Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Enduro Metals (previously Crystal Lake Mining) has announced assay results for drill core extracted by a previous operator from its 551-sq.-km Newmont Lake project in the Golden Triangle; the company also released the results of one hole recently completed at the property in British Columbia.
The previously unsampled core returned 144 metres of 3.18 g/t gold and 3.66 g/t silver starting at 9.5 metres, which includes a 54.7-metre-long section of 7.64 g/t gold and 8.98 g/t silver starting at 20 metres. This hole, R-08-07, was drilled vertically into the NW zone near the 20-km-long McLymont fault.
In addition, hole NW19-17, completed by Enduro around the NW zone, hit 18.3 metres of 1.8 g/t gold starting at 189 metres, as well as 1.5 metres of 9.33 g/t gold, 16.29 g/t silver and 0.82% copper starting at 80.2 metres. According to Enduro, this drillhole intersected two epithermal feeder structures and was completed underneath a hole drilled last year, 150 metres northeast of R-08-07.
In 2018, Enduro entered into an option agreement with Romios Gold Resources to earn a 100% interest in Newmont Lake
The prior operator’s focus at the property was on narrow high-grade gold – Enduro has recently completed a technical study on the project and identified three styles of gold mineralization associated with the McLymont fault target area. Approximately 19% of the drill core extracted from the project by previous operators has been assayed to date and the company is re-examining additional sections of core.
The NW zone has been drilled down to a depth of 256 metres; the gold mineralization remains open on strike and at depth. Enduro’s technical study has also identified additional targets along the 20-km McLymont structure.
“We have identified several new gold targets that will be tested in 2020 in addition to exploring more areas that match the company’s criteria,” Cole Evans, the company’s president and CEO, said in a release.
“Our technical study has turned everything we thought we knew on its head, and the McLymont fault is wide open to find more gold. With the recently completed hydroelectric power plant only 16 km away from where Enduro is drilling, this is a prime area to be looking for big gold deposits and we are just getting started.”
Evans added that there are indications of significant high-grade feeder structures around the main skarn body. This year, the company will focus on extending gold mineralization and investigating additional targets at the property.
The company’s study has outlined a 1,500-metre-long prospective gold horizon, which could potentially link the NW zone with the Goldfish zone, discovered last year, 600 metres to the northeast.
In 2018, Enduro entered into an option agreement with Romios Gold Resources to earn a 100% interest in Newmont Lake. To do so, it must spend C$8 million on exploration at the project over a three-year period, pay Romios a total of C$2 million and issue the vendor 12 million of its shares.
Midday Monday, Enduro’s stock was up 6% on the TSXV. The company has a C$26 million market capitalization.
(This article first appeared in the Canadian Mining Journal)
