Vancouver, British Columbia–(Newsfile Corp. – December 1, 2021) – David H. Brett, President & CEO, EnGold Mines Ltd., (TSXV: EGM) (“EnGold” or the “Company”) reports that EnGold’s fall-winter program has completed 4 deep holes using two drills (3,343 m), with two additional holes (1400 m) in progress. Drilling at the Ann North and G1 South areas indicate that anticipated mineralized zones in both areas are getting wider at depth. Due to backlogs at analytical labs caused by the very busy exploration season in BC, assays from all unreported 2021 holes remain pending, including Road Gold, with first results expected late December and early January, 2022.
2004 drilling at the Ann North Prospect defined porphyry copper mineralized zones grading 0.2 – 0.25 % Cu and 0.3 – 0.35 gpt Au over 100 – 200 m intervals at shallow depths of less than 300m, within hydrothermal breccia and related fracturing in quartz-monzonite and syenite. More recent 3D modeling of the historical geological, geophysical and assay data has shown the best mineralization lies within a prominent magnetic low, surrounded by high chargeability caused by pyrite. A clear association between magnetite destruction (hematization) and the potassic alteration observed in drill cores suggests the mag patterns reliably map the hydrothermal alteration system within the multiphase Ann North intrusion. The core of the magnetic low appears fault bounded and measures approximately 400 m N-S by 700m E-W, offering a large target for exploration. Historical drilling has tested only 10% of this area, at shallow depths.
The goal of our 2021-2022 Deep Drilling campaign at Ann North is to extend the encouraging near-surface mineralization to depth, testing for possibly higher- grade roots. Two holes (1,747m) have been completed (Figure 1). AN21-02 was collared north of AN04-19 and drilled -70 to the south to a downhole depth of 916.53 m. The hole has successfully extended mineralization cut in AN04-19 by 200m down dip, and intersected visible chalcopyrite, bornite, chalcocite and molybdenite to more than 750 m depth. AN21-03 was drilled vertically from the same collar to a depth of 830.35m, intersecting visible pyrite, chalcopyrite, bornite, chalcocite and molybdenite, intermittently, to end of hole. The intense potassic alteration and presence of quartz stockwork fracturing is also encouraging.
Figure 1
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A third hole, AN21-04, currently underway, was collared along the southern edge of the magnetic anomaly and drilled -70 toward 320 Az. This hole will test for new mineralized structures within previously undrilled shallow depths in the south, will confirm dips to known mineralized structures & young mafic dikes which cut the zones, and will further test at depth.
Results at Ann North to date based on visual observations of the new cores, is encouraging and the Company eagerly awaits assay results from the broad intercepts. Rob Shives, P.Geo., EnGold VP of Exploration, said, “Ann North has all the ingredients necessary for hosting a possibly economic porphyry copper-gold-silver deposit: The host intrusive is multiphase, including syenite, quart monzonite, and feldspar porphyritic monzonite; intense K-alteration; several copper sulphide species including chalcopyrite, bornite, chalcocite and possibly tennanite; locally intense stockwork fracturing, hydrothermal brecciation and quartz veining; all lying in a strong magnetic low bordered by a pyritic, high chargeability halo.”
The second drill mobilized to Lac La Hache in early October has also completed two deep holes, in the G1 Deposit area, totaling 1,596 m (see Figure 2). In 2018, G18-42, located 150 m south-east of the G1 Copper Deposit, intersected a 58 m thick mineralized interval grading 0.55% CuEq., formed by both lower-grade porphyry copper style disseminated chalcopyrite AND higher-grade semi-massive magnetite-copper replacements typical of G1 Deposit, grading 0.55% CuEq. This hybrid zone occurs considerably deeper than G1 Deposit and suggests further exploration to the east/southeast is warranted, in search of a possible porphyry copper intrusive source of G1. The new 2021 drilling has been focused in this area.
G21-52, located 100 m due east of G18-42, intersected similar mineralization at deeper depths and over a broader, 170 m core interval, prompting a second step-out to the east, G21-53. Results in that hole indicate the trend is more southerly and suggested a 100 m step-out to the south, as hole G21-54, currently drilling.
“The drilling results at Ann North and southeast of G1 support our model that deeper, alkalic porphyry potential exists in multiple locations across the Lac La Hache Property,” said Rob Shives. “Our district-scale geological model predicts common porphyry roots to several of the historical shallow prospects and Deposits.”
“EnGold’s fall 2021 drilling program is progressing on time and on budget,” said EnGold President and CEO, David Brett. “While the assay delays are frustrating, they indicate a highly encouraging province-wide exploration boom driven by bullish outlooks on the metals EnGold is exploring and defining.”
Figure 2
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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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