Vancouver, British Columbia--(Newsfile Corp. - July 16, 2021) - David H. Brett, President & CEO, EnGold Mines Ltd. (TSXV: EGM) ("EnGold" or the "Company"), reports that the Company has submitted drill cores for assay and paused its summer 2021 drill program due to extreme risk of wildfires in BC's interior.
"With fires raging in the region, EnGold has placed safety first and paused its drill program until at least the end of July," said EnGold CEO David H. Brett. "Management will reassess the fire hazard conditions in August and will update investors on the outlook at that time."
At the time of shutdown, drilling was underway at the Road Gold hydrothermal breccia, gold-copper-silver target discovered in fall, 2020. Prior drilling at Road Gold (DDH R20-01 and R20-02) encountered heavily faulted ground conditions that prevented the Company reaching the target zone, but nevertheless produced encouraging assays in the highly potassically altered, brecciated monzonitic rocks that characterize the zone, including 3.9 gpt gold over 2 m. The 2021 program has similarly been challenged by bad ground, with the third hole (DDH R21-03) abandoned at only 60 m, again well short of the target depth, but with encouraging alteration and mineralization as chalcopyrite, bornite, chalcocite and pyrite is visible in samples sent for assay. A fourth drill hole has been started using larger diameter drill rods, but suspended due to the fire risk and will resume when conditions allow. Many features of the Road Gold prospect are similar to those at our Aurizon South Gold-Copper-Silver Deposit. We look forward to resuming our aggressive, well-funded, 2021-2022 drill program once wildfire risk subsides.
"Out of an abundance of caution, our drill contractor decided to pull its personnel and equipment off the job," said EnGold VP of Exploration Rob Shives. "We fully support this move and sympathize with our drill contractor's workers and our EnGold staff whose homes may be at risk of fire, locally and in other parts of the province. The fires had an early start this year and the extremely hot, dry conditions have created potentially dangerous situations throughout large areas in BC. Our thoughts are with all those affected or threatened by the fires."
EnGold (www.engold.ca) is focused on exploring the district-scale alkalic copper-gold porphyry system located on its 100% owned property located near the town of Lac La Hache in BC's prolific Cariboo mining region, home to world-class porphyry deposits. EnGold's corporate philosophy rests on three interdependent pillars: Environment, Engagement and Gold. Through sound environmental stewardship, commitment to transparent engagement with local communities.
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, MBA
President & CEO
Contact: David Brett, 604-682-2421 or email@example.com
Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry and failure to obtain regulatory approval in a timely manner. Forward looking statements in this release include statements regarding plans to raise financing for operations, future exploration programs and operation plans and anticipated timing for completion of the next tranche of the financing. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. EnGold disclaims any obligations to update or revise any forward looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90416
News Provided by Newsfile Corp.