VANCOUVER, Nov. 1, 2018 /CNW/ - David H. Brett, President & CEO, EnGold
Mines Ltd., (TSX-V: EGM, "EnGold" or the "Company") reports that
recent new Induced Polarization (IP) geophysical surveying has
resulted in the identification of a new and compelling drill target
at the Company's 100% owned Lac La
Hache copper, gold, silver property in the Cariboo region of
BC. A high intensity (up to 38 mV/V) and large (1500 m x 1000 m) IP
chargeability anomaly located approximately 1000 m east of the G1 Copper Zone presents an
undrilled porphyry copper-gold target and may indicate an intrusive
that is genetically related to the copper-magnetite skarn
mineralization at G1 Copper, providing insight for future drilling.
Drilling of the new IP target is expected to commence November 12th.
Weak, positive IP responses occur at the G1 Copper Zone, where
relatively deep (350m) semi-massive
magnetite-copper mineralization was discovered using ground gravity
surveys. Recently announced DDH GP18-42 tested this IP
response about 200 m southeast of G1
Zone discovery hole G16-01, and it intersected narrow intervals of
"G1-style" magnetite-copper within a broad 58 m interval of "porphyry-style" alteration
grading 0.47 % Cu. The geological results in GP18-42 suggest
it may be proximal to a porphyry-style intrusion, possibly acting
as a source for the carbonate replacement style of mineralization
at G1.
"Recent modelling of historical and new geophysics supports this
interpretation and presents a "classic" target typical of many
porphyry deposits throughout the Quesnel Trough" said EnGold VP Ex.
Rob Shives, P.Geo. "A strong
chargeability anomaly (up to 38 mV/V here, the strongest untested
IP chargeability response on the entire Project) is coincident with
a magnetic low and a radiometric eTh/K low, on the flanks of a
magnetic high. This has been demonstrated at most deposits/mines
within the Afton/Ajax district,
and elsewhere. We are excited to test this high priority
target".
Crews will mobilize next week to follow up the recently reported
high grade gold assays near Aurizon South. Further surface sampling
and mapping of the structure is planned prior to planned drilling
later this month. Also, investigation of the other gold anomalies
will get underway. Weather is not expected to be a
factor.
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 Deposit and the 2017 G1 Copper Discovery,
located within a 7-kilometer area on the property, are all
considered by EnGold to be potentially underground minable targets.
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.
David Brett
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
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SOURCE Engold Mines Ltd.