Endurance Reports Inaugural Mineral Resource Estimate at Reliance 19.6 MT at 2.30 Gpt Au FOR 1.45 M OZ GOLD Inferred
ENDURANCE GOLD CORPORATION
Suite 1212 – 666 Burrard Street
Vancouver, B.C. V6C 2X8
Tel: (604) 682-2707 Fax: (604) 681-0902
NEWS RELEASE 26 - 02 January 19, 2026
ENDURANCE REPORTS INAUGURAL MINERAL RESOURCE ESTIMATE AT RELIANCE
19.6 MT AT 2.30 GPT AU FOR 1.45 M OZ GOLD INFERRED
Endurance Gold Corporation (TSXV:EDG; OTCQB:ENDGF; FRA:3EG) (the “ Company”) is pleased to 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. O pen 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:
o Infill drilling within the constraining pit shell to expand and upgrade the near-surface Inferred MRE.
o Deeper, step-out drilling to expand the underground Inferred MRE.
o 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.
o Ongoing m etallurgy test work focusing on gold concentrate grade and recovery optimization and
antimony recovery.
o Commencing economic and engineering studies with the goal of completing a Preliminary Economic
Assessment (“PEA”) on this Inferred MRE.
"We are proud to report this inaugural Mineral Resource Estimate for the Reliance Project with 1.45 million ounces of
gold in this historic but underexplored gold mining camp. This achievement is a significant milestone for Reliance, which
originated as a grassroots discovery only five years ago with the initial exciting surface results at the Eagle Zone. Our
disciplined exploration strategy, along with the robust characteristics of the Reliance Project , has resulted in a 70%
drilling success rate and a discovery cost of only C$9 per ounce," said Robert T. Boyd, President and CEO.
"Furthermore, I would like to recognize the significant and positive supporting roles that the Tsal’alh and Xwisten First
Nations communities and their members have had in the success at Reliance. Moving forward, we plan to further
demonstrate the potential of the Reliance Project through resource expansion, drill testing of new surface anomalies
along trend on the Royal Shear and several other high priority structures, advancing comprehensive economic
assessments for low-cost mining scenarios and enhancing our community engagement and participation."
Table 1 Reliance Mineral Resource Estimate (Effective Date January 8, 2026)
Notes:
1. The MRE was completed by Ginto Consulting Ltd (“Ginto”). In accordance with the 2014 Canadian Institute of
Mining, Metallurgy, and Petroleum (“CIM”) Definition Standards and Canadian National Instrument 43 -101
(“NI 43-101”). Ginto is independent of Endurance Gold Corporation.
2. Mineral Resources are estimated at a base case cut -off grade of 0.30 gpt Au for open pit (Zone OP), and 1.0
gpt Au for underground (Zone UG) with an effective date of January 8, 2026.
3. Open Pit Mineral Resources are reported within a constraining pit shell optimized with the Lerchs-Grossmann
algorithm in Maptek Vulcan using the following parameters: US$2,500 /oz Au, US$2.50 /t mining cost ,
US$14.00 /t processing cost, US$5.25 /t G&A cost, 81% Au recovery, and 47-degree pit slope.
4. Underground Mineral Resources are reported at an elevated cut -off grade of 1.0 gpt Au with a minimum
mining width of 1.5 m.
5. Metallurgy gold recovery to concentrate estimated at 81%.
6. Rock density for major lithology units was based on 521 specific gravity measurements collected during the
core logging procedure. Results were validated against 54 specific gravity 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 a
minimum of 2.70 g/cm3 and a maximum of 2.81 g/cm3.
7. Mineral Resources , which are not Mineral Reserves , do not have demonstrated economic viability. The
estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation,
sociopolitical, marketing, changes in global gold markets or other relevant issues.
8. The CIM definitions were followed for the classification of Inferred Mineral Resources. The quantity and
grade of reported Inferred Mineral Resources in this estimation are uncertain in nature and there has been
insufficient exploration to define these Inferred Mineral Resources as Indicated Mineral Resources. It is
reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral
Resources with continued exploration.
Zone Au Cutoff
(gpt)
Tonnes
(Mt)
Gold Grade
(gpt)
Contained
Gold (Moz)
OP 0.3 15.6 2.23 1.12
UG 1.0 4.0 2.58 0.33
TOTAL 0.3, 1.0 19.6 2.30 1.45
January 8, 2026
Reliance Mineral Resource Estimate
Inferred
Reliance Mineral Resource Estimate
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 m odelling 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 observati ons. 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 rang e. 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 elevated cut -off Au grade of 1.0 g pt with a minimum mining width of 1.5 m, to
reflect an underground depletion scenario.
Reporting assumes a gold price of US$2,500/oz, with an effective date of January 8, 2026.
Sensitivity to Various Gold Grade Cut-Offs
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.
