Airborne Data Encouraging
Field Exploration Remains Paused Due to Fire Hazard
New CFO Appointed
VANCOUVER, Aug. 8, 2017 /CNW/ - David H. Brett, President & CEO, EnGold Mines Ltd., (TSX-V: EGM, "EnGold" or the "Company") reports that drill hole G17-23, located 112 metres west-southwest from discovery hole G16-01 has intersected 18.75 metres grading 1.13 % copper, 0.14 gpt gold, 5.55 gpt silver and 26.23 % iron. Although the geometry of the mineralization has yet to be determined, this hole significantly extends the zone to 250 meters from recently announced G17-16 (43.45 m grading 1.31% copper, 0.20 gpt gold, 4.06 gpt silver & 31.14% iron). Assay results have also been received for drill holes G17-18 through 22 and are tabulated below. All results reported are believed to be true width.
Mineralization within DDH G17-23 is typical of the skarn replacement style defined by earlier drilling in the discovery area, with magnetite-chalcopyrite replacement of calcsilicate-tourmaline altered basaltic polylithic volcanic breccia containing subrounded, partially digested clasts (up to 6cm), locally including limestone. Several well mineralized intervals (see assay table) are separated by narrow intervals of dark green, pyroxene-phyric mafic volcanic flows containing only traces of chalcopyrite. Results demonstrate the strong lithological control on this stratiform mineralization. See latest drill collar map for hole and zone intersection locations.
| DDH |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Au (g/t) |
Ag (g/t) |
Fe (%) |
| G17-18 |
313.07 |
316.84 |
3.77 |
0.33 |
0.05 |
1.46 |
26.05 |
| including |
313.07 |
313.96 |
0.89 |
0.53 |
0.11 |
2.40 |
20.47 |
| G17-19 |
306.30 |
307.34 |
1.04 |
0.97 |
0.14 |
4.20 |
25.00 |
| G17-20 |
not sampled |
||||||
| G17-21 |
no significant assays |
||||||
| G17-22 |
220.00 |
222.60 |
2.60 |
0.31 |
0.05 |
1.13 |
9.15 |
| G17-23 |
351.20 |
369.95 |
18.75 |
1.13 |
0.14 |
5.55 |
26.23 |
| including |
351.20 |
356.05 |
4.85 |
1.42 |
0.15 |
9.13 |
37.48 |
| including |
352.00 |
354.00 |
2.00 |
1.69 |
0.20 |
13.50 |
36.70 |
| including |
361.76 |
363.05 |
1.29 |
5.44 |
0.54 |
19.80 |
30.80 |
| including |
363.81 |
365.03 |
1.22 |
1.37 |
0.47 |
5.70 |
28.00 |
| including |
366.35 |
367.95 |
1.60 |
1.46 |
0.26 |
7.00 |
26.00 |
The Company has been notified by the BC Ministry of Forests, Land and Natural Resources that exploration activities at the Company's Lac La Hache Property may not resume until further notice due to the extreme fire danger rating within the project area. Although no fires are burning on or close to the Property, and evacuation orders have recently been lifted for nearby communities such as Williams Lake and 100 Mile House, the reported fire danger level remains at the highest level within the project area, requiring EnGold to cease field work. Under the BC Wildfire Act, High Risk Activities, including drilling and other exploration work, must be curtailed when reported fire risk reaches certain levels. When the highest fire danger level of 5 is reported for 3 consecutive days, operations must cease. The Company is closely monitoring fire and weather data with a view to resuming activities as soon as it is safe and prudent to do so.
EnGold received the final airborne geophysical data on August 1. Preliminary results indicate positive gravity anomalies over the discovery area and in several new, previously unexplored areas. A more rigorous evaluation is underway. Also, EnGold recently completed a high-resolution LIDAR and orthophoto survey of the Property, which will further enhance the Company's ability to plot and target drill data to maximize potential rates of success.
"Our technical team is working with the ground gravity and airborne survey contractors and geophysical consultant Trent Pezzot, to fully integrate and interpret all layers, for selection of best exploration drill targets, when we are permitted to resume activities on the project," said VP of Exploration Rob Shives. "Although no work on the ground is proceeding at this time, exploration activity is ramping up significantly on the desktops of our geological and geophysical experts."
"Although road closures, power outages and other access issues are abating in our area, the extremely dry and hot conditions in the woods persist," said EnGold President and CEO David Brett. "2017 has been a transformational year for EnGold so far and our team is working hard to deliver exceptional value to all our stakeholders throughout the rest of the year."
EnGold is also pleased to report the appointment of Mr. Alastair Brownlow as the Company's new Chief Financial Officer ("CFO"), replacing former CFO Dale Reimer, who remains a director of EnGold. Mr. Brownlow is a Chartered Professional Accountant and a U.S. Certified Public Accountant (Washington) with significant public company experience who has specialized in the mineral exploration and development field in Canada and throughout the world. Mr. Brownlow also has a Bachelor of Business Administration degree from Simon Fraser University. In connection with the appointment, the Company has agreed to grant 200,000 incentive stock options at $0.40 per share for up to four years. The options will be subject to vesting restrictions, whereby the options will vest one-third per year commencing 12 months following the date of grant. The options will also expire one-third per year commencing 24 months following the date of grant.
Quality Control/Quality Assurance Program
EnGold Mines Ltd follows procedures which ensure sample security, chain of custody and Quality Assurance/Quality Control for all drilling and geochemical sampling, conforming to industry practices defined by Canadian Institute for Mining, Metallurgy (CIMM) standards, and required for TSX-listed companies by National Instrument 43-101.
All core was logged and photographed. Sampled intervals were sawed in half, bagged, sealed and sent securely to ALS Canada Ltd for analyses. Half-gram samples were digested with aqua regia acid then analysed by inductively coupled plasma-atomic emission spectrometry (ICP-AES) for 35 elements (ME-ICP41). A 30 gram split is analyzed for gold by fire assay with a gravimetric finish (ME-GRA21). Copper values exceeding 1 percent were analyzed using aqua regia digestion with an ICP-AES finish (ME-OG46) to improve accuracy and precision at higher grades. As part of our comprehensive QA/QC program, one standard, one blank and one in-line replicate were inserted into the sample stream in each group of approximately 20 samples in each analytical batch.
About EnGold
EnGold 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 exceptional 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
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.
David Brett, 604-682-2421 or [email protected]
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