For Immediate Release. March 28, 2022. Vancouver, BC. David H. Brett, President & CEO, EnGold Mines Ltd., (TSX-V: EGM, “EnGold” or the “Company”) reports assays from drilling located 200 metres southeast of the G1 Copper Deposit has returned results of 0.54 CuEq over 33.6 metres in Hole G21-52. The G1 Copper Deposit hosts a maiden inferred resource of 1.71 million tonnes grading 1.65% CuEq and lies within the Company’s 100% owned Lac La Hache Property in the southern Cariboo region of BC. Full results of 2021 drilling south of G1 Copper are outlined in the table below. More deep drilling is currently underway at the nearby Ann North Alkalic Porphyry prospect.
Drilling in 2021 targeted the down-dip/down-dropped extension of G1 Deposit to the southeast, as indicated by mineralized intervals typical of G1 style (calcsilicate alteration with chalcopyrite and magnetite) but also porphyry-style (chalcopyrite + potassium feldspar + epidote + chlorite), at increasingly deeper depths (see drill section figure). This structurally controlled, mineralized, alteration corridor is interpreted as a possible feeder zone or metal source pathway, extending from an undiscovered intrusion responsible for the large and strong (>35mV/V) IP chargeability anomaly located south and east of G1, where previous drilling encountered abundant pyrite. Results in DDH G21-52 extend the copper mineralization 200 m beyond the current G1 Zone. Although mineralization and alteration extend still further, beyond G21-52, mineralized intervals are narrow. This suggests future drilling is warranted east of G1, towards the IP chargeability anomaly.
“Potential to extend the G1 Copper Deposit is significant, as drilling to date in this area has shown,” said EnGold VP Ex Rob Shives, P.Geo. “Wider zones of lower grade copper have been encountered as well as higher grade intervals.”
“The high-grade G1 Copper Deposit remains a key exploration target for EnGold, where we have untested geophysical targets to the northeast, and broad zones of copper mineralization to the south,” said EnGold President & CEO David H. Brett. “Given analyst bullishness around copper, EnGold will continue to seek ways to leverage our in-ground copper resources at G1 and Spout.”
All drill intervals reported are core lengths only as the true width of the structure has not yet been fully determined.
Assumptions used for the copper equivalent calculation were metal prices in USD of $4/lb Copper, $1,800/oz Gold, $23/oz Silver. Recovery is assumed to be 100% as no metallurgical data is available. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.66) + (Silver (g/t) x 0.01)
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 is a Vancouver-based copper, gold, silver, magnetite exploration company focused solely on its 100% owned Lac La Hache property in the Cariboo region of BC which hosts the Spout Copper Deposit, the Aurizon Gold Deposit and the G1 Copper Deposit and other targets within a large porphyry mineralizing system. With world class infrastructure at its doorstep, Lac La Hache is a great location to be exploring.
EnGold Mines Ltd.
President & CEO
For further info contact David Brett, 604-682-2421 or email@example.com
This news release contains “forward‐looking statements” within the meaning of Canadian securities legislation. Forward‐looking statements include, but are not limited to, the expected use of proceeds of the financing. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which EnGold will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward‐looking statements include, amongst others, the global economic climate, dilution, share price volatility and competition. Although EnGold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. EnGold does not undertake to update any forward‐looking statements, except in accordance with applicable securities laws.