EnGold Reports Maiden Inferred Resource of 1.71 Million Tonnes Grading 1.65% Copper Equivalent at G1 Copper Deposit at the Lac La Hache Property Spout Copper Deposit Resource Updated
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EnGold Reports Maiden Inferred Resource of 1.71 Million Tonnes Grading 1.65%
Copper Equivalent at G1 Copper Deposit at the Lac La Hache Property
Spout Copper Deposit Resource Updated
For Immediate Release. March 18, 2021. Vancouver, BC. David H. Brett, President & CEO,
EnGold Mines Ltd., (TSX-V: EGM, “EnGold” or the “Company”) reports that the Company has
received mineral resource estimates from SRK Consulting (Canada) Inc. (“SRK”) for the G1
Copper Deposit (“G1”) and the Spout Copper Deposit (“Spout”) located on the Company’s
100% owned Lac La Hache Property in the Cariboo region of BC. The maiden G1 inferred
resource estimate consists of 1.71 million tonnes grading 1.65% CuEq containing 21,400
tonnes of Copper (47,178,440 pounds), 354,400 ounces of Silver, 10,200 ounces of Gold and
529,100 tonnes of Magnetite. At Spout, the mineral resource estimate includes a potentially
open-pitable indicated mineral resource of 6.5 million tonnes grading 0.48% CuEq and an
inferred mineral resource of 7.66 million tonnes grading 0.39% CuEq, containing 21,000 and
20,400 tonnes of Copper respectively (46,296,600 pounds Cu & 44,973,840 pounds Cu
respectively). Also at Spout, an additional 390,000 tonnes of inferred mineral resources grading
1.19% CuEq is included with potential for underground mining extraction. Please see the
images, data table and notes below for full results including cutoff grades and other important
assumptions.
“With copper prices on the rise recently, these resource calculations are a significant step
forward for EnGold,” said EnGold President & CEO David Brett. “In addition to the
replacement-style copper mineralization at G1 & Spout, which we hope to expand, Lac La
Hache also hosts significant porphyry copper/gold potential.”
Deposit Category
Mt Tonnes
Grade Metal Content
CuEq Cu Ag Au Mgt Cu Ag Au Mgt
% % g/t g/t % 000's
t
000's
oz
000's
oz 000's t
Spout
(OP) Indicated 6.5 0.48 0.33 1.34 0.05 11.62 21.0 277.0 10.6 749.8
Inferred 7.66 0.39 0.27 0.99 0.04 9.50 20.4 242.9 10.0 727.8
Spout
(UG) Inferred 0.39 1.19 1.00 2.58 0.13 10.33 3.9 32.3 1.6 40.3
G1
(UG) Inferred 1.71 1.65 1.25 6.45 0.19 30.94 21.4 354.4 10.2 529.1
Notes: 1) Mineral resources are not mineral reserves and do not have demonstrated economic viability
2) Open pit mineral resources are reported at a cut-off grade of 0.2% Cu Equivalent
3) Underground mineral resources are reported at a cut-off grade of 0.7% Cu Equivalent
4) Cut-off grades are based on USD metal prices of $3.00/lb Cu, $21/oz Ag, $1600/oz Au and $87/t
Magnetite, and metallurgical recoveries of 80% Cu, 45% Ag, 55% Au and 80% Magnetite
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Figure 1: Section view looking north shows grade shell for the maiden underground Inferred
category Mineral Resource Estimate for the G1 Copper-Magnetite-Gold-Silver Zone. The
resource lies within the Main Zone (upper polygon) and does not include the lower, much thinner
zone shown. Similar to the Spout Deposit, the G1 Deposit is formed by semi-massive magnetite
and chalcopyrite replacements within carbonate-rich sedimentary strata within the Nicola
volcanosedimentary host rocks. Extensions to the G1 Deposit may exist to the northeast, east
and southeast, based on 2020 drill results. The 1800 m gap lying between Spout and G1 remains
largely untested. In addition, continuation of the host strata and intrusions across the Project
provides potential for discovery of similar, CRD-style deposits.
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Figure 2: Section view of Spout North Zone looking north shows a conceptual open pit shell (includes
Inferred and Indicated categories) and underground (Inferred category) mineral resource included in the
updated Mineral Resource Estimate for Spout Deposit. Although significant copper grades were
intersected in the lowermost mineralized zone (for example, DDH SL18-181 intersected 3.3% Cu over 8
m core length), there is insufficient drilling to include that zone within the Mineral Resource. However,
results suggest additional drilling is warranted to in-fill and extend the deeper mineralization at Spout
North along strike and to depth, possibly offering significant resource expansion.
“Our exploration model successfully predicted the 2017 G1 CRD discovery and indicates
excellent potential for discovery of additional copper CRD deposits required to grow our
resource,” said EnGold VP of Exploration Rob Shives, P.Geo. “Future exploration will focus on
several untested targets, on extension of existing deposits at Spout North (in-fill and deeper
drilling), at G1 (to NE and SE) and the 1800 m gap between these deposits.”
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The large porphyry copper system on the Lac La Hache Project displays many features
common to porphyry copper deposits and producing mines elsewhere in the Quesnel Trough,
and some additional characteristics which further enhance exploration potential. These include
gold-enriched-alkalic copper bearing porphyry intrusions (hosting several copper porphyry
prospects on the Property), hydrothermal breccias & quartz veins/silicification containing visible
gold and copper sulphides (Aurizon Gold Deposit, new Road Gold Prospect, others) and
carbonate-rich horizons within the Nicola rocks. The latter offer demonstrated potential (Spout,
G1, Nemrud) to form carbonate replacement deposits (CRD) containing copper, magnetite,
gold and silver.
About EnGold
EnGold (www.engold.ca) 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 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
Contact: David Brett, 604-682-2421 or [email protected]
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
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