Glen Eagle Resources Inc. Corporate Update
Montreal, Oct 19, 2020 - Glen Eagle Resources Inc. (TSXV:GER) ("Glen Eagle" or the "Company") reports that Cobra Oro, a wholly owned Honduran subsidiary of Glen Eagle, has completed 500 meters of drilling and has another 1500 meters left to fulfill its program. Drilling was stopped two weeks ago due to the conditions and risks caused by the aftermath of hurricane Nana which have been worsened lately by one the of rainiest season on record. Drilling will resume in early November coinciding with the beginning of dry season in Honduras. High grade targets have been identified and the Company remains very confident towards the end results of its 2000 meters drilling program. Meanwhile, a team of people under the supervision of a local geologist has been working on Piedra Dorada, a concession fully owned by Cobra Oro. More than 20 grab samples were taken at random over a surface covering approximately 4 square kilometres. Traces of gold were found in almost every sampling results with two samples returning 3.2 and 4.0 g/t Au. The results came from Cobra Oro's laboratory, a procedure regularly done for guidance and in-house information within its own constrains as the laboratory is not accredited under ISO 17025.
In terms of production throughput, the Company has gone through two difficult quarters having to deal with three consecutive months of total lock down from May through July due to the pandemic. During the period, the Company exported $360,000 dollars worth of gold. The plant was placed on care and maintenance in early October due to mud slides which have made transportation impossible for our providers. Production is scheduled to restart on November 10th along with drilling.
The technical content of this news release has been reviewed and approved by Mr. Gilles Laverdiere, P.Geo, consulting geologist, a qualified person under National Instrument 43-101.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." Values in the news release are quoted in Canadian dollars.
Jean Labrecque
President
Glen Eagle Resources Inc.
2075 Victoria Street, Suite 201
St-Lambert, Quebec J4S- 1H1
514-808-9807