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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  EnGold Mines Ltd.    EGM   CA29330R1001

ENGOLD MINES LTD.

(EGM)
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EnGold Mines : Drilling Underway at Newly Identified Gold Target at Lac La Hache Assays Pending from New Extensions to G1 Copper

10/21/2020 | 11:54am EST

Vancouver - David H. Brett, President & CEO, EnGold Mines Ltd., (TSX-V: EGM, 'EnGold' or the 'Company') reports that drilling is underway to test a new gold bearing structure on its 100% owned Lac La Hache Property in the Cariboo region of south-central BC.

The Road Gold Zone is a 60 metre wide structure defined by mineralized quartz veins and fracturing within strongly altered monzonite, along a magnetic low that extends for more than 1,600 metres. B-soils here assayed up to 325 parts per billion (ppb) gold and 0.39 % copper. Bedrock grab samples assaying up to 2.5 grams per tonne (gpt) gold, 1.2 % Cu and 1.9 gpt silver have been collected from a 30 m wide portion of the zone. At the G1 Zone (copper-magnetite-gold-silver), assays are pending from recently completed holes G20-49 through G20-51, which have extended mineralization more than 100 metres to the southeast.

The Road Gold Zone was recently discovered during follow-up to the strong gold and copper B-soil values obtained last year. It lies along a very well-defined 1,600 m long ground magnetic low that strikes 020 degrees, extending from the Ann North Zone to the Jodie showing, located 300 m to the south of Road Zone. At Jodie, B-soils up to 662 ppb gold led to discovery of visible gold in quartz-pyrite-chalcopyrite fractures within potassically altered monzonite that assayed 2.83 and 4.8 gpt gold.

Nine bedrock grab samples collected from a 30 m section across the Road Zone average 1.3 gpt gold, ranging up to 2.5 gpt gold. One sample assayed 1.9 gpt gold, 1.8 % Cu and 2.1 gpt silver. Drilling is underway to test the width and grades of the structure.

'The Road Gold/Jodie area has many characteristics in common with the Aurizon South Gold Deposit, with potential for larger width on surface and even longer strike length,' said EnGold VP of Exploration Rob Shives. 'The Aurizon South structure is also magnetically low and strikes 020 degrees, so we see this as a compelling target.'

At G1 Zone, three vertical 50 m step-out holes have now been completed to the southeast. These have encountered extensions of the semi-massive, carbonate replacement copper-magnetite typical of the main zone, but with additional lower-grade intervals starting higher up in the holes and extending downwards for more than 100 m true width. Marker horizons within the sub-horizontal host strata appear to deepen toward the southeast towards DDH 18-42, where 58 m grading 0.47 % copper included narrow semi-massive intervals within porphyry-style alteration containing disseminated chalcopyrite. Assays are pending for all three holes.

'Drilling at G1 this Fall has demonstrated the potential to extend the zone in all directions,' said EnGold President & CEO David Brett. 'Several other geophysical (magnetic and gravity) anomalies within our 10 km mineralized corridor are very similar to those at G1 and remain completely untested.'

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.

Contact:

David Brett

Tel: 604-682-2421

Email: 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.

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2019 - - -
Net income 2019 -1,78 M -1,40 M -1,40 M
Net cash 2019 0,09 M 0,07 M 0,07 M
P/E ratio 2019 -9,98x
Yield 2019 -
Capitalization 9,78 M 7,68 M 7,69 M
EV / Sales 2018 -
EV / Sales 2019 -
Nbr of Employees -
Free-Float 83,1%
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Managers and Directors
NameTitle
David H. Brett President, Chief Executive Officer & Director
Rolf van Driesum Chairman
Alastair Brownlow Chief Financial Officer
Dale Reimer Independent Director
John K. Brown Director
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