Endurance Gold increases the size of the Reliance Gold project, in British Columbia | Techno Glob

Vancouver, British Columbia–(Newsfile Corp. – October 25, 2022) – Endurance Gold Society (TSXV:EDG) (OTC ROSE:ENDGF) (FSE:3EG) (there “Company) is pleased to announce that it has acquired an option allowing it to acquire 100% ownership in the Sanchez group of ten mining concessions totaling 856 hectares (the “Sanchez claims“). The Sanchez Claims abut the eastern boundary of the Company’s Reliance Gold Project in southern British Columbia, where the Company currently focuses its diamond drilling activities. The Reliance Gold Project 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:

  • The Reliance Gold Project now consists of three option agreements (Sanchez, Olympic and Reliance) in which the Company earns 100% interest. An updated location map is attached below and available on the Company’s website.
  • Acquisition of 100% mining concessions through a modest transaction with no underlying royalty.
  • Increases the size of the Reliance Gold project to 3,250 hectares. The Company now controls approximately eight (8) km of mineral claims along the Upper Bridge River Valley with year-round road access.
  • Adds an underexplored orogenic gold prospect that has not been evaluated with modern exploration methods and provides potential for gold mineralized structure extensions on the Olympic Option.
  • Preliminary field examination of the Sanchez concessions identified ankerite-altered shear zones recently exposed by ongoing logging activity. The shear zones are potentially analogous to the Royal Shear Trend where the Company’s priority is to advance the Eagle Zone discoveries.

Pursuant to the letter of agreement with the private seller, the Company may acquire a 100% interest in the Sanchez claims for:

  • a total cash consideration in the aggregate amount of $10,000 before January 31, 2023, of which $5,000 payable upon acceptance by the TSX Venture Exchange;
  • the allocation and issuance of a total of 300,000 ordinary shares (‘Shares‘) of the Company by December 31, 2025, with 40,000 Shares payable upon acceptance on the TSX Venture Exchange;
  • no fees to pay; and
  • upon acquiring his interest, Sanchez’s claims shall be free and clear of all continuing obligations.

Any shares to be issued will be subject to a four month hold period upon issuance in accordance with the policies of the TSX Venture Exchange.

The most significant known gold prospect on the Sanchez Claims is the Bill Miner Prospect with two short historic pre-war drifts from which grab samples taken in 1988 returned up to 9.4 grams per tonne of gold. In addition, recent logging activities have opened up new ankerite altered zones associated with structural deformations. This background is similar to the Company’s recent discoveries in the Eagle and Imperial zones on the Royal Shear Trend.

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.

Robert T. Boyd, President and CEO

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.

The Reliance Project BC – Location of the Sanchez claims in relation to the Olympic and Reliance optionsJunior mining network

Source link