공지 • Jan 20
Endurance Gold Corporation Reports Inferred Mineral Resource Estimate At Reliance Gold Project
Endurance Gold Corporation announce an inaugural Inferred Mineral Resource Estimate (‘MRE’) of 19.6 million tonnes (‘Mt’) at 2.30 grams per tonne (‘gpt’) Au for 1.45 million ounces (‘Moz’) gold at its 100%-owned Reliance Gold Project (the ‘Project’) located in southwest British Columbia, Canada. Highlights: Inferred Mineral Resource: 19.6 Mt grading 2.30 gpt Au, for 1.45 Moz contained gold (see table 1). High-Quality Mineral Resource: Road accessible in the historic Bridge River Mining Camp with year-round access to existing infrastructure including roads, hydro-electric power, water, and manpower. Near-Surface Inferred Mineral Resource: 15.6 Mt grading 2.23 gpt Au, for 1.12 Moz contained gold reporting to the open pit. Underground Inferred Mineral Resource: 4.0 Mt grading 2.58 gpt Au for 0.33 Moz contained gold. Open to expansion along strike and to depth. Positive Metallurgy: Initial testwork indicates gold recovery to a high-grade marketable gold concentrate. Near-Term Upside Catalysts: Infill drilling within the constraining pit shell to expand and upgrade the near-surface Inferred MRE. Deeper, step-out drilling to expand the underground Inferred MRE. Exploration drilling on untested surface geochemical anomalies along the Royal Shear trend, and on five other gold-bearing structures immediately east of the MRE which include the Olympic targets. Ongoing metallurgy testwork focusing on gold concentrate grade and recovery optimization and antimony recovery. Commencing economic and engineering studies with the goal of completing a Preliminary Economic Assessment (‘PEA’) on this Inferred MRE. The Reliance MRE incorporates the Imperial, Crown, and Eagle Zones within the Royal Shear. The MRE database consists of 11,763 samples collected from 34,850 m of diamond drilling (136 holes), 5,057 m of reverse-circulation (‘RC’) drilling (71 holes), and 1,440 m of surface channel samples. Endurance Gold collected 91.3% of the samples, while previous operators collected 8.7% of the samples. Geology, mineralization and anisotropy modelling were completed in Leapfrog Geo. Validation, database checks, statistics, variography, estimation, and MRE reporting was completed in Maptek Vulcan and GSLIB-type utilities. The Reliance MRE was developed using 1.52 m capped composited assays, and a geology model developed from first principles. The controls on gold mineralization are associated with the regional scale Royal Shear brittle-ductile compressional structural domain with gold estimation limited to the footwall rocks of the steeply dipping Royal Shear fault contact. The footwall and host rocks to the MRE are intensely iron-carbonate and silica-altered mafic volcanics and quartz-carbonate veins deformed as multi-phase cataclastite breccia. Grade estimation was performed using Ordinary Kriging (‘OK’) on capped assay composites for gold. The search ellipsoids were dimensioned according to variogram models for the Imperial, Crown, and Eagle Zones. Search ellipsoid orientations were controlled by an anisotropy model developed from geological observations. A 2-pass grade estimation strategy was utilized with the search ellipsoids of the first pass set to the second range of the variograms, and the second pass to 1.5x the variograms' second range. Grade estimation was limited by mineralization shells developed during the geological modelling process. A total of two (2) mineralized domains were estimated: the Eagle Zone, and the combined Imperial/Crown Zones. A set of validation tests were performed on the grade estimates to ensure that no local or global bias was present. Tonnage was calculated utilizing a rock density model based on major lithology units in the geology model. Average density for each lithology unit was based on 521 specific gravity (‘SG’) measurements collected during the core logging procedure. Results were validated against 54 SG measurements collected at the ALS Prep Lab from half-core samples prior to assay analysis. The average density is 2.76 g/cm3 for the MRE with the lithology units ranging from 2.70 g/cm3 to a maximum of 2.81 g/cm3. In order to satisfy the NI 43-101 reporting requirement of ‘reasonable prospect of eventual economic extraction’, the near surface mineral resources were reported within an open pit constraining shell optimized with a Lerchs-Grossmann algorithm. Pit optimization parameters are stated in the foot notes for table 1. For the deeper mineralization, the mineral resource was reported at an promoted cut-off Au grade of 1.0 gpt with a minimum mining width of 1.5 m, to reflect an underground depletion scenario. The Reliance base case MRE is reported at a 0.30 gpt Au cut-off for the open pit resource and a 1.0 gpt Au cut-off for the underground resource. As part of the sensitivity analysis, a range of cut-off grades were applied to the open pit and underground resources models to evaluate the effect on tonnage, average grade, and contained metal content. The results are presented in table 2 for the open pit resource, and table 3 for the underground resource. Metallurgical testing has been conducted by Blue Coast Research on a composite of sulphide mineralization in 2023 and oxide/transition samples in 2025. The sulphide composite for the initial test work assayed 6.74 gpt gold and 0.24% antimony. Initial leach tests did not recover appreciable gold, so flotation tests using a simple and conventional flotation process were completed and yielded the following metallurgy: Initial cleaner flotation testwork yielded a concentrate grade of 50 gpt gold at 80% gold recovery. Proposed closed- circuit testing can be expected to boost recoveries further. While the rougher concentrates listed in table 4 would be marketable, a higher-grade cleaner concentrate would attract better payability. The Company will continue cleaner flotation optimization testwork through 2026. Stibnite (SbS) is the only antimony mineral observed to date in the concentrate. The Company has not completed sufficient testwork to date on antimony separation and recovery. This testwork is scheduled for 2026 with the goal of exploring if production of a marketable antimony product is feasible.