Vancouver, British Columbia--(Newsfile Corp. - December 1, 2020) - David H. Brett, President & CEO, EnGold Mines Ltd., (TSXV: EGM) ("EnGold" or the "Company") reports that Hole G20-49, located on the southern edge of the G1 Copper Zone, has returned assays of 0.3% copper equivalent over an interval of 215 metres from 186m to 401m down hole. The G1 Copper Zone is located within a 10 KM prospective trend within EnGold's 100% owned Lac La Hache Property located in the Cariboo region of British Columbia. Assays remain pending from 2 additional holes south of G1 and 2 holes drilled at the Road Gold Zone. The reported intervals are believed to be true width. A full table of the assay results is inserted below.
"These assay results confirm the significance of the new style of carbonate replacement mineralization we have discovered south of G1 Copper," said EnGold VP of Exploration Rob Shives, P.Geo. "This new extension of the G1 Zone occurs from 351.16 to 371.46 m downhole (20.3 m grading 0.81 CuEq.) but in Hole 49 we see a very thick overlying lower-grade mineralized section. We look forward to the results of the other two pending holes."
As indicated in the below table, if the value of the magnetite in the hole is included (far right column), the equivalent grade for hole G20-49 increases to 0.36% CuEq over 215m. As previously reported, the iron content of the G1 and Spout mineralization is very high.
| Assumptions used in USD for the copper equivalent calculation were metal prices of $3.00/lb. Copper, $1,800/oz Gold, $23/oz Silver, Magnetite $75/tonne, and recovery is assumed to be 100% as no metallurgical test data is available. Fe(%) conversion to magnetite based on Spout Deposit is Fe*1.254 - 4.1747 The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.8796) + (Silver (g/t) x 0.0112) + (Fe (%) x 0.0128). | |||||||||
| DDH | From (m) | To (m) | Interval (m) | Cu (%) | Au (g/t) | Ag (g/t) | Fe (%) | Copper Eq.* | Copper Eq.* |
| Cu+Au+Ag | Cu+Au+Ag+Fe | ||||||||
| G20-49 | 186.00 | 401.00 | 215.00 | 0.25 | 0.04 | 1.47 | 7.51 | 0.30 | 0.36 |
| including | 329.00 | 401.00 | 72.00 | 0.39 | 0.05 | 2.14 | 11.54 | 0.46 | 0.57 |
| including | 351.16 | 371.46 | 20.30 | 0.68 | 0.09 | 4.53 | 15.81 | 0.81 | 0.99 |
| including | 351.16 | 352.33 | 3.14 | 1.11 | 0.07 | 6.00 | 8.75 | 1.24 | 1.32 |
| including | 358.65 | 360.26 | 1.61 | 1.96 | 0.27 | 14.90 | 37.90 | 2.36 | 2.86 |
| including | 367.78 | 370.00 | 2.22 | 1.58 | 0.30 | 7.30 | 34.50 | 1.92 | 2.37 |
"The copper potential of the Lac La Hache Property continues to grow," said EnGold President & CEO David Brett. "Our talented exploration team is generating discoveries based on their extensive knowledge of the Property and its expanding geological database."
Figure 1
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About EnGold
EnGold () 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.
Per/
David Brett, MBA
President & CEO
Contact: David Brett, 604-682-2421 or
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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