Kelowna, British Columbia--(Newsfile Corp. - August 21, 2024) - Enduro Metals Corporation (TSXV: ENDR) (OTCQB: ENDMF) (FSE: SOG0) ("Enduro Metals" or the "Company") is pleased to provide an update on its 2024 summer exploration program on its 100% owned Newmont Lake Project.
The Company's 2024 exploration program will focus on two key objectives:
Oriented-core diamond drilling at McLymont to test the structural controls on gold-bearing quartz-carbonate veins that carry the highest-grade gold and copper material drilled to-date in the area.
Further exploration of copper-gold porphyry targets along the Copper-Line, particularly at North Toe (see Enduro news release November 29th, 2023).
McLymont Fault
The McLymont Fault will be the primary focus of the Company's exploration efforts in 2024. The greater than 20km long geological feature is prospective for high-grade gold and porphyry deposits of varying styles. Last December, Seabridge Gold discovered the upper part of a new porphyry with intermediate sulfidation epithermal mineralization at the southwest end of the McLymont corridor, highlighted by 277m of 0.80 g/t Au near the Enduro/Seabridge Gold property boundary (See Seabridge Gold news release December 14th, 2023).
Cole Evans, CEO of Enduro Metals commented, "There are multiple styles of gold mineralization along the McLymont Fault, and our technical team, supported by third party review, has developed a new structural interpretation we believe may be the most important control for gold mineralization that will lend to building a high-grade gold and copper resource at McLymont.
Drilling will be conducted in the opposite direction compared to historical work using precise, oriented-core diamond drilling methods. The objectives are to first test areas near zones of known gold mineralization and correlate sub-surface structures with those mapped on surface. This will be followed by down-dip drill testing of these zones in areas previously never drilled. The aim of the program is to help us understand the pathways gold has moved through at McLymont which is characterized by a >3km surface gold anomaly with similar geological characteristics to Cominco's past-producing Snip Mine located 20km to the southwest along the McLymont structural corridor."
Figure 1:Cross-section of Pad 1 with 2 holes striking 120 degrees and dipping -45 and -75 into interpreted, NW-dipping mineralized structures. Holes are planned to an estimated total length of 300m.
Most historic drilling on the Newmont Lake property was done on the McLymont Fault. The main target was the NW Zone which has a historic mineral estimate based on 16,992m of diamond drilling completed between 1987-1990 by Gulf Minerals.
Three different gold mineralization styles have been identified within the McLymont Fault: i) skarn, ii) epithermal, and iii) porphyry-like mineralization. Enduro's geological model has high-grade gold skarn near-surface, with gold being fed by underlying high-grade epithermal feeder veins sourced from an ultimate porphyry source.
Highlights of recent drilling completed by the Company on the McLymont Fault include:
Hole NW20-09 which intercepted 10.03g/t Au, 2.31g/t Ag and 0.36% Cu over 28.34m, including 31.09g/t Au, 6.54g/t Ag and 1.07% Cu over 8.85m;
Hole NW20-01 which intercepted 19.44g/t Au, 25.29g/t Ag and 1.32% Cu over 2.12m; and
Hole NW19-12 which intercepted 1.10g/t Au, 1.15g/t Ag and 0.09% Cu over 188.00m, including 4.04g/t Au, 4.06g/t Ag and 0.29% Cu over 44.13m.
A table of significant assay results from drilling on the project prior to its acquisition by the Company is set out in Annex 1.
The 2024 program is designed to explore gold bearing structures intersecting lithology previously thought to be the primary ore control. The structural interpretation is based on a third-party review of mineralization at the NW Zone. The analysis included orientated drill core and structural mapping undertaken during the summer of 2023. 2024's program will combine relogging of historic drill core, detailed surface mapping, and a highly targeted drill program to identify structures hosting the chalcopyrite-pyrite bearing quartz-carbonate veins with the highest gold grades in the known mineralization. The drill program is planned to be up to 2,000m of orientated diamond drilling from 2 drill pads.
Enduro will also continue to explore and advance other Copper-Gold porphyry targets across the wider Newmont Lake property. The main targets include North Toe / Big Toe along the Copper-Line (see Enduro news release May 24th, 2023). A combination of geophysics, bedrock sampling, channel sampling, and mapping will be used to enhance our understanding of these areas and develop drill targets for future exploration campaigns.
The North Toe target is a newly exposed zone uncovered by recent glacial retreat. Geological prospecting in 2022 identified an area of quartz-chalcopyrite stockwork veining and encouraging porphyry-style alteration typical of alkalic copper-gold porphyry systems showing zones of potassic alteration in association with quartz-magnetite-chalcopyrite+/-bornite stockwork veining on surface.
Surface rock chip samples collected in 2022 from the target returned grades of up to 4.08% Cu and 57.83 g/t Au over an area of 2.5km. In 2023, detailed mapping was completed to identify the host intrusion and identify structural controls on mineralization. Rock samples from this campaign returned up to 0.78% copper and 0.21g/t gold. Additionally, 240-line km of drone magnetics were flown over the target with data emphasizing the structural importance of the area. North Toe is of comparable scale, and along strike of the Burgundy system with an ideal location for development, at low elevation and only 17.6km up valley from the Galore Creek Mine Road.
Figure 3:Plan view map of detailed mapping area highlighting planned channel sample over mineralized monzonite networks where samples assayed B0017861: 0.31% Cu, 0.64 ppm Au, and B0017858; 0.78% Cu, 0.21 ppm Au.
Personnel will begin mobilization to Newmont Lake imminently and further information will be provided as groundwork begins.
The Company also wishes to advise that Deborah Cotter has resigned as Company Secretary of the Company. The role of Company Secretary will be assumed by Malcolm Davidson, the Company's Chief Financial Officer. The Board wishes to thank Ms Cotter for her services to the Company and wishes her the best in her future endeavours.
About Enduro Metals
Enduro Metals is an exploration company focused on its Newmont Lake Project; a total 688km2 property located between Eskay Creek, Snip, and Galore Creek within the heart of British Columbia's Golden Triangle. Building on prior results, the Company's geological team have outlined multiple 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, newly discovered copper-gold porphyry mineralization at North Toe, and a large 10km 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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Forward-Looking Statements
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.
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.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Annex 1: Significant Historic Drill Results Completed on the McLymont Gold Project Prior to the Acquisition of the Newmont Lake Property by the Company
