Vancouver, British Columbia--(Newsfile Corp. - October 4, 2024) - David H. Brett, President & CEO, EnGold Mines Ltd., (TSXV: EGM) ("EnGold" or the "Company") reports that the Company has received assay results from a four-hole, 588-metre drill program carried out at its 100% owned Lac La Hache Copper-Gold Property located within the prolific Quesnel Trough porphyry belt in the southern Cariboo region of BC.
Two of the holes targeted the high-potential Road Gold Zone, where 2021 drilling returned values of up to 7.51 grams per tonne over 1.5 metres at a shallow depth of 59-61.5 metres. Discovered through prospecting in 2021, Road Gold exhibits features that could indicate a possible hydrothermal breccia system similar to the Aurizon Gold Deposit to the south of the property. Mineralization is related to K-altered fracture zones in monzodiorite with the best values in brecciated material with clast rotation suggesting hydrothermal brecciation, with the matrix containing magnetite, grey silica, specularite and pyrite.
The two 2024 drill holes targeted areas that were below and on strike of the 2021 drilling and confirmed highly anomalous gold values within the zone, as outlined in the table below.
"The Road Gold Zone has characteristics similar to the Aurizon South Resource structure," said EnGold VP of Exploration Rob Shives. "Potassic alteration associated with fracturing, brecciation; sulphide-associated gold; monzonitic host; the strike of the Aurizon Deposit is 020 degrees; a similar orientation is indicated at Road Gold by a well-defined linear magnetic low; Aurizon Deposit also displays only weak brecciation/fracturing and grades in the upper 120 meters from surface. Road Gold thus warrants additional exploration."
Two initial holes were directed at artificial intelligence targets generated by ALS GoldSpot located southeast of the Spout Copper Deposit. While the results of this drilling did not confirm a near-surface extension of the Spout Deposit, the complex nature of the skarn mineralization and its relationship to the geophysical data processed in the AI results warrant further interpretation and study. Results of the two holes are outlined in the table below.
"Given recent record gold prices, EnGold plans to refocus exploration attention on the Aurizon Gold Deposit," said EnGold President and CEO David Brett. "The size and grade of Aurizon, together with higher metals values, are compelling and warrant a renewed look at the economics of the deposit."
In 2021, EnGold published an updated base-case Aurizon Gold Inferred Mineral Resource of 1,991,000 tonnes at a grade of 3.18 g/t AuEq, 2.32 g/t Au, 0.60% Cu and 5.3 g/t Ag based on a 2.0 g/t Gold Equivalent cut-off grade, $1,600/oz gold and $3.00/lb copper.
Summary Table of Assay Results
| Hole |
From |
To |
Interval |
Au |
Ag |
Cu |
|
M |
m |
m |
gpt |
gpt |
% |
| SL24-185 |
153.00 |
154.85 |
1.85 |
0.12 |
9.85 |
0.89 |
| incl. |
154.28 |
154.85 |
0.57 |
0.18 |
10.4 |
1.12 |
| SL24-186 |
no significant assays |
| R24-05 |
17.60 |
22.50 |
4.90 |
0.22 |
0.9 |
0.12 |
| incl. |
19.60 |
20.50 |
0.90 |
0.88 |
4.2 |
0.58 |
|
28.00 |
39.00 |
11.00 |
0.12 |
0.15 |
0.03 |
|
53.00 |
56.50 |
3.50 |
0.3 |
0.07 |
0.02 |
| incl. |
54.25 |
54.75 |
0.50 |
1.78 |
0.4 |
0.03 |
|
61.00 |
64.00 |
4.00 |
0.14 |
0.01 |
0.01 |
| R24-06 |
17.00 |
19.00 |
8.00 |
0.28 |
0.59 |
0.06 |
| incl. |
82.00 |
83.00 |
1.00 |
1.65 |
3 |
0.19 |
Note: Reported intervals are core lengths only as the geometry of the zones have not yet been determined.
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.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225696
