On April 8, Endurance Gold Corp (EDG:TSX.V) revealed its intention to start its 2024 exploration activities at the Reliance Gold Property situated in the southern region of British Columbia, Canada, in early May. This was reported by Atrium Research analysts Ben Pirie and Nichols Cortellucci in an April 15 research note. The analysts opined that this date is sooner than most explorers plan in British Columbia.
"Compounded by the recent spike in the gold price over CA$2,400/oz, we are excited for EDG to get back to drilling and continue to produce some of the best drill results in its peer group," the analysts wrote. They went on to point out that of the holes currently drilled (161 to be exact), 24% showed mineralization of over 10 grams per tonne gold (g/t Au).
The analysts also shared highlights for this upcoming program:
- Drilling up to 10,000 meters on the Royal Shear trend
- Collecting soil samples and mapping to find new areas for drilling
- Studying the rocks, structures, minerals, and how to process the ore
- Talking with local communities before applying for a drilling permit in the Olympic Claims area
- Continuing environmental studies across the property
- Updating their 3D model of the geology to prepare for estimating the amount of gold resources
The analysts continued, "In addition to ongoing drilling activities at the highly successful and promising Royal Shear trend, we are excited about the upside potential presented by several other targets being explored by EDG this year."
Other upcoming catalysts include:
- An ongoing 10,000-meter drilling program
- Current exploration work at the surface of the Olympic Claims
- Continuing progress on the modeling of an inaugural MRE.
With this, the analysts maintained their Buy rating on the stock and CA$0.50 target price.
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Disclosures for Atrium Research, Endurance Gold, April 15, 2024
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