EnGold Believes it has Made a New Discovery at Lac La Hache
Vancouver, British Columbia--(Newsfile Corp. - February 22, 2017) - David H. Brett, President & CEO, Engold Mines Ltd., (TSXV: EGM) ("EnGold" or the "Company") reports that the first drill hole of its 2017 campaign, collared in an area of its' 100% owned Lac La Hache Property with no previous drilling, has encountered a 27 metre intercept of intensely mineralized material. Company geologists have identified the material as skarn-type copper-magnetite.
The new discovery is located 1.8 km southeast of the existing copper-gold-silver-magnetite resource defined at the Spout Deposit.
Vertical drill hole G16-01 has intersected 27 m of high-grade, massive mineralization containing abundant chalcopyrite, pyrite and magnetite within a near-horizontal skarn bed within the Nicola volcanic host rocks. This is believed to occur within the same host strata as the Spout Deposits. The new zone occurs at 337 to 370 m down-hole. Drilling continues to depth in this hole at press-time. The core is being logged and prepared for assay which will be done on a rush basis.
The hole targeted a large and strong, 1.0 milligal residual gravity anomaly defined in 2015 by a detailed ground gravity test survey. The amplitude and size of this anomaly significantly exceed the positive gravity responses observed over the Spout North and South Deposits. The new anomaly measures 1400 m east-west by 1000 m north-south at a contoured value of 0.5 milligal.
Although insufficient data is available to precisely determine the true width of the mineralization, company geologists believe the 27 metre intercept is close to a true width.
About EnGold
EnGold is focused on finding and developing mining operations at 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 exceptional shareholder and stakeholder value by discovering and developing mineral resources.
About the Lac La Hache Property
The advanced stage property lies within BC's Quesnel Trough mineral belt, which hosts several past and currently producing copper/gold/silver mines, including nearby Imperial Metals' Mount Polley copper-gold mine and New Gold Inc.'s New Afton copper-gold mine. The Company has drilled numerous prospects on the property, including Spout copper-magnetite-gold-silver deposit (for which a resource calculation has been reported and supported by an NI43-101 Technical Report), the gold-rich Aurizon gold-copper-silver prospect and recent new discoveries with porphyry and skarn copper/gold potential. EnGold is currently focused on evaluation of its Aurizon Gold (gold-copper-sliver) prospect, where drilling continues to extend the host structure and gold-rich grades. Supported by significant local infrastructure including powerlines, all season road access, rail and other amenities, the Lac La Hache project demonstrates excellent logistics for resource extraction.
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 Mines Ltd.
Per/
David Brett, MBA
President & CEO
For further info contact David Brett, 604-682-2421 or david@engold.ca
This news release may contain "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance and that actual development or results may vary materially from those in these "forward looking statements."
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