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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 : Reports Encouraging Soil Geochemistry Results at Lac La Hache Multiple Anomalies at Scorpio and Aurizon West

12/04/2019 | 09:59am EST

Vancouver - David H. Brett, President & CEO, EnGold Mines Ltd., (TSX-V: EGM, 'EnGold' or the 'Company') reports that new soil geochemical surveys at the Scorpio porphyry target and the Aurizon West gold target on the Company's 100% owned Lac La Hache Property have revealed multiple significant anomalies that warrant further exploration.

Aurizon Gold Deposit Area

At Aurizon West, 441 samples collected on a 25 x 25 metre grid measuring 1,000 metres north-south by 300 metres east-west, indicate a series of gold-only and gold + silver + copper soil anomalies along the entire survey. Gold values range from 4 to 1,400 parts per billion (ppb). More than 75% of the sites exceed the local background value of 10 ppb Au and 17 sites exceed standard deviation of 76 ppb.

Historical soil geochemical surveys using widely-spaced (250 metre) line spacing, show strong gold patterns directly over the Aurizon Central and South Zones along the Northeast/Southwest 020 trend of the Aurizon hydrothermal breccia gold-copper-silver Deposit. The same surveys show a parallel but poorly defined gold trend located 700 metres northwest of Aurizon South, in an unexplored area. The success of recent, detailed soil geochemical surveys over the footwall of Aurizon South, leading to discovery of near-surface visible gold bearing quartz veins, prompted similar surveying over the western historical gold anomaly ('Aurizon West') to provide improved resolution of potential gold targets.

'The new Aurizon West soil results are exciting, providing more than a dozen prospecting targets, many with multi-site anomalies larger than those obtained at Aurizon South' says EnGold's VP Exploration, Rob Shives. 'The location of the new targets fits well within our geological exploration model and we look forward to positive results as soon as weather conditions permit follow-up next spring'.

Scorpio Prospect

Regional Ah-horizon soil sampling in 2012 over the entire Project (1200 sites on 500 metre centres) showed a large molybdenum + tungsten (Mo + W) anomaly in the northern part of the Project. This summer, detailed B-soil horizon sampling (every 50 m along 100 m lines) over an area measuring 2500 m east-west by 1000 m north-south has greatly improved resolution of the Mo anomaly, defining two broad areas of interest. Copper and tungsten are associated with the Mo in all three areas. The eastern Mo-W-Cu anomaly exceeds 800 m east-west by 500 m north-south and has associated gold and silver.

Initial hand-prospecting at Scorpio has discovered mineralized outcrops of porphyritic intrusive rocks with potassically altered stock-work fracturing containing molybdenum, bornite, chalcopyrite, pyrite, and tungsten-bearing minerals Machine-prospecting next summer is expected to uncover additional polymetallic showings.

One bedrock sample from the eastern end of the survey containing abundant fracture-controlled Mo along an altered fracture surface, has been dated at 203.9 (+/- 0.9) million years using the Rhenium-Osmium (Re-Os) method. This indicates the age of the Mo mineralization coincides with the age of our Peach Intrusions, rather than the younger (198 million year) age of the large Takomkane batholith to the east.

'We're more excited than ever about the discovery potential of the Lac La Hache Property,' said EnGold CEO David Brett. 'In addition to defined resources, multiple drilled prospects, and existing high caliber drill targets, brand new potential is still being revealed.'

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) 2019 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
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AURIZON HOLDINGS LIMITED -1.16% 4.25 End-of-day quote.-18.74%
ENGOLD MINES LTD. 0.00% 0.035 Delayed Quote.-41.67%
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Financials
Sales 2019 - - -
Net income 2019 -1,78 M -1,38 M -1,38 M
Net cash 2019 0,09 M 0,07 M 0,07 M
P/E ratio 2019 -9,98x
Yield 2019 -
Capitalization 8,56 M 6,59 M 6,61 M
EV / Sales 2018 -
EV / Sales 2019 -
Nbr of Employees -
Free-Float 83,1%
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Managers
NameTitle
David H. Brett President, Chief Executive Officer & Director
Rolf van Driesum Chairman
Alastair Brownlow Chief Financial Officer
Dale Reimer Independent Director
Robert Wilson Gordon Independent Director
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