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TICKERS: EDG

Gold Co. Completes Five Diamond Drill Holes
Research Report

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Endurance Gold Corp (EDG:TSX.V) has reported consistently stellar drill results, according to an Atrium Research report.

Atrium Research analysts Ben Pirie and Nicholas Cortellucci, in a research report published on August 13, 2024, provided an update on Endurance Gold Corp (EDG:TSX.V) following the company's announcement of progress on its 10,000m diamond drill program at the Reliance Gold Project. The analysts maintained their Buy rating and target price of CA$0.50 on the stock.

Endurance Gold reported completing five diamond drill holes totaling 1,854m as part of its ongoing 2024 drill program.

The analysts noted, "Assays are expected to start rolling in late August or early September." They added, "To date, the five holes completed since early July combine for a total of 1,854m drilled. The holes are aimed at targeting the zone at depth with the average hole being ~370m in length, testing the northwestern extension of the Royal Shear."

Pirie and Cortellucci highlighted the expansion of the Imperial Zone, stating, "These holes have expanded the Imperial Zone at depth and to the northwest by ~100m, growing the zone materially."

They expressed optimism about the upcoming results, commenting, "We remind readers of the consistently stellar drill results EDG has reported over its history, and we expect these high-grade results to continue in this program."

The analysts also noted ongoing work to refine the geological model for an inaugural mineral resource estimate and additional exploration activities at the Olympic Target area and Upper Eagle area.

Endurance Gold's strategic focus includes advancing the Reliance Gold Project towards resource definition while continuing exploration to expand known mineralization and identify new targets. The company recently closed a CA$4.0 million private placement, with Director Richard Gilliam subscribing for the entire offering.

Pirie and Cortellucci highlighted recent insider buying, noting, "CEO Robert Boyd continues to buy on the open market with 60,000 shares totaling $8,475 being bought in 2024. This is in addition to the ~187,000 shares he bought in H2/23." They added, "We believe this speaks to management's confidence in the project and the big discount the shares are currently trading at."

Atrium Research's valuation methodology for Endurance Gold is not explicitly stated in the provided excerpt. However, the analysts maintain a target price of CA$0.50 per share, representing a potential return of 257% from the price at the time of the report of CA$0.14.

With a Buy rating and a target price of CA$0.50, Atrium Research sees significant upside potential for Endurance Gold. The analysts conclude, "The pending news flow should act as a catalyst to reignite this tightly held stock."


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Important Disclosures:

  1. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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Disclosures for Atrium Research, Endurance Gold Corp., August 13, 2024

Analyst Certification Each authoring analyst of Atrium Research on this report certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the designated securities discussed (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the research, (iii) to the best of the authoring analyst’s knowledge, she/he is not in receipt of material non-public information about the issuer, (iv) the analyst does not own common shares, options, or warrants in the company under coverage, and (v) the analysts adhere to the CFA Institute guidelines for analyst independence.

About Atrium Research Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. For further information on our team, please visit https://www.atriumresearch.ca/team.

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