Vancouver, British Columbia--(Newsfile Corp. - January 5, 2021) - David H. Brett, President & CEO, EnGold Mines Ltd. (TSXV: EGM) ("EnGold" or the "Company"), reports that Road Gold Zone drill hole R20-2 intersected 4.3 gpt AuEq (3.86 gpt Au, 0.35% Cu, 1.20% Ag) near the bottom of the 111.86 m hole. Hole R20-2, intended to intersect a gold-copper-silver mineralized hydrothermal breccia structure identified on surface, was abandoned due to intense faulting prior to intersecting the target, but nevertheless returned highly anomalous gold mineralization in intense stockwork fracturing and localized quartz veining, chalcopyrite, and pyrite within highly K-altered monzonite. The Road Gold Zone is located within a 10 km prospective trend within EnGold's 27,559 hectare Copper/Gold Lac La Hache Property in the Cariboo region of British Columbia. The reported intervals for the Road Gold prospect are core-length only, as the geometry of the zone has not yet been determined. A full table of the assay results is inserted below. Results from holes G20-50 & G20-51 in south of the G1 Copper Zone are expected to be released shortly.
"Although intense faulting twice prevented completion of a hole designed to test the new Road Gold Zone, both holes confirmed that the coincident, strong and long magnetic low linear relates to intense faulting and potassic alteration, similar to the Aurizon Deposit," said Rob Shives, VP Exploration. "We will return to the Zone in 2021 using larger diameter HQ drill rods to improve core recovery and allow completion of the drilling to target depth."
| Road Gold Zone | |||||||
| DDH | From (m) | To (m) | Interval (m) | Cu (%) | Au (g/t) | Ag (g/t) | Gold Eq.* |
| R20-1 | Abandoned at 58 m due to intense faulting. Collar moved, restarted as DDH R20-2. | ||||||
| Anomalous gold assays up to 0.244 gpt (0.34 gpt AuEq) encountered below 43 m. | |||||||
| R20-2 | This hole also abandoned, at 111.86 m due to intense faulting. | ||||||
| 18.00 | 21.76 | 3.76 | 0.12 | 0.64 | 0.85 | 0.80 | |
| 66.00 | 68.00 | 2.00 | 0.06 | 0.50 | 0.60 | 0.58 | |
| 82.00 | 84.00 | 2.00 | 0.05 | 0.26 | 0.50 | 0.33 | |
| 100.00 | 102.00 | 2.00 | 0.35 | 3.86 | 1.20 | 4.30 | |
* AuEq calculation: Au g/t = Au g/t + (Cu grade in % x ((Cu price per pound/Au price per ounce) x 0.06857 pounds per ounce x 10000 g per %)) + Ag grade x (Ag price per ounce/Au price per ounce)). Prices used in USD: Au $1,850.00, Cu $ 3.25, Ag $ 25.00.
"These results confirm that the Road Gold structure has excellent gold exploration potential," said EnGold CEO David Brett. "We are now in the planning phase of our next drill program for this promising new area of the property."
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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