Figure 2: Plan view map of 2020 drilling at the NW Zone and NE Extension along the McLymont Fault, Newmont Lake Project. Historic drilling completed by several previous operators largely between 1987-1990 is shown in grey. R-07-09 is a vertical drill hole completed to a depth of 190.50m in 2007 highlighted in red. Historic Resource The historic resource estimate from within the NW Zone is based on diamond drilling completed between 1987-1990 by Gulf Minerals with an estimate of 1,406,000 tonnes of 5.16 g/t AuEq (4.43 g/t Au, 6.4 g/t Ag, and 0.22% Cu) containing 200,000 oz gold, 291,000 oz silver, and 6,790,000 lbs copper contained within approximately 100m of surface at a “base case” cut-off grade of 2.00 g/t AuEq (see Mineral Resource Estimate on North West Zone, Newmont Lake Property, Romios Gold Resources 2007). 16,992m of diamond drilling were completed between 1987-1990, of which 3,382m was assayed for gold mineralization. Insufficient work has been completed to classify the historical estimate as mineral resources. No mineral reserves are contained in the historical resource estimate. The existing mineral envelopes used by Gulf Minerals are based on the 1987-1990 drilling completed by Gulf Minerals (16,992 m total) and are indicative of a concentration of reasonably continuous, high grade, gold–silver-copper mineralization at the NW Zone. However, only 20% of the total core drilled was sampled and 2019 / 2020 drilling and resampling programs on historic core are now demonstrating that there is significant additional gold mineralization lying both within and outside of historic mineral envelopes which would not have been included in the historic estimate. Additional work is required to complete a new resource estimate for the NW Zone. Summer 2020 Program Summary During the 2020 summer exploration season, Enduro Metals completed: · 4,688 metres of diamond drilling with 3396 core samples assays · Collected and submitted 511 core samples from unsampled historic core · 6,727 hyperspectral measurements of diamond drill core · 2,500 hyperspectral measurements of field samples · 850 soil samples · 252 rock samples · 15 metres of channel sampling · 9 kilometres of induced polarization (IP) geophysics · 4 square kilometres of 1:2000 scale geological mapping The Company is currently awaiting, receiving, and/or interpreting results from the exploration work completed in 2020. The Company remains in a strong financial position. Plans for winter 2020/2021 operations will be announced once all reporting from the summer 2020 Program is completed. Enduro Metals QAQC / Analytical Procedures Core samples from the Newmont Lake Project were sent to MSA LABS’ preparation facility in Terrace, B.C., where samples were prepared using method PRP-910. Samples were dried, crushed to 2mm, split 250g and pulverized to 85% passing 75 microns. Prepped samples were sent to MSA LABS’ analytical facility in Langley, B.C, where 50g pulps were analyzed for gold using method FAS-221 (fire assay-AAS finish). Gold assays greater than 100 g/t Au were automatically analyzed using FAS-425 (fire assay with a gravimetric finish). Rock samples were analyzed for 48 elements using method IMS-230, multi-element ICP-MS 4-acid digestion, ultra-trace level. Silver assay results greater than 100 g/t Ag and copper, lead, and zinc greater than 10,000ppm were automatically analyzed by ore grade method ICF-6. Enduro Metals Corp conducts its own QA/QC program where five standard reference material pulps, five blank reference material samples, and two field duplicates are inserted for every 100 samples when analyzing core samples. Romios Gold 2007 QA/QC Procedures As part of the sampling procedure, a QA/QC program was carried out to ensure accuracy in assay results. This program is outlined below. One of four (HLHZ, FCM-2, 3C and BL-3) standards from an outside laboratory (CDN Labs6 of Delta, BC – standard certificates are included in Appendix E) were inserted into the sample stream. BL-3 is a blank. The number of QA/QC samples taken for the summer 2007 drill program total 49, or 10% of the 498 samples collected and submitted to the laboratory. This QA/QC program was completed in addition to the internal QA/QC program done by ALSChemex Labs. Any failures in the standards or blanks were evaluated in the field for any field related errors, and selected failed batches were re-assayed by ALS-CHEMEX Labs to determine the validity of the original assays. Appendix E contains a breakdown of the QA/QC program. Results are within acceptable limits. Qualified Person The technical information in this news release has been reviewed and approved by Mr. Maurizio Napoli, P. Geo., Director for Enduro Metals, a Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards. About Enduro Metals Enduro Metals is an exploration company focused on it’s flagship Newmont Lake Project; a total 638km2 property located between Eskay Creek, Snip, and Galore Creek within the heart of northwestern British Columbia’s Golden Triangle. Enduro entered into an option agreement to acquire 436km2 from Romios Gold Resources who has carefully amalgamated the area since 2005 from numerous smaller operators. Remaining terms on the option agreement are a $1 million CAD cash payment, and issuance of 8 million Common Shares to Romios Gold Resources. Romios will retain a 2% Net Smelter Returns Royalty (an “NSR”) on the Newmont Lake Project, or on any after-acquired claims within a 5 km radius of the original boundary of the project, which may be reduced at any time to a 1% NSR on the payment of $2 million per 0.5% NSR. The remaining 202km2 is owned 100% by Enduro and was acquired via staking or cash purchase. Building on prior results, the Company’s geological team have outlined 4 deposit environments of interest across the Newmont Lake Project including high-grade epithermal/skarn gold along the McLymont Fault, copper-gold alkalic porphyry mineralization at Burgundy, high-grade epithermal/skarn silver/zinc at Cuba, and a large 9km x 4km geochemical anomaly hosting various gold, silver, copper, zinc, nickel, cobalt, and lead mineralization along the newly discovered Chachi Corridor. On Behalf of the Board of Directors, ENDURO METALS CORPORATION “Cole Evans” President/CEO For further information please contact: Investor Relations Sean Kingsley – Director of Communications Tel: +1 (604) 440-8474 Email: info@endurometals.com https://www.endurometals.com |