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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 : Provides Lac La Hache Exploration Update, Assays Pending

11/13/2020 | 10:29am EST

Vancouver - David H. Brett, President & CEO, EnGold Mines Ltd., (TSX-V: EGM, 'EnGold' or the 'Company') reports that its recent drilling campaign has wound up at its 100% owned Lac La Hache Property, located in the Cariboo region of British Columbia.

Assays are pending for 320 core samples from 5 drill holes, 3 at the G1 Copper Zone southern extension and 2 holes at the new Road Gold showing. Assays are expected in early December. The Company has completed a total of 3,583 metres of drilling so far in 2020. Also, resource calculations at the Spout & G1 Copper zones have been intentionally delayed to allow time to incorporate the pending assay results from successful G1 drilling that has extended the zone significantly to the south.

As announced Oct 20, 2020, the new Road Gold Zone discovery resulted from follow-up to a cluster of strong soil Au-Cu geochem anomalies that occur within part of a 1,600 m long ground magnetic low extending from Ann North Zone to the visible-gold-bearing Jodie showing, located 300 m to the south. The magnetic low is strongest and widest (60 m) at the Road Gold zone, where bedrock grab samples obtainable over 30 m assayed anomalous gold up to 2.5 gpt.

Drilling designed to cut below the Road Gold Zone includes two shallow, 45-degree angled, NQ holes (R20-01 and R20-02, 182 m total). Both encountered intense stockwork fracturing and localized quartz veining, chalcopyrite and pyrite within highly K-altered monzonite. Although the blocky nature of the core forced abandonment of both holes at 71 m and 111 m, respectively, the recovered cores provide initial sampling (64 core samples) through the vertical projection from surface of the currently defined zone. Assay results are expected after month-end.

'Similarities between Road Gold Zone and Aurizon South Gold Deposit continue to develop' says Rob Shives, VP Exploration. 'Both zones display intense, structurally controlled potassic alteration, veining, fracturing, and mineralized hydrothermal brecciation within monzonite host rock where magnetite destruction produces magnetic lows in cores and on the surface geophysics.'

'As we advance our G1 & Spout Copper deposits through resource definition at Lac La Hache, it's exciting to be exploring a brand-new gold target there at the same time,' said EnGold President & CEO David Brett. 'Including the Aurizon Gold deposit and the many other prospective areas on the property, Lac La Hache is a great place to be exploring.'

As previously reported, G1 Copper holes G20-49 - 51 encountered a new style of carbonate replacement mineralization up to more than 100 m in true width above the targeted G1 favorable horizon outlined in previous drilling. This new style of lower grade but thicker mineralization could have a significant positive impact on the size potential of the G1 Zone.

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 -1,39 M -1,39 M
Net cash 2019 0,09 M 0,07 M 0,07 M
P/E ratio 2019 -9,98x
Yield 2019 -
Capitalization 11,0 M 8,61 M 8,58 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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