core which was not previously sampled. The Qualified Person believes that drilling and analytical results were completed by Enduro Metals is up to industry standard practices at the time of completion. Historic drill holes completed prior to 2006 could not be definitively verified due to weathering and degradation of drill core, core boxes, and core/casing collar labels. The information provides information of the exploration potential on the Property but may not be representative of expected mineralization. More drilling is needed to test for mineralization in areas thought to be mineralized based on historic information.
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. 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 & 72 Zones, 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. 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.