Table 2 Open Pit Inferred MRE at Various Gold Grade Cut-offs
Table 3 Underground Inferred MRE at Various Gold Grade Cut-off
Metallurgy Testwork and Antimony
Metallurgical testing has been conducted by Blue Coast Research on a composite of sulphide minerali zation 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:
Au Cutoff
(gpt)
Tonnes
(t)
Gold Grade
(gpt)
Contained
Gold (oz)
0.10 17,051,542 2.060 1,129,333
0.15 16,800,653 2.089 1,128,381
0.20 16,566,079 2.116 1,127,006
0.25 16,147,773 2.165 1,123,988
0.30 15,638,483 2.227 1,119,711
0.35 15,052,761 2.301 1,113,586
0.40 14,353,255 2.394 1,104,754
0.50 12,855,303 2.621 1,083,279
0.60 11,641,736 2.837 1,061,862
0.70 10,872,454 2.992 1,045,876
0.80 10,400,356 3.094 1,034,569
0.90 10,060,991 3.170 1,025,395
1.00 9,868,719 3.213 1,019,442
Au Cutoff
(gpt)
Tonnes
(t)
Gold Grade
(gpt)
Contained
Gold (oz)
0.50 6,025,510 1.944 376,601
1.00 3,981,402 2.581 330,381
1.50 2,915,938 3.058 286,686
2.00 2,504,017 3.276 263,738
2.50 1,530,428 3.897 191,750
3.00 1,067,743 4.377 150,257
3.50 704,950 4.913 111,351
4.00 429,262 5.761 79,508
4.50 380,738 5.955 72,895
5.00 324,036 6.162 64,196
Table 4 Gold Recovery from Rougher Flotation
Test
#
Gold grade
in concentrate
(gpt)
Arsenic grade
in concentrate
(%)
Gold recovery
(%)
F2 26.2 1.5 84.3
F3 26.7 1.4 84.1
F4 26.1 1.3 84.9
F5 22.2 1.2 85.7
Average 25.3 1.4 84.7
Initial cleaner flotation testwork yielded a concentrate grade of 50 g pt 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 (Sb₂S₃) 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.
Metallurgical Recovery Forecast for Mineral Resource Estimation
Rougher flotation alone created nominally marketable concentrates at an average 84% gold recovery to concentrate.
However, this was on a metallurgical composite that is higher grade than the current resource average grade, and it is
likely that the Project will target the higher payability and reduced transport costs associated with making higher grade
concentrates. Accordingly, a recovery of 81% has been assumed for the present mineral resource estimation.
Exploration and Growth Potential
The 2025 drilling program demonstrated the potential for continuous mineralization along the regional scale Royal
Shear trend, encompassing the Imperial, Crown, and Eagle Zones which define the Inferred MRE.
Infill drilling within the MRE’s constraining pit shell has the potential to; (i) expand the mineral resource with
discoveries along undrilled sections of the Royal Shear, and (ii) upgrade the in-pit resource from Inferred to Indicated.
Deeper drilling by the Company has shown the depth potential of the mineralizing system with gold grades and widths
that could be exploited by underground mining techniques. The underground Inferred MRE is defined by widely
spaced deeper drilling. Step-out drilling on high-grade drilling intercepts has the potential to expand the underground
MRE below the constraining pit. Notable, high-priority drill intercepts for follow-up drilling include:
Table 5 Notable Deep Exploration Targets
Hole ID Average Depth
(m) Drill Length Composite Target Zone
DDH25-109 340 6.74 gpt Au over 21.8 m Imperial Zone
DDH24-106 610 4.85 gpt Au over 15.3 m Imperial Zone
DDH23-078 180 3.81 gpt Au over 9.35 m Crown Zone
DDH23-070 270 3.93 gpt Au over 9.15 m Eagle Zone
The current MRE and drilling to date focusses on the Imperial, Crown, and Eagle Zones hosted in the Royal Shear.
Surface exploration by the Company has developed new soil and rock geochemical anomalies on the Royal Shear trend,
on the Olympic claims, and on parallel structural trends that have characteristics similar to the original Eagle Zone
geochemical anomaly. The Company has advanced these new geochemical anomalies to the drill-ready stage.
Qualified Person
The Mineral Resource Estimate was prepared by Marc Jutras, P.Eng , M.A.Sc., Principal, Ginto Consulting Inc., a
Qualified Person as defined in National Instrument 43-101. The MRE is reported in accordance with the CIM Definition
Standards.
The metallurgy testwork program is managed by Chris Martin, C.Eng, M.Eng an independent metallurgical consultant
to Endurance Gold Corporation, and a Qualified Person as defined in National Instrument 43-101.
The work program is supervised by Darren O’Brien, P.Geo., Vice President Exploration of the Company and a qualified
person as defined in National Instrument 43-101. Mr. O’Brien has reviewed and approved this news release.
A technical report will be prepared by Qualified Persons in accordance with the requirements of NI 43-101 and will be
filed on SEDAR+ within 45 days of this press release.
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly
prospective North American mineral properties.
ENDURANCE GOLD CORPORATION
Robert T. Boyd, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation www.endurancegold.com
Toll Free: (877) 624 2237, [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Ven ture Exchange) accepts responsibility
for the adequacy or accuracy of this news release. This news release may contain forward looking statements based on assumptions and judgments of management
regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected
results.
Figure 1: Reliance Surface Projection of Near-Surface MRE
Figure 2: Reliance MRE – Surface Plan with Constraining Pit Shell