Endurance Gold doubles the size of the Reliance Gold property in British Columbia | Techno Glob


Vancouver, British Columbia–(Newsfile Corp. – May 2, 2022) – Endurance Gold Society (TSXV: EDG) (OTC Pink: ENDGF) (FSE: 3EG) (there “Company) is pleased to announce that it has acquired an option to acquire 100% ownership in the former Minto Gold Mine, Olympic and Kelvin Gold Prospects contained within a parcel of Crown Grants and Claims mining (the “Olympic claims“). The Olympic Claims are located immediately adjacent to and contiguous to the Reliance Gold Property previously owned by the Company (the “Dependency property“) in southern British Columbia. The expanded, road-accessible Reliance property, including the Olympic claims, is located 4 kilometers away (“kilometers“) east of the village of Gold Bridge, and 10 km north of the historic Bralorne-Pioneer gold mining camp which produced over 4 million ounces of gold.

Transaction highlights include:

  • More than doubles the size of the Reliance property and adds a portfolio of relatively underexplored orogenic gold prospects that have not been evaluated with modern exploration methods.
  • Offers excellent potential for further exploration without distracting from the Company’s priority of advancing Eagle area discoveries along the Royal Shear Trend on the Reliance property.
  • Provides the owner of the Olympic claims with the ability to unlock unrealized value from the Olympic claims, participate in potential future exploration success on the combined Reliance property, and an option to equity finance any success at a fixed price.
  • Acquisition of 100% ownership with the option for the Company to purchase the entire retained royalty.
  • The location map of the Olympic concessions and Reliance property is attached below and on the company’s website.

The Olympic claims are owned by Avino Silver & Gold Mines Ltd. (“Avino“) and are located on the north and south shores of BC Hydro’s Carpenter Lake Reservoir in the Bridge River Valley, east of the Royal Shear Trend and the Company’s current drilling axis. The Acquisition year-round road access increases the size of the Reliance Reservoir Property by approximately 2,475 hectares, more than double the mineral rights controlled by the Company.

The Olympic claims are underpinned by orogenic-type “epizonal” gold targets that include the former producing Minto mine, which produced 17,500 ounces of gold at an average grade of 6.3 grams per tonne (“gpt“) pre-World War II gold. In addition, there are eleven government-documented historic mineral occurrences on the Olympic claims, which include the Minto North, Dauntless, Kelvin, and Olympic gold prospects, many of which have also been explored with small underground workings before the Second World War These prospects are associated with regional-scale structural deformation and/or iron carbonate weathering with analogies to the Company’s recent discoveries in the Eagle and Imperial zones, but on subparallel regional structures.

As examples of the gold potential of the Olympic Claims, in 2005 Avino returned 14.76 gpt gold over 9.0 meters (“m“) (estimated true width 4.5 m) from trenching chip samples on the Minto North target. At the Olympic target, the 1988 drilling would have intersected 8.2 gpt gold over 3.48 As part of the option, the company intends to initiate a 2022-stage systematic biogeochemical and soil sampling exploration program to help prioritize targets for future work.

Under the terms of the letter of agreement with Avino, the Company may acquire a 100% interest in the Olympic claims for:

  • A total cash consideration of an aggregate amount of $100,000;
  • the allocation and issuance of a maximum of 1,500,000 ordinary shares (‘Shares‘) the company; and
  • exploration expenses totaling $300,000.
  • all of which must be committed before December 31, 2024.

Upon acquiring its stake, the Olympic Concessions will be subject to a 2% net smelter return royalty (“NSR“), of which 1% NSR can be purchased by the Company for $750,000 and the remaining balance of NSR can be purchased for $1,000,000.

As part of the ultimate obligation to earn its stake, the Company agreed to grant Avino 750,000 equity warrants (“Mandates“) by December 31, 2024 which offer Avino the option to purchase additional shares of the Company for a period of three years from the date of issue. The exercise price of the BSAs will be set with a 25% premium to the 20-day price VWAP share price on the date of issuance During the option, if the Company succeeds in defining a Compliant Mineral Resource of at least 500,000 gold equivalent ounces on the Olympic concessions, the Company will then be required to pay Avino a discovery bonus of $1,000,000.

The Option Agreement is subject to acceptance by the TSX Venture Exchange, and any shares or warrants to be issued will be subject to a four month hold period upon issuance in accordance with the policies of the Venture Exchange. TSX.

Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits.

ENDURANCE GOLD SOCIETY

Robert T. Boyd, President and CEO

FOR MORE INFORMATION PLEASE CONTACT
Endurance Gold Society www.endurancegold.com
Free: (877) 624 2237, This email address is protected from spam. You need JavaScript enabled to view it.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release. This press release may contain forward-looking statements based on management’s assumptions and judgments regarding future events or results that may prove to be incorrect due to factors beyond its control, and actual results may differ materially from results. expected.

Junior mining networkThe Reliance Property BC – Location of the Olympic Claims and the Original Reliance Option



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