Endurance Gold Corp. said April 3 that it secured an option from a private vendor to acquire the Trout and Wolverine properties, located northeast of its early stage Elephant Mountain gold project in Alaska.
Under the letter agreement, the company can fully acquire the properties by spending US$200,000 on exploration, making US$180,000 in cash payments by Dec. 31, 2024, and issuing 300,000 shares by Dec. 31, 2022.
The option is subject to a 2% net smelter royalty, half of which can be bought back at any time.
The Trout and Wolverine properties consolidate the gold-bearing intrusive complexes and expand the number of large gold targets associated with Elephant Mountain. The three properties cover five known gold prospects over a strike length of about 12 kilometers.
Endurance Gold President and CEO Robert Boyd said the company is now planning a larger exploration program this year to expand on earlier discoveries at Elephant Mountain and advance the new targets to drilling.