Vancouver, British Columbia--(Newsfile Corp. - June 13, 2022) - David H. Brett, President & CEO, EnGold Mines Ltd., (TSXV: EGM) ("EnGold" or the "Company") reports that assays from quartz veins encountered in an upper portion of drill hole AZS22-83 targeting the Aurizon Gold Deposit at the Company's 100% owned Lac La Hache Property in the Cariboo Region of BC have returned significant gold values, including 2.5 meters grading 11.40 AuEq and 7.11 metres grading 7.15 gpt AuEq, including 0.75 metres grading 79.21 gpt AuEq. The sections reported contained visible gold and were assayed on a rush basis as the hole continues to a projected depth of 900+ metres, which is expected to intersect the main Aurizon hydrothermal breccia structure. These rush-assay results are tabulated below. Additional assays within this hole and hole AZS22-82 are pending. All results are core lengths only as the true width of the structures reported have not yet been determined.
The Aurizon Gold Deposit, located near the southeast end of a 10 kilometre mineralized corridor at Lac La Hache, contains an Inferred Mineral Resource of 1,991,000 tonnes at a grade of 3.18 g/t AuEq, 2.32 g/t Au, 0.60% Cu and 5.3 g/t Ag based on a 2.0 g/t Gold Equivalent cut-off grade. Hole AZS22-83 is the second Aurizon Gold drill hole of EnGold's 2022 drill program. AZS22-82, drilled to a depth of 1,235.37 metres, encountered multiple mineralized zones (assays pending), but is interpreted to have deviated paralleled the main, steeply dipping Aurizon Gold structure. Hole AZS22-83 is being drilled at a shallower angle, targeting a pierce point on the Aurizon structure at approximately 700-800 metres below surface, or about 200 metres above the planned intercept of the prior hole.
| Table 1: Weighted assay intervals for Aurizon South Deposit | |||||||
| DDH | From (m) | To (m) | Interval (m) | Cu (%) | Au (g/t) | Ag (g/t) | Copper Eq.* |
| Cu+Au+Ag | |||||||
| AZS22-83 | 41.50 | 44.00 | 2.50 | 1.02 | 8.80 | 81.80 | 11.40 |
| incl | 43.25 | 44.00 | 0.75 | 1.94 | 14.00 | 36.00 | 17.42 |
| 184.00 | 191.11 | 7.11 | 0.90 | 5.70 | 0.60 | 7.15 | |
| incl | 188.75 | 189.25 | 0.75 | 0.06 | 79.10 | 1.80 | 79.21 |
| 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. | |||||||
"These high grade structures, which are not included in our maiden Aurizon resource, are very encouraging," said EnGold VP Exploration Rob Shives. "We continue to see strong evidence of a large, metalliferous Alkalic Porphyry system at the Property."
"We see Aurizon as a potential stand-alone gold deposit, as well as a potential feeder into a multi-deposit mining model," said EnGold President & CEO David H. Brett. "Our strategy is to build out our current resources while exploring for brand new discoveries."
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.
About EnGold
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.
David Brett
President & CEO
For further info contact David Brett, 604-682-2421 or david@engold.ca
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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