Drilling Uncovers 147.5 G/T Gold at British Columbia Project, Extends Trend by 500m

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Endurance Gold Corp (EDG:TSX.V; ENDGF:OTCQB; 3EG:Frankfurt) announced plans to commence its 2025 exploration program in early May at the wholly owned Reliance Gold Project, located near Gold Bridge, British Columbia. The program builds on consistent exploration progress since 2020 and recent drill successes across a 1.5-kilometre mineralized corridor known as the Royal Shear. The company reported that it has now expanded the Royal Shear surface potential by 500 meters, with the mineralized trend remaining open along strike and at depth.

The 2025 program includes up to 7,000 meters of diamond drilling focused on the Royal Shear trend. The company intends to expand mineralized zones discovered in the 2024 season, including the Lower Imperial, Upper Crown, and Lower Crown zones, and complete infill drilling to support an inaugural mineral resource estimate. In 2024, drill hole DDH24-106 intersected 7.18 grams per tonne (gpt) gold over 8.3 meters, including 28.08 gpt gold over 1.7 meters, in a previously unrecognized zone below the Imperial Zone. The Upper Crown Zone returned 147.5 gpt gold over 1.0 meter in DDH24-093, while the Lower Crown Zone yielded 7.61 gpt gold over 5.7 meters in DDH24-103.

As per the announcement, Endurance Gold also plans to expand exploration beyond the Royal Shear. The company will conduct surface sampling at the Enigma and Olympic soil anomalies, discovered in 2023, with gold values up to 25.1 gpt and antimony up to 11.9%. A new 500-metre anomaly identified in 2024, approximately 700 meters south of the Eagle Zone, may represent an offset extension of the Royal Shear or a parallel structure. The company expects to receive a new drill permit for these additional targets in 2025.

The Reliance Gold Project is interpreted to host a shallow-level, or "epizonal," orogenic gold system — a type of mineral deposit formed in brittle structural regimes and often associated with high-grade, narrow vein gold. Mineralization consists of sulphide replacement and breccias containing pyrite, arsenopyrite, and stibnite, commonly accompanied by silicification and quartz stockwork.

In a corporate update, Endurance Gold also announced that its common shares began trading on the OTCQB Venture Market in the United States under the symbol "ENDGF" as of March 24, 2025. Shares will continue to trade on the TSX Venture Exchange under "EDG.V" and on the Berlin Open Market under "3EG."

Gold Sector Update: Institutional Demand Surged as Prices Reached New Highs

The gold sector saw continued momentum in March, with analysts highlighting robust demand and rising prices amid macroeconomic uncertainty. According to Stewart Thomson in a March 18 commentary for Kitco, institutional interest in gold mining equities increased as inflation concerns deepened and global markets showed signs of stress. He noted that "gold stocks are poised to get an ongoing institutional tidal wave of capital," pointing to a potential reallocation of assets away from traditional equities during stagflationary conditions.

The same report emphasized parallels with the 1970s market, stating that "in the 1970s, American stock markets tumbled. Gold stocks soared as that occurred because money managers sold traditional stocks and invested in the miners." Thomson argued that many gold investors had underestimated the scale of institutional flows that could move into mining equities under current economic conditions, driven by escalating tariff tensions and weakened earnings projections in other sectors.

Atrium Research analysts  Ben Pirie and Nicholas Cortellucci maintained its Buy rating and CA$0.50 target price for Endurance Gold Corp., representing a 300% return to target based on the share price at the time of the report. 

Also, on March 18, Stockhead reported that the price of gold had surpassed US$3,000 per ounce, setting a new record and contributing to gains in large-cap and junior mining stocks. The news came amid renewed geopolitical tensions, which spurred safe-haven demand. The article emphasized that the rising gold price played a critical role in supporting equity valuations in the mining sector.

The technical setup for junior gold miners was also analyzed in a March 20 report from Excelsior Prosperity, which observed that the VanEck Junior Gold Miners ETF (GDXJ) had reached a new intraday high of US$57.65 before closing at US$56.54. This was well above its October 2024 peak of US$55.58. Although the report highlighted some overbought indicators on momentum metrics like the Commodity Channel Index and Slow Stochastics, it confirmed that "overall gold and the gold stocks have been shining brightly and making solid moves to the upside."

Finally, a March 24 analysis from Fundamental Research Group contextualized recent merger and acquisition activity within the gold sector, noting that elevated prices had intensified strategic consolidation. The report linked the activity to "gold prices hitting record highs above US$3,000/oz," which had led to a premium offer being rejected by a mid-tier producer on grounds of undervaluation. This trend pointed to a broader re-rating in the sector as market participants reassessed long-term asset values in light of sustained high bullion prices.

Analysts Back Endurance Gold's High-Grade Potential With Strong Rating and 300% Upside Target

On March 25, Atrium Research analysts  Ben Pirie and Nicholas Cortellucci maintained its Buy rating and CA$0.50 target price for Endurance Gold Corp., representing a 300% return to target based on the share price at the time of the report. According to Atrium, the company's 2025 exploration campaign at the Reliance Gold Project had "several key initiatives," including up to 7,000 meters of diamond drilling aimed at expanding known mineralized zones and supporting the company's inaugural mineral resource estimate. The analysts described the Reliance project as a "multi-million-ounce high-grade deposit in the making" and emphasized that the Eagle Zone had returned "best-in-class drill results" with a weighted average of 4.70 g/t gold over 15.7 meters, all within 100 meters of surface.

Atrium also highlighted recent discoveries in the Lower Imperial and Crown Zones, noting that these demonstrated potential for stacked mineralization. The report cited a standout intercept from the Upper Crown Zone where drill hole DDH24-093 returned 147.5 g/t gold over 1.0 meter, including 74.29 g/t over 2.0 meters with coarse visible gold. The Lower Crown Zone showed similarly encouraging results, including 7.61 g/t gold over 5.7 meters and 49.1 g/t over 0.3 meters.

The analysts pointed to a new 500-meter soil anomaly discovered in 2024 approximately 700 meters south of the Eagle Zone as a potentially significant extension of the Royal Shear trend or a new subparallel structure. They described the anomaly as having "surface geochemical and gold-bearing characteristics similar to the Royal Shear." Atrium viewed this as a compelling development to support additional drill targeting.

Endurance Gold's Catalysts and Competitive Positioning

Endurance Gold's 2025 exploration plans position the company to advance the Reliance Gold Project toward an initial mineral resource estimate. According to the company's March 2025 investor presentation, 73 of the 108 diamond drill holes completed between 2021 and 2024 intersected "significant" gold grades (defined as over 3.4 gpt gold over more than 3 meters), while 19 returned "excellent" results. Notably, the Eagle Zone alone has produced 40 such intersections across a 550-meter strike length and remains open at depth.

The company reported a working capital of approximately CA$4.36 million as of September 30, 2024, and maintains full ownership of the Reliance Project, adjacent to a past-producing gold mine with more than 4 million ounces of historic production. Management believes the epizonal mineral system at Reliance bears similarities to successful models such as Fosterville in Australia and new discoveries in Newfoundland, with potential for continuity at depth.

Endurance Gold's strategic approach includes extending its geochemical and geological understanding of the region, with updated 3D modeling and metallurgical studies already underway. The company has also indicated that a drill permit application for the Olympic anomaly area is in process, alongside ongoing environmental baseline studies and community consultations.

With a strong track record of exploration results and a fully permitted flagship project in a historically productive jurisdiction, Endurance Gold has positioned itself as a focused exploration-stage company with near-term deliverables. Results from the upcoming drill season will be central to establishing a maiden resource estimate and determining the broader potential of the Royal Shear trend and surrounding anomalies.

Ownership and Share Structure

According to Refinitiv, 56.01% of Endurance is held by management and insiders. Of those, Richard Gilliam holds the most at 32.32%, H Ross Arnold owns 15.91%, and Robert Boyd owns 5.58%.

Of strategic investors, Cunniah Lake Inc has 3.85%. The rest is retail.

Endurance has 70.77 million free float shares and a market cap of CA16.62, Their 52 week range is US$0.10 - 0.23.