Vancouver, British Columbia--(Newsfile Corp. - June 18, 2024) - David H. Brett, President & CEO, EnGold Mines Ltd., (TSXV: EGM) ("EnGold" or the "Company") reports that the Company has arranged an insider-lead non-brokered private placement of 4,000,000 flow-through units at a price of $0.08 per unit (the "Units") for gross proceeds of $320,000 (the "Financing"). The Units will consist of one flow-through common share and one two-year warrant to purchase one non-flow-through common share at a price of $0.10 per share. Finders' fees may be payable on part of the financing. The Financing is subject to the acceptance of the TSX Venture Exchange.
Proceeds of the Financing will be used to explore the Company's 100% owned, fully permitted Lac La Hache Copper-Gold Property in the southern Cariboo region of BC. The exploration costs incurred as a result of the Financing will qualify as critical mineral flow-through mining expenditures.
Exploration Priorities
As announced March 6, 2023, data analysis firm ALS GoldSpot delivered to EnGold the results of their extensive information compilation, machine learning, and artificial intelligence research on prior Lac La Hache exploration work. These results included multiple high-priority targets both near existing mineral deposits and new areas outside EnGold's concentrated work zones.
Of note, the ALS GoldSpot work identified a large area east of the Spout Copper Magnetite Deposit with potential near surface mineralization similar to the "Spout South" mineralized zone. EnGold's permitted work includes a series of shallow drill holes with setups located on existing logging roads.
"We are looking forward to restarting our drilling campaign at Lac La Hache," said EnGold VP of Exploration Rob Shives. "EnGold is well positioned to leverage the excellent infrastructure and talented team at this top-tier project."
Tam Property Option Amendment
As announced by the Company on January 23rd, 2024, EnGold renegotiated the terms of the Tam Property option, which relates to a group of highly prospective claims to the south-east of the Aurizon Gold Deposit (the "Option"). The Option enables the Company to acquire 100% the Tam Property, At the request of the TSX Venture Exchange, the Company wishes to further clarify the renegotiated terms as follows:
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An initial payment of 10,000 EnGold shares (post 10:1 consolidation) was paid.
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On the first anniversary, 15,000 EnGold shares and $5,000 was paid.
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On the third anniversary (2022), 20,000 shares were paid. A $10,000 cash payment was deferred.
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All further payments of cash and shares under the original agreement have been replaced with the following:
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300,000 shares of EnGold forthwith upon TSX Venture Exchange acceptance (which has been provided in principle).
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On or before February 12th, 2025 400,000 shares of EnGold and $25,000 cash.
About EnGold
EnGold is a Vancouver-based copper, gold, silver, and magnetite exploration company focused solely on its 100% owned Lac La Hache property in the Cariboo region of BC which hosts the Spout Copper Deposit, the Aurizon Gold Deposit, and the G1 Copper Deposit and other targets within a large porphyry mineralizing system. With world-class infrastructure at its doorstep, Lac La Hache is a great location to be exploring.
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
For further info contact David Brett, 604-682-2421 or david@engold.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/213517
