Vancouver, British Columbia--(Newsfile Corp. - September 9, 2020) - David H. Brett, President & CEO, EnGold Mines Ltd., (TSXV: EGM) ("EnGold" or the "Company") reports two drill holes located 20 m on trend from the thickest known part of the G1 Copper Zone (discovered in 2017) have encountered significant widths of mineralization similar in style to hole G17-16, which cut 43.45 m (true thickness) grading 1.31% Cu, 0.20 gpt Au, 4.06 gpt Ag & 31.14% Fe, including 24 m grading 1.67% Cu, 0.29 gpt Au, 5.09 gpt Ag & 34.55% Fe.
Vertical hole G20-46, located 20 m northeast of G17-16, intersected more than 15 metres of the coarse, clast-rich semi-massive magnetite-chalcopyrite typical of the G1 Zone, plus less massive disseminated chalcopyrite within fine grained volcaniclastic sediments for another 10 metres below. The top 15-20 metres of the higher grade, semi-massive interval appears to be cut-out by an intrusive dike, as noted in previously drilled holes within the G1 Zone. The mineralization is interpreted to continue beyond the dike. Marker horizons which underlie the zone continued as projected from previous drilling, indicating no vertical offset between hole G17-16 and G20-46.
The second vertical hole, G20-47, located 20 metres southeast of G17-16, cut three well mineralized semi-massive magnetite-chalcopyrite intervals separated by less mineralized sections. Collectively, the coarse, semi-massive intervals total 21 metres, within a mineralized interval spanning more than 40 metres true thickness. Again, no vertical offset occurs in marker horizons.
Assays are pending for both holes. Results successfully extend the G1 Zone in both directions drilled. Additional 20m step-out drilling will be completed to continue extension of the thickest mineralization at G1, and in support of the previously announced, maiden resource estimation work underway by SRK. The additional geological information provided will also aid interpretation of extensions offsets to the G1 Zone, and possible new Zones within identical geological settings.
The G1 Copper Zone is located 1.8 KM south of the Spout Copper Deposit, which is part of a 10 KM prospective trend at the core of the Company's 100% owned Lac La Hache property in the Cariboo region of British Columbia. All results reported are believed to be approximately true width. Further drilling at G1 is planned.
"With the G1 resource estimate underway, we wanted to test the east end of the zone for expansion potential and its looking good so far," said EnGold President & CEO David Brett. "In 2017, our more aggressive 50 m and 73 metre step outs left us uncertain as to the G1 Zone's dimensions in that direction. The new intercepts with good thicknesses to the east are very encouraging."
The company also completed the Ann North deep drill hole to its target depth of 804 m. As previously reported (see April 22 news) the entire upper portion of the hole intersected intense potassic alteration within the intrusion, with anomalous copper, gold, silver and molybdenum values. Although the hole did not return significant core intervals with economic grades, the geological information obtained supports the alkalic porphyry potential at Ann North. The lower 200 m of the hole appeared less mineralized/altered, suggesting the hole skirted under and south of the north-dipping zone defined by historical drilling. The Company believes further deep drilling is warranted here.
Surface prospecting of gold occurrences near Aurizon is ongoing. The drill program is on temporary hiatus for a crew break, resuming September 14th, 2020.
EnGold (www.engold.ca) is focused on exploring its 100% owned mineral property located near the town of Lac La Hache in BC's prolific Cariboo mining region. EnGold's corporate philosophy rests on three interdependent pillars: Environment, Engagement and Gold. Through sound environmental stewardship, commitment to transparent engagement with local communities, the Company is dedicated to driving shareholder and stakeholder value by discovering and developing mineral resources.
Rob Shives P.Geo., VP Exploration and a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical content of this release.
EnGold Mines Ltd.
David Brett, MBA
President & CEO
Contact: David Brett, 604-682-2421 or firstname.lastname@example.org
Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry and failure to obtain regulatory approval in a timely manner. Forward-looking statements in this release include statements regarding plans to raise financing for operations, future exploration programs and operation plans and anticipated timing for completion of the next tranche of the financing. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. EnGold disclaims any obligations to update or revise any forward looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.
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