VANCOUVER, Feb. 20, 2018 /CNW/ - David H. Brett, President & CEO, EnGold
Mines Ltd., (TSX-V: EGM, "EnGold" or the "Company") reports that
EnGold has commenced Induced Polarization ("IP") and
Electromagnetic ("EM") geophysical surveying at the 2017 discovery
area, now called the G1 Copper Zone, at its 100% owned Lac La Hache
Property in the Cariboo region of BC. The work will include surface
and bore-hole testing at the G1 Copper Zone to assess the
effectiveness of IP and EM to detect the known copper-magnetite
mineralization. If successful, a larger ground survey will be
completed to help refine drill targets along the undrilled 1.8 km
gap between G1 and the Spout Deposit, where gravity, magnetic and
IP anomalies already show positive responses to the mineralization
on surface. The geophysical program is expected to be completed in
February 2018 prior to commencement
of drilling, expected in March
2018.
"The EnGold team is excited about 2018 and looking forward to
another year of exploration at Lac La
Hache," said EnGold CEO David
Brett. "Our goal is to build shareholder value by both
expanding and delineating known mineralization and searching for
new breakthrough discoveries like 2017's G1 Copper Zone find."
"The similarities between Spout and G1 mineralization suggest
common origins, with nearly identical host rocks, alteration,
mineralization textures and mineralogy," says EnGold VP Exploration
Rob Shives. "Historical IP survey maps for data collected more than
three decades ago show positive responses associated with the
at-surface ore at Spout, but none over the G1 zone, perhaps due to
the depth of the G1 mineralization. We are hopeful that modern
surveys, combined with borehole methods, will be more successful,
offering additional drill targeting in the immediate G1 area, the
gap area, and possibly beyond."
Previous drilling at Spout and G1 has identified carbonate rich
volcaniclastic strata that outcrops at Spout and dips gently to the
east at approximately 15 degrees. This strata is the receptive host
to the Spout & G1 Carbonate Replacement Copper/Magnetite
Mineralization (CRD/Skarn). EnGold VP Exploration geologist
Rob Shives predicted that the first
drill hole at G1 would encounter this potentially mineralized
sedimentary layer at approximately 336m depth. The layer was intersected at that
depth and proved to be strongly mineralized over thick intercepts.
EnGold interprets that this layer also occurs in the gap area and
is highly prospective for mineralization occurring along the trend,
similar in character to G1 and Spout.
2018 Exploration Program
EnGold's 2018 drilling strategy is three-pronged. First, step
out and infill drilling at G1 will aim to expand and delineate
mineralization sufficient to support an initial resource
calculation by the end of calendar 2018. Second, at Spout North,
drilling of untested down-dip targets will aim to identify
additional higher-grade copper mineralization at the Spout Deposit
that could support a resource recalculation of Spout using a high
grade underground model, which management believes has good
economic potential. The current Spout Deposit resources were
calculated using a shallow, bulk minable, open-pit model which is
considered by management to be too small and low grade to be
economic. Third, EnGold aims to refine and drill targets along the
1.8km gap between G1 & Spout. Detailed total drilled metres,
scheduling and budget are still being defined and are subject to
additional financing.
About EnGold
EnGold is a Vancouver-based
copper/gold exploration company focused solely on its 100% owned
Lac La Hache property in the
Cariboo region of BC. EnGold's vision is to identify and delineate
mineral resources at Lac La Hache
that could potentially support an economically feasible and
environmentally sustainable underground mining operation. The Spout
Deposit, the Aurizon Gold Zone and the 2017 G1 Discovery, located
within a 7 kilometer area on the property, are all considered by
EnGold to be potentially underground minable targets. EnGold's
significant new copper discovery in 2017 adds to the already
extensively drilled Spout Copper Deposit and Aurizon Gold zones.
Discovery potential for new high-grade zones remains strong, and
existing areas are open for expansion. With world class
infrastructure at its doorstep, Lac La
Hache is a great location to be exploring. 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 fulfilling its vision to
profitably supply valuable and much needed metals to the global
marketplace.
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
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." Neither the 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.
SOURCE Engold Mines Ltd.