Enduro Metals Corporation (TSX-V: ENDR) (OTC: SIOCF) ( FSE: SOG-FF) is pleased to announce the Company has increased its landholdings at its Newmont Lake Project immediately adjacent to the Chachi Corridor; an area identified by the Company in 2019 as an 10km x 4km area of interest as a multi-element, hydrothermal system previously undiscovered.
The Company acquired 100% interest in a total of 3,811 hectares of mineral claims. Enduro self-staked a total of 2,028 hectares while the remaining 1,783 hectares were purchased with cash from Spearmint Resources for $25,000 CAD ($18,970 USD) (subject to final transfer of claims on BC Mineral Titles Online). This increases the total area of the Newmont Lake Project to approximately 638 km2 (total of 63,858 hectares). The newly expanded area has geological similarities to the Chachi Corridor and contains known high-grade copper mineralization on surface at the More East mineral occurrence but has not seen exploration since 1990. To the best of the Company’s knowledge, there is no historic drilling within the newly acquired areas. Claims within the 5km radius of the Romios Claims are subject to the same conditions as the agreement with Enduro & Romios such as the NSR.
Figure 1: Newly acquired mineral claims highlighted in red adjacent to the Newmont Lake Project, NW British Columbia’s Golden Triangle.
Enduro Metals is currently conducting grassroots exploration within the Chachi Corridor and Cuba areas simultaneous to an ongoing diamond drill program targeting high-grade gold mineralization associated with the McLymont Fault approximately 15km to the southwest of the Chachi Corridor. Current exploration at Chachi and Cuba aims to refine high-quality diamond drill targets which will be the first diamond holes drilled in the area.
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 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 afteracquired 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.
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We acknowledge the [financial] support of the Government of Canada.