Enduro Metals Corp. [ENDR-TSXV; ENDMF-OTC ] has completed the earn-in of its 100% option agreement on 436 km2 of the 653-km2 Newmont Lake project in northwestern British Columbia’s Golden Triangle, making Enduro among the largest landholders in the district. The remaining 217 km2 is already 100%-owned by Enduro Metals.
Enduro has completed the final significant milestones required to earn a 100% interest in the Newmont Lake project. These final milestones included delivery of written notice to exercise the earn-in option, executing the Net Smelter Return (NSR) agreement, and making the final payment of $1,000,000.
Cole Evans, President and CEO, commented, “Achieving this major milestone is particularly pleasing given the significant amount and time, resources, and dedication we have put into this project so far. With the Option Agreement now behind us, we can focus on our 2022 exploration program. I’d like to thank our team of professionals and our shareholders for their commitment and support to get this transaction across the line.”
On September 24th, 2018, Enduro Metals (formerly Crystal Lake Mining or CLM) signed a lettera with Romios to acquire 100% interest in 436 km2 of the Newmont Lake Project by spending $8 million on exploration over three years (completed); $2 million in cash payments to Romios Gold Resources Inc. [RG-TSXV; RMIOF-OTC; D4R-FSE] andÂ a total of 12 million shares of Enduro Metals.
Romios will retain a 2% NSR, in addition to any other existing royalties, on the 436 km2 optioned claim package with an area of interest of claims owned by Enduro Metals within a radius of 5 km. Enduro can repurchase 1% of the NSR for $2,000,000 per 0.5% ($4,000,000 total) within 2 years of the earn-in date of the option agreement which is January 31, 2022.
Enduro will issue 2,000,000 shares to Romios in the event one or more NI 43-101 compliant resource estimates which collectively exceed 1,000,000 ounces of gold equivalent resources (being the sum of indicated and inferred) are issued. An additional 1,000,000 shares will be issued to Romios for each full 1,000,000 additional ounces of gold equivalent resources which is so documented.
Enduro will be reporting further results from the successful 2021 field over the coming weeks, with planning for next season already underway.
Enduro Metals’ focus is on its flagship Newmont Lake Project; a total 654 km2 property located between Eskay Creek, Snip, and Galore Creek within the heart of the Golden Triangle. 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 9 km x 4 km geochemical anomaly hosting various gold, silver, copper, zinc, nickel, cobalt, and lead mineralization along the newly discovered Chachi Corridor.