EnGold Provides Lac La Hache Drilling Update, Assays Pending
Vancouver, March 30, 2020 - David H. Brett, President & CEO, Engold Mines Ltd., (TSXV: EGM), "EnGold" or the "Company") reports that 174 drill core samples have been collected from 339 of 604 metres drilled to date within the previously announced deep drill hole at the Ann North area of EnGold's 100% owned Lac La Hache Property in the Cariboo Region of Central BC. Hole AN20-01 was paused at a depth of 604 m, before its planned depth of 800 m, due to possible hole deviation away from the target zone. The decision to delay completion of the hole also involved factors arising out of the Covid-19 crisis, including delay in delivery of downhole survey equipment and concerns for worker safety. The sampled intervals are from better than expected shallower sections and the current bottom of the hole. The drill has been left on the collar and the hole will be resumed following release of assays from the upper sections, the deviation survey of the hole, and when it is safe to do so.
"I am pleased with the progress of the hole to date, but had reason to believe the hole was deviating from its intended trajectory," said EnGold VP of Exploration Rob Shives, P.Geo. "Without our downhole deviation survey tool on site, and given the growing concerns and effects of the Covid-19 restrictions on our staff, drill crew and Lac La Hache services, pausing the hole was our best bet."
Geologically, this hole has provided encouragement, intersecting quartz-bearing intrusive phases not seen elsewhere on the project except at Ann North, with intense potassic alteration, sparsely distributed, narrow hydrothermal breccia veins, quartz-sulphide veins with chalcopyrite, bornite and tentatively identified chalcocite, and disseminated and vein-hosted molybdenite (latter not observed elsewhere within the 7-km mineralized corridor at Lac La Hache). Alteration remains very strong at the current bottom of the hole, which has been sampled, containing traces of chalcopyrite and bornite. Our assay lab at ALS Vancouver remains operational and we expect to receive assay data before the end of April, depending on Covid-19 developments.
"While abiding by best practices and social distancing measures, operating a drill program during the Covid-19 crisis proved increasingly challenging," said EnGold President & CEO David Brett. "EnGold relies on the excellent local services in Lac La Hache for room and board of crews, which are all affected by the new heath restrictions. EnGold wishes the best for Lac La Hache and the entire the Cariboo region and hopes for a speedy return to normal operations."
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.
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
Contact: David Brett, 604-682-2421 or 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.
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