Atrium Research analysts Ben Pirie and Nicholas Cortellucci, in a research report published on September 17, 2024, provided an update on Endurance Gold Corp (EDG:TSX.V; ENDGF:OTCPink; 3EG:Frankfurt) following the company's announcement of assay results from its first six diamond drill holes at the Reliance Gold Project. The analysts maintained their Buy rating and target price of CA$0.50 on the stock.
Endurance Gold reported high-grade gold intersections from all six drill holes, with highlights including:
- 2.2 grams per tonne gold (g/t Au) over 12.1 meters (m), including 12.0 g/t over 0.6m and 7.9 g/t over 1.1m
- 5.4 g/t Au over 4.1m, including 11.2 g/t over 1.2m
- 1.9 g/t Au over 12.3m, including 7.5 g/t over 1.0m and 5.1 g/t over 2.0m
- 6.8 g/t Au over 4.3m, including 13.7 g.t over 2.0m
- 3.3 g/t Au over 4.3m
- 4.0 g/t Au over 4.7m, including 6.7 g/t over 1.0m
The analysts noted, "Today's results confirm high-grade at-depth (~175m vertical) and extends the Imperial Zone ~100m to the northwest along strike (still open)." They added, "Based on the results reported today, the Imperial Zone has been expanded along strike for over 100m to the northwest where it remains open."
Pirie and Cortellucci expressed enthusiasm about the results, stating, "We are excited by today's results as they kick off another season of strong drill results from the Reliance Project, with assays rolling out until the new year."
The analysts highlighted the company's ongoing 10,000m drill program, of which 3,500m has been completed to date. They noted, "We remind readers that the 10,000m program (~6,500m of drilling remaining) is fully funded until the end of 2024."
Endurance Gold's strategic focus includes expanding the known mineralization at the Reliance Gold Project and developing an inaugural mineral resource estimate. The company is also conducting geochemical sampling and prospecting to develop additional targets in the Upper Eagle area and advancing surface work at the Olympic area.
Atrium Research's valuation methodology for Endurance Gold is not explicitly stated in the provided excerpt. However, the analysts maintain their target price of CA$0.50 per share, representing a potential return of 233% from the price at the time of the report.
With a Buy rating and a target price of CA$0.50, Atrium Research sees significant upside potential for Endurance Gold. The analysts concluded, "We are maintaining our Buy rating and target price of CA$0.50/share on EDG," emphasizing the company's potential as a "Multi-Million-Ounce High-grade deposit in the making" with an "Epizonal orogenic gold system with consistent and best-in-class drill results."
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Disclosures for Atrium Research, Endurance Gold, September 17, 2024
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