EnGold Exploration Update: Drill Core, Soil & Rock Assays Pending
Vancouver, British Columbia--(Newsfile Corp. - October 7, 2019) - David H. Brett, President & CEO, EnGold Mines Ltd., (TSXV: EGM) ("EnGold" or the "Company") reports that assay results are pending for 2 drill holes targeting the Aurizon Gold structure, 1500 soil samples collected at Scorpio, Aurizon West, Jodie and 8000 prospects and 91 bedrock samples collected across the 100% owned Lac La Hache Property in the Cariboo region of BC. Both Aurizon holes (AZS19-80, 81) intercepted the mineralized Aurizon structure at nominal 25 and 50 meter step-outs to the north of discovery hole AZS08-07, which cut 14m grading 10.4 gpt Au, 1.46 % Cu & 7.2 gpt Ag in potassically altered, hydrothermal breccia and related fractures within the host monzonitic intrusion. Assays for 64 samples from both holes are pending. Targeting and timing of the next series of drill holes will be determined and announced following disclosure of these new assays. Intercepts are core lengths and not true widths as the true width at the point of intersection has not yet been determined.
The soil sampling program consisted of 4 separate grids. One grid targeted porphyry copper/molybdenum potential at the Scorpio Zone in the north part of the Property, where historical, wide-spaced, Ah-soil sampling indicated a 5 km long highly anomalous molybdenum trend. Prospecting in this completely unexplored area earlier this year found several outcrop areas with visible molybdenum, bornite, chalcopyrite, powellite, scheelite & pyrite along fractures with potassically altered borders. The host rocks are within the large Murphy Pluton. Assays for approximately 500 new B-soil samples and rocks collected during prospecting at Scorpio will significantly refine the geochemical patterns, providing focus for additional work. Detailed sampling (25m sites along 25 m lines) was also completed at Aurizon West, an unexplored soil-gold trend which lies west of the strong Aurizon gold trend, and may represent a new Au-mineralized structure. Assay results from all four areas are pending.
In other news, the closing of the of the final tranche of the previously announced flow-through share offering at $0.11 (4,545,455 flow-through shares at $0.11 per share) announced June 24th, 2019), expected to close prior to October 3rd, 2019, has been extended to a closing date no later than November 3, 2019.
About EnGold
EnGold (www.engold.ca) 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.
Engold Mines Ltd.
Per/
David Brett, MBA
President & CEO
Contact: David Brett, 604-682-2421 or david@engold.ca
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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