Drill Program Resumes
Vancouver, British Columbia–(Newsfile Corp. – March 10, 2022) – David H. Brett, President & CEO, EnGold Mines Ltd., (TSXV: EGM) (“EnGold” or the “Company”) reports assays from deep drilling at the Ann North Alkalic Porphyry target withing the Company’s 100% owned Lac La Hache Property in the southern Cariboo region of BC. Results include 478 m grading 0.23% CuEq between 345m and 823m within vertical hole AN21-03. The assay results indicate grades are improving to the north, and hole AN22-05 is now underway to test this hypothesis. Please see table below for full results. Results from the G1 South and Road Gold Zones are expected to be available for release soon. All drill intercepts are core length only as the geometry of the zone has not yet been determined.
The second drill on the property will be mobilized to the Aurizon South Gold Deposit to test below existing drilling where the structure is open and widening. The Aurizon South Deposit hosts an Inferred Mineral Resource of 1,991,000 tonnes at a grade of 3.18 g/t AuEq (2.32 g/t Au, 0.60% Cu and 5.3 g/t Ag based on a 2.0 g/t Gold Equivalent cut-off grade and metal prices at USD$1,600/oz gold, $3.00/lb. copper and $21/oz silver).
The Ann North structure appears to dip to the north, is open in all directions, has been traced over a 400 m strike length to date, is approximately 350 metres thick and has been drilled to a vertical depth of 900 m. The mineralization including chalcopyrite, bornite and lesser pyrite is associated with intense potassic alteration and fracturing/brecciation within porphyritic monzonitic phases, typical of alkalic copper deposits elsewhere. The structure occurs along the northern edge of lows in 3D-modeled Induced Polarization chargeability data and a larger, strong magnetic low.
“Ann North continues to exhibit conditions for an Alkalic Porphyry with significant tonnage,” said EnGold VP of Exploration Rob Shives, P.Geo. “The long interval within DDH AN21-03 extends the shallow historical mineralization considerably and is by far the longest mineralized intersection to date on the Project. Narrow higher-grade intervals within that hole may increase with depth, improving overall grades, similar to deeper zones within other deposits. The currently drilling hole AN22-05 will test this potential within the deeper, down-plunge extension to the north.”
| Table 1: Weighted assay intervals for Ann North Zone, 2020, 2021 | |||||||
| DDH | From | To | Interval | Cu | Au | Ag | Copper Eq.* |
| m | m | m | % | g/t | g/t | Cu+Au+Ag | |
| AN20-1 | 229.00 | 515.00 | 216.00 | 0.15 | 0.05 | 0.40 | 0.20 |
| incl | 292.00 | 308.00 | 16.00 | 0.18 | 0.07 | 0.61 | 0.25 |
| incl | 396.15 | 412.00 | 15.85 | 0.27 | 0.08 | 0.54 | 0.35 |
| incl | 396.15 | 400.00 | 3.85 | 0.37 | 0.11 | 1.19 | 0.48 |
| incl | 398.45 | 398.65 | 0.20 | 2.11 | 0.63 | 6.30 | 2.73 |
| AN21-02 | 213.00 | 267.00 | 54.00 | 0.16 | 0.08 | 0.35 | 0.23 |
| incl | 229.00 | 235.00 | 6.00 | 0.23 | 0.13 | 0.43 | 0.35 |
| incl | 243.00 | 243.75 | 0.75 | 0.83 | 0.14 | 0.90 | 0.96 |
| 358.00 | 713.00 | 355.00 | 0.11 | 0.04 | 0.24 | 0.15 | |
| incl | 417.00 | 440.00 | 23.00 | 0.21 | 0.07 | 0.37 | 0.28 |
| incl | 560.00 | 566.00 | 6.00 | 0.31 | 0.15 | 0.57 | 0.45 |
| incl | 578.85 | 615.00 | 36.15 | 0.16 | 0.06 | 0.37 | 0.22 |
| AN21-03 | 345.25 | 823.00 | 477.75 | 0.13 | 0.11 | 0.39 | 0.23 |
| incl | 473.00 | 550.00 | 77.00 | 0.25 | 0.16 | 0.35 | 0.39 |
| 659.00 | 665.00 | 6.00 | 0.37 | 0.79 | 1.60 | 1.08 | |
| AN21-04 | 441.00 | 589.00 | 82.00 | 0.11 | 0.03 | 0.22 | 0.14 |
| 799.00 | 811.00 | 12.00 | 0.17 | 0.1 | 0.27 | 0.26 | |
*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 0.8796) + (Silver (g/t) x 0.0112)
“As drilling at Ann North continues, we look forward to drilling at Aurizon Gold for the first time since 2018,” said EnGold President & CEO David Brett. “We believe drilling at depth, on strike and in existing drilling gaps at Aurizon Gold has the potential to significantly increase the tonnage and grade of the resource.”
Figure 1
To view an enhanced version of Figure 1 please visit:
https://orders.newsfilecorp.com/files/2268/116229_903c790fc4cbb996_002full.jpg
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.
About EnGold
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.
David Brett
President & CEO
For further info contact David Brett, 604-682-2421 or [email protected]
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.
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