First Drill Hole of 2025 at BC Project Fills Gap in Zone
Research Report

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Disclosures for Atrium Research, Endurance Gold, June 23, 2025

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Endurance Gold Corp. (EDG:TSX.V; ENDGF:OTCQB; 3EG:FSE) released the results of the first hole of the 2025 drill season at its Reliance gold-antimony project in British Columbia, reported Ben Pirie, equity research analyst at Atrium Research, in a June 23 research note.

"We are excited for [Endurance] to continue reporting results throughout the year as it leads up to its inaugural 'open-pit' mineral resource," Pirie wrote.

163% Implied Uplift

Atrium maintained its CA$0.50 per share target price on the Vancouver-based explorer-developer, trading at the time of Pirie's report at CA$0.19 per share, the analyst noted. From that price, the return to target is 163%.

Endurance remains a Buy. The company's market cap is CA$33.5 million.

What the Hole Revealed

Pirie reviewed the results of the first 2025 drill hole at Reliance, DDH25-109. The hole discovered a wide, high-grade, strongly mineralized portion of the Imperial zone at depth, and in this portion, the hole confirmed high-grade sample-to-sample continuity. The hole also showed strong lateral mineralization in a previously untested 185m gap of the Royal Shear trend.

As for specific intercepts, this same hole, DDH25-109, returned 6.74 grams per ton gold (6.74 g/t Au) and 0.16% antimony (Sb) over 21.8m, including 10.11 g/t Au and 0.25% Sb over 12.4m. The approximate true width was a 65m updip stepout from hole DDH24-106 that demonstrated 3.51 g/t over 6.7m.

The hole intersected other high-grade veins such as 7.89 g/t Au over 1m starting at 380m downhole and 53.9 g/t Au over 0.8m starting at 400.7m downhole.

"The Imperial zone has now demonstrated to be continuously mineralized from surface to 530m downdip," Pirie highlighted.

Mineralization there remains open downdip and along strike to the northwest and southeast. Drill testing of extensions along strike to the southwest is underway.

Gabbro Zone Extended

One high-grade vein, returning 18.9 g/t Au and 0.16% Sb over 0.9m starting at 534m downhole, confirmed the extension of the gabbro-hosted Lower Imperial Discovery and of hole DDH24-106. At depth, thicker sequences of gabbro with gold-bearing structures were confirmed.

Mineralized structures in the footwall of the Royal Shear remain open for expansion in all directions.

2025 Progress So Far

Pirie provided a status report on Endurance's exploration activities at Reliance. With respect to its planned 7,000m 2025 drill program, the company completed four drill holes, totaling about 1,975m. Results for the three unreported holes are pending.

Endurance is continuing to drill, in the area between the Imperial and Lower Crown zones, with the goal of extending the mineralized trends along strike and near surface.

Other work underway includes mineral resource estimate modeling; metallurgical sample collecting for testing; as well as soil sampling, prospecting and geological mapping of the eastern Olympic structures and the Royal Shear trend's southeast extension.

What to Watch For

As such, in the near term, reported Pirie, investors can expect further results of Endurance's exploration campaign at Reliance, on an ongoing basis. Results of metallurgical test work also are to come in the near future.

Later this year, a maiden mineral resource estimate for Reliance is anticipated.

Notable Project Features

Pirie shared why Atrium Research likes Endurance's Reliance project. It is located in a historical mining camp, near infrastructure and 10 kilometers from the Bralorne mine that historically produced 4,000,000 ounces of 17.7 g/t Au.

Also, Reliance's epizonal orogenic gold system is a "multimillion-ounce, high-grade deposit in the making," Pirie described. Drill results to date have been consistent and "best in class."

The many high-grade zones on the Reliance property, such as Eagle, are compelling, too. The 40 holes drilled at Eagle over the 550m strike showed a weighted average grade of 4.7 g/t Au, with all intercepts within 100m of surface.