EnGold Drills 655 Metres of 0.14% Copper Equivalent at Ann North, Deep Hole at Aurizon Gold at 1200 Metres and Still Underway
Vancouver, British Columbia--(Newsfile Corp. - May 17, 2022) - David H. Brett, President & CEO, EnGold Mines Ltd., (TSXV: EGM) ("EnGold" or the "Company") reports assays from deep drilling at the Ann North Alkalic Porphyry Copper Gold prospect and an update on the Aurizon Gold Deposit deep drilling currently underway, both located within the Company's 100% owned Lac La Hache Property in the southern Cariboo region of BC. Hole AN22-05 cut 0.14% CuEq. over 655m from 355m to 1010m, including more than a dozen intervals ranging from 0.2 up to 1.68% CuEq. Full results of the Ann North hole are outlined in the table below. Results reported are core lengths only as the geometry of the mineralized structure has not yet been determined. Hole AZS22-82 is presently drilling below a depth of 1200 metres.
Following completion of the hole AN22-05 at Ann North, a hole was collared at the Aurizon Gold Deposit designed to extend the near-vertical structure to depth, more than 400m below the currently deepest, high-grade intersection. Hole AZS22-82 has encountered a number of mineralized zones, with assays pending. Unexpectedly, at approx. 1155m, a carbonate replacement style mineralized zone has been encountered, including visible chalcopyrite, bornite, pyrite and magnetite within epidote and calcsilicate alteration of Nicola volcaniclastic rocks. Quartz veining also occurs in the hole, containing chalcopyrite and native copper, at more than 1000m below surface.
"Our deep drilling program has confirmed a very large, mineralized zone at Ann North and we are learning a great deal about the structure to guide future exploration," said EnGold VP of Exploration Rob Shives, P.Geo. "We are pleasantly surprised at what we are seeing at the bottom of the current Aurizon hole, which continues at a depth approaching 1,300 metres."
At Ann North, a series of deep (>900m) drill holes has successfully extended shallow, historically defined mineralization from roughly 300m to more than 900m vertically, on one section. The most recent hole, AN22-05, intersected a very broad interval of low grade mineralization (655m of 0.14% CuEq grading 0.1% Cu, 0.04gpt Au, 0.03gpt Ag) interpreted as the northern boundary of the western end of the Ann North prospect, as delineated by a very prominent magnetic low. Strong potassic alteration and magnetite depletion are associated with higher grade intervals within monzonite, monzodiorite and quartz monzonite phases which host disseminated and fracture-controlled chalcopyrite, bornite, pyrite and locally, trace molybdenite. AN22-05 has extended mineralization cut in previous holes, to the northern edge of the strong magnetic low anomaly, defining the northern limit of the zone on section. Future drilling will continue testing the magnetic low, extending near surface mineralization to depth.
|Table 1: Weighted assay intervals for Ann North Zone|
|DDH||From (m)||To (m)||Interval (m)||Cu (%)||Au (g/t)||Ag (g/t)||Copper Eq.*|
|Assumptions used for the copper equivalent calculation were metal prices in USD of $4/lb Copper,|
$1,800/oz Gold, $23/oz Silver.
Recovery is assumed to be 100% as no metallurgical data is available.
The following equation was used to calculate copper equivalence:
CuEq = Copper (%) + (Gold (g/t) x 0.8796) + (Silver (g/t) x 0.0112)
"Our 2021/2022 deep drilling program has greatly expanded our knowledge of the geology of the Lac La Hache Property," said EnGold President & CEO David H. Brett. "We are well positioned to leverage our existing mineral resources as well as explore for new mineralization at depth."
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 is a Vancouver-based copper, gold, silver, magnetite exploration company focused solely on its 100% owned Lac La Hache property in the Cariboo region of BC which hosts the Spout Copper Deposit, the Aurizon Gold Deposit and the G1 Copper Deposit and other targets within a large porphyry mineralizing system. With world class infrastructure at its doorstep, Lac La Hache is a great location to be exploring.
EnGold Mines Ltd.
President & CEO
For further info contact David Brett, 604-682-2421 or email@example.com
This news release contains "forward‐looking statements" within the meaning of Canadian securities legislation. Forward‐looking statements include, but are not limited to, the expected use of proceeds of the financing. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which EnGold will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward‐looking statements include, amongst others, the global economic climate, dilution, share price volatility and competition. Although EnGold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. EnGold does not undertake to update any forward‐looking statements, except in accordance with applicable securities laws.
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