Endurance Gold increases size of Reliance Gold Project

Endurance Gold (EDG.V) has entered into an option agreement to acquire full ownership in ten claims bordering the eastern section of Endurance’s flagship Reliance gold project. The Sanchez claims increase the size of the project to 3,250 hectares and can be acquired at advantageous terms. An initial cash payment of C$10,000 is required to be paid by the end of January 2023 while Endurance Gold will have to issue a total of 300,000 shares by the end of 2025 (an initial 40,000 shares are payable upon the acceptance of the transaction by the TSX Venture Exchange).

Meanwhile, Endurance Gold successfully closed a private placement for total proceeds of C$2M. A total of 4.86 million units were issued at C$0.42 with each unit consisting of one common share and half a warrant with each full warrant allowing the warrant holder to acquire an additional share at C$0.55 during a two year period.

Additionally, Endurance Gold released the assay results from six diamond drill holes from the Eagle area on the Reliance project. These holes were drilled as part of the 71 hole drill program completed at Reliance this year (with just under 8,300 meters of diamond drilling and just over 2,400 meters of RC drilling completed). The bullet points in the Endurance Gold press release contain the most important information.

The assay results of an additional 16 diamond drill holes are still pending so we expect to see more assay results in the coming weeks although the company seems to expect the final drill results may only be available for publication in 2023.

Disclosure: The author has no position in Endurance Gold. Please read our disclaimer.

tsx
tsx venture
gold
diamond