Wed Oct 10, 2018 8:00am EST

VANCOUVER, Oct. 10, 2018 /CNW/ - David H. Brett, President & CEO, EnGold Mines Ltd., (TSX-V: EGM, "EnGold" or the "Company") reports new drill core assays, soil sample assays and IP geophysical results from the Company's 100% owned Lac La Hache copper, gold, silver property in the Cariboo region of BC. Anomalous gold values from a soil geochemical survey near the Aurizon Gold Deposit has led to discovery of a deeply oxidized, quartz-pyrite-chalcocite-native copper bearing structure, now outlined over a 50 metre strike length, located 50 metres southwest of another high-grade gold bearing quartz vein found in 2017. Locally, the exposed structure is up to 3 metres wide. Assays from the new structure are pending.

Location of new quartz vein near Aurizon Gold Deposit, Lac La Hache Property, BC. (CNW Group/Engold Mines Ltd.)

As previously reported, drill hole GP18-42 encountered 63 metres of variably mineralized core, which has now returned assays of 0.47% Cu, 0.06 gpt Au & 5.93 gpt Ag over 58.50 metres. Full assay results from the Gap area holes completed to date are tabulated below.

Preliminary modeled IP results from an IP survey completed in September show strong changeability responses that will help guide EnGold's next phase of drilling.    

Aurizon Area Discovery

In October of 2016 EnGold reported that a well mineralized quartz vein was discovered on the west side (hanging-wall) of the Aurizon Gold Deposit. The vein averages 15 cm wide, has a currently defined strike length of 120 metres (open) and contains visible gold and copper (massive chalcocite) which have produced assays exceeding 150 gpt Au and 10 % Cu in both surface grab samples and in drill cores. These "Bonanza" values were not included in the Aurizon Deposit maiden resource determined earlier this year.  Much of the Aurizon area is overburden covered which, although relatively thin in most places, inhibits conventional prospecting. This prompted EnGold to conduct a B-soil geochemical survey to detect possible additional veins. Analyses for part of the survey have been received, with several sites showing values exceeding 25 times background Au values. Recent prospecting in one of these locations has successfully uncovered a deeply oxidized, quartz-pyrite-chalcocite-native copper bearing, structure located 50 m southwest of the initial vein discovery. Prospecting has uncovered the vein along a 50 m strike (open) and continues, with sampling underway of the structure which is locally up to 3 m wide as exposed.  Analyses will be released upon receipt.

Gap Area Drill Results

As announced August 23, 2018, drilling near the G1 Discovery tested the south side of a single-line Induced Polarization (IP) anomaly associated with the G1 zone but located more than 200 m south of the discovery hole G16-01.  Assays have now been received for this hole, GP18-42, returning a broad, 58.5 metre interval (core length) assaying 0.47 % Cu. The interval contained narrow intervals of higher-grade, massive magnetite-chalcopyrite displaying the carbonate replacement style observed at G1 as well as disseminated chalcopyrite with propylitic and potassic alteration in appearance similar to the porphyry-style alteration observed elsewhere throughout the Lac La Hache Project.  The combined IP, ground gravity, magnetic and now geological information suggests the hole may represent a transition between intrusion-related-proximal mineralization and more distal carbonate replacement as observed at G1. This offers additional exploration potential in the G1 area and will be tested in the resumption of drilling expected this fall.

DDH

From

(m)

To (m)

Interval
(m)

 Cu (%)

Au (g/t)

Ag (g/t)

Fe (%)

GP18-41

324.00

324.80

0.80

0.60

0.05

2.10

8.09

GP18-42

184.00

185.10

1.10

0.87

0.05

10.20

10.05


426.00

434.55

8.55

0.30

0.04

1.60

4.54


488.50

547.00

58.50

0.47

0.06

2.18

6.07

including

504.00

507.10

3.10

1.55

0.17

5.93

7.85

including

535.00

541.00

6.00

0.71

0.12

3.97

7.97

GP18-43   no significant assays

 

IP Results

To better define the single-line IP response at G1, additional survey lines have been completed by Walcott and Associates. These lines have been positioned to tie into an earlier IP survey located to the east of G1.  Preliminary modelled sections for three lines has been received and show strong IP chargeability responses. Modeling continues to provide 3D isosurfaces which can then be spatially related to the historical and existing drill results in the area. While interpretation is currently underway, we will incorporate these very positive results into our fall drill program.

Rob Shives, EnGold's V. P. Exploration said, "Our field follow-up to the recent soil survey at the Aurizon Gold Deposit is still ongoing, with analytical results for many sites still to be received from the lab. I am very encouraged by the early discovery of the quartz-breccia mineralization at one of the new anomalies and I look forward to prospecting the full data set once received.  The potential for discovery of new high-grade structures is promising.  At the G1 Zone, the new IP data has already defined new and extended known, chargeability anomalies. We expect to receive 3D-modeled data soon, to improve our mutli-layered targeting at G1 and adjacent ground."

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.

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 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.



More Trending News & Market Analysis