Enduro completes option for 100% of Newmont Lake in BC

Enduro Metals (TSXV: ENDR; US-OTC: ENDMF) has completed the option requirements to earn a 100% interest in the Newmont Lake copper-gold project in British Columbia’s Golden Triangle. The property is located between the former Eskay Creek gold mine and the Galore Creek copper-gold project.

The Newmont Lake property was previously owned by Romios Gold Resources  (TSXV: RG; US-OTC: RMIOF), which retains a 2% net smelter return (NSR) royalty on any future production. The part of the property that was the subject of the option covers 436 sq. km, and Enduro owns another 217 sq. km that together make up the Newmont Lake property.

After three years of exploration, Enduro is confident there are at least four large mineralized systems – McLymont, Burgundy, Cuba and Chaci – at Newmont Lake. A high-grade copper-gold epithermal skarn has been identified at McLymont. Burgundy hosts a copper-gold alkalic porphyry. Cuba is a high-grade silver-zinc-copper epithermal skarn. Chachi, which looks to have the largest mineralized zone, has never been drilled. It has the potential to host a multi-element zone that is either an alkalic porphyry or an iron ore-copper-gold deposit.

The Burgundy porphyry was discovered in October 2021 when hole BR21-001 intersected 331 metres of 0.71% copper-equivalent starting at surface, including 18.3 metres at 3% copper-equivalent. The system has been traced on surface along 2,700 metres and up to 600 metres wide.

Enduro also sampled the Cuba mineralization in 2021 along an 1,800-metre anomaly. A quartz-barite vein on the surface returned 1,277 grams silver per tonne, 4.51% copper, 1.11% zinc, and 0.21% lead. Sixty metres along strike, another surface sample assayed 854 grams silver per tonne, 5.34% copper, 4.34% zinc, and 1.53% lead.

When the McLymont fault was drilled in 2020, all 17 holes returned gold mineralization. One hole highlighted by the company returned 28.3 metres grading 10.48 grams gold per tonne, 2.31 grams silver per tonne and 0.36% copper, including 8.9 meters at 32.52 grams gold per tonne, 6.54 grams silver per tonne and 1.07% copper beginning 160 metres down hole.

Enduro was granted the option on the Newmont Lake project in 2018. Since that time, it has spent $20 million on the project, including exploration, staged payments and shares delivered to Romios.