Endurance Reports Inaugural Mineral Resource Estimate at Reliance, 19.6 Mt at 2.30 gpt Au for 1.45 M oz Gold Inferred
Endurance Gold Hits Million-Ounce Milestone with Maiden Resource Estimate as Aggressive Gold Pricing Underpins Valuation
On January 19, 2026, Endurance Gold announced its inaugural Mineral Resource Estimate (MRE) for the 100%-owned Reliance Gold Project in British Columbia. The estimate reports an Inferred resource of 19.6 million tonnes at 2.30 gpt Au, totaling 1.45 million ounces of gold. The resource is split into a near-surface open-pit component (1.12 Moz at 2.23 gpt Au) and an underground component (0.33 Moz at 2.58 gpt Au). The discovery cost is cited at a highly efficient C$9 per ounce. The estimate used an aggressive gold price assumption of US$2,500/oz and an 81% metallurgical recovery rate.
- Resource Scale: The 1.45 Moz figure is a significant achievement for a junior explorer, moving the company from "discovery stage" to "resource stage." This provides a concrete valuation floor.
- Risk Profile: The entire resource is currently in the "Inferred" category. Under NI 43-101 rules, Inferred resources are considered too speculative geologically to have economic considerations applied to them. This means there is currently no "Measured" or "Indicated" gold to support a Feasibility Study.
- Price Sensitivity: The use of US$2,500/oz gold for the pit shell optimization is aggressive. While gold has traded near these levels, most conservative analysts prefer a 3-year trailing average or a lower base case (e.g., $1,800-$2,000) to ensure the resource is "robust" during price downturns.
- Efficiency: A discovery cost of C$9/oz indicates high-quality geological targeting and a high success rate (70% success rate in drilling), which is a credit to management’s technical discipline.
Endurance Gold is a Vancouver-based explorer focused on the Reliance Gold Project, located 4 km east of Gold Bridge, BC, and 10 km north of the historic Bralorne-Pioneer Gold Mining Camp (which produced 4M+ oz Au). The project is characterized as an "epizonal orogenic" system. The flagship project covers the "Royal Shear" trend, which has now been tracked over a 1.5 km strike and 1.1 km vertical extent.