EnGold Drills 39.0 Metres of Mineralization at Lac La Hache
$150,000 Financing Closed
VANCOUVER, Dec. 22, 2017 /CNW/ - David H. Brett, President & CEO, EnGold Mines Ltd., (TSX-V: EGM, "EnGold" or the "Company") reports that EnGold drill hole G17-38 has intercepted 39 metres containing semi-massive mineralized sections similar in appearance to hole G17-16 and G17-37 at the Company's 100% owned Lac La Hache Property in the Cariboo region of BC. Hole G17-38 was located to test a 71m gap along the northeast/southwest trend discovery hole G16-01 and G17-13. Hole 16-01 intersected 26.6 m grading 1.76 % Cu, 0.27 gpt Au, 10.29 gpt Ag, 35.8 % Fe. Samples for holes G17-37 and G17-38 were delivered to the laboratory for assaying on December 11, 2017, with results expected mid-January 2018. All intercepts reported are believed to be true width. No further drilling is planned in 2017. The Company intends to recommence drilling in February 2018. A new map showing the location of the above drill holes can be found on the Company's website here.
"The final two holes for this year, G17-37 and G17-38, have both intersected similar semi-massive mineralization but with substantially thicker overall true widths than we predicted based on results in previous holes, spaced 71 m measured diagonally along the NE-SW trend," said EnGold VP of Exploration Rob Shives, P.Geo. "These results demonstrate the value of in-fill drilling between 50 m centers to better evaluate and improve the tonnage potential of this zone, including expansion beyond currently defined boundaries."
"EnGold's significant copper discovery in 2017 has lead to a major transformation of our exploration strategy at Lac La Hache," said EnGold President & CEO David Brett. "In 2016, the replacement-style copper mineralization at the Spout Deposit was a low priority. Now we see tremendous potential to build our copper resources, both through expanding the known high-grade copper zones at the Spout Resource and the discovery area, but also through potential new discoveries on trend where the geological and geophysical data show great promise."
At the Aurizon South gold-copper-silver zone, EnGold is awaiting results of metallurgical testing to determine recovery rates and other parameters that will be incorporated into the resource calculation, now nearing completion. This new data is expected in the coming weeks, with disclosure of the resource calculation expected in the first half of January 2018.
The Company has closed the $150,000 financing announced December 18th, 2017 and has issued to one institutional investor 625,000 flow through shares at $0.24 per share. The shares are subject to a four month hold period ending April 21, 2018. Proceeds of the financing will be used to explore the Company's Lac La Hache Property.
About EnGold
EnGold is a Vancouver-based copper/gold exploration company with a vision to develop and build a profitable, multi-zone, high-grade, low cost, low-footprint, low capital cost, environmentally and socially sustainable underground mine at it's 100% owned, 18,275 hectare (45,158 acre) Lac La Hache Property located in the Cariboo region of British Columbia, Canada. EnGold's significant new copper discovery in 2017 adds to the already extensively drilled Spout Copper Deposit and Aurizon Gold zones. Discovery potential for new high-grade zones remains strong, and existing areas are open for expansion. EnGold sees all high-grade zones on the Property potentially providing ore to a central milling facility. With world class infrastructure at its doorstep, low operating cost expectations at Lac La Hache are reasonable. 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 exceptional shareholder and stakeholder value by fulfilling its vision to profitably supply valuable and much needed metals to the global marketplace.
Quality Control/Quality Assurance Program
EnGold Mines Ltd follows procedures which ensure sample security, chain of custody and Quality Assurance/Quality Control for all drilling and geochemical sampling, conforming to industry practices defined by Canadian Institute for Mining, Metallurgy (CIMM) standards, and required for TSX-listed companies by National Instrument 43-101.
All core was logged and photographed. Sampled intervals were sawed in half, bagged, sealed and sent securely to ALS Canada Ltd for analyses. Half-gram samples were digested with aqua regia acid then analyzed by inductively coupled plasma-atomic emission spectrometry (ICP-AES) for 35 elements (ME-ICP41). A 30 gram split is analyzed for gold by fire assay with a gravimetric finish (ME-GRA21). Copper values exceeding 1 percent were analyzed using aqua regia digestion with an ICP-AES finish (ME-OG46) to improve accuracy and precision at higher grades. As part of our comprehensive QA/QC program, one standard, one blank and one in-line replicate were inserted into the sample stream in each group of approximately 20 samples in each analytical batch.
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,
This news release may contain "forward‐looking statements". Readers are cautioned that any such statements are not guarantees of future performance and that actual development or results may vary materially from those in these "forward looking statements."
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Engold Mines Ltd.
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