Vancouver, British Columbia--(Newsfile Corp. - February 19, 2020) - David H. Brett, President & CEO, EnGold Mines Ltd. (TSXV: EGM) ("EnGold" or the "Company"), reports that EnGold has acquired an option to purchase 100% of the Tam Property which comprises 875 hectares of mineral claims adjoining the Company's Lac La Hache Property directly to the east of the Aurizon Gold Deposit. The Tam Property hosts a number of prospective targets lying on-trend with the main 7- km exploration corridor that hosts the Spout, G1, Aurizon & Ann North zones.
"Acquisition of the Tam Property allows us to extend the Spout-Aurizon trend at Lac La