Enduro Metals Expands the Newmont Lake Project, Adjacent to Chachi Corridor in NW BC's Golden Triangle
Enduro Metals Expands the Newmont Lake
Project, Adjacent to Chachi Corridor in NW
BC's Golden Triangle
Kelowna, British Columbia--(Newsfile Corp. - September 16, 2020) -
Enduro Metals Corporation
(
TSXV: ENDR) (OTC Pink: SIOCF) (FSE: SOG)
("
Enduro
" or the "
Company
") 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 km
2
(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.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6406/63922_5ea5cfb5b4013a10_002full.jpg
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 its flagship Newmont Lake Project; a total 638km
2
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 436km
2
from
Romios Gold Resources ("Romios Claims") 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
after acquired 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
20.258km
2
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 the large-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.
On Behalf of the Board of Directors,
ENDURO METALS CORP.
"
Cole Evans
"
President/CEO
Email:
For further information please contact:
Investor Relations
Sean Kingsley - Director of Communications
Tel: +1 (604) 440-8474
Email:
www.endurometals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.
Forward-Looking Statement
This news release contains statements that constitute "forward-looking statements".
Such forward
looking statements involve known and unknown risks, uncertainties and other factors that may cause
Enduro's actual results, performance or achievements, or developments in the industry to differ materially
from the anticipated results, performance or achievements expressed or implied by such forward-looking
statements. Forward looking statements are statements that are not historical facts and are generally,
but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends,"
"estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would,"
"may," "could" or "should" occur.
Forward-looking statements in this document include statements concerning Enduro's 2020 exploration
and work programs and all other statements that are not statements of historical fact.
Although Enduro believes the forward-looking information contained in this news release is reasonable
based on information available on the date hereof, by their nature forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause our actual results,
performance or achievements, or other future events, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements.
By their nature,
these statements involve a variety of assumptions, known and unknown risks and uncertainties and other
factors, which may cause actual results, levels of activity and achievements to differ materially from those
expressed or implied by such statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks
and uncertainties associated with general economic conditions; adverse industry events; future
legislative and regulatory developments in the mining sector; the Company's ability to access sufficient
capital from internal and external sources, and/or inability to access sufficient capital on favorable terms;
mining industry and markets in Canada and generally; the ability of Enduro to implement its business
strategies; competition; and other assumptions, risks and uncertainties.
The forward-looking information contained in this news release represents the expectations of the
company as of the date of this news release and, accordingly, is subject to change after such date.
Readers should not place undue importance on forward-looking information and should not rely upon this
information as of any other date. While the company may elect to, it does not undertake to update this
information at any particular time except as required in accordance with applicable laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/63922