Endurance Gold (EDG.V) has released a maiden resource on its fully-owned Reliance gold project in British Columbia. The all-inferred resource calculation contains 19.6 million tonnes of rock at an average grade of 2.3 g/t gold, for a total of 1.45 million ounces of gold.
Size-wise, the resource came in a bit larger than we had anticipated but the average grade is a bit lower than we had hoped for (perhaps we were too optimistic). This is likely a function of the cutoff grade, but as the table below shows, the majority of the ounces in the open pit can be found in high-grade rock. Even if the cutoff grade would be increased to 1 g/t (more than three times the cutoff grade in the base case resource calculation), the total gold content would decrease by just 10% to 1.02 million ounces, at a grade of 3.21 g/t gold.
We are also hopeful to see an update on the antimony values and recovery plans in 2026. We know there is antimony present, but the monetization of the antimony requires additional research (mainly to focus on recovery rates and the flow sheet to separate the antimony from the gold. Another focus point in 2026 will be to gather more data in an attempt to publish an update on the cleaner flotation optimization test work.
Endurance Gold also mentions that an infill drill program couldn’t just upgrade the resource category of the resource, but it could also expand the total gold resource if some of the holes along the Royal Shear deliver additional gold values.
Disclosure: The author has a long position in Endurance Gold. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
