According to the company, the 1,700-hectare property has a history of small scale silver mining and appears to be prospective for the discovery of bulk tonnage, low grade silver mineralization.
Silver was mined historically on a small scale (50,000 tonnes) from several shallow pits and underground stopes along a 400m long by ten to 30m thick, shallow dipping manto structure within a 30m to 70m thick oxidized alteration zone.
The host rocks are late Cretaceous to early Tertiary porphyritic diorites and andesites of the La Presidenta stock located along the northern margin of the Lomas Bayas volcanic caldera, the company said.
Mine samples of the silver mineralization historically graded from 20 to 200 grams per tonne (gpt) and reportedly averaged about 100 gpt in the form of native silver, argentiferous hematite and chlorargyrite.
Endeavour can buy La Presidenta for cash payments totaling $400,000 over a three-year period followed by a final cash payment ranging from $0.15 to $0.25 per ounce of silver equivalent reserves and resources (with gold as the only equivalent).
The company said that a Phase 1, 15-hole, 3,500m reverse circulation drill program is now underway to test the historic mineralized manto area on the property along strike and down dip.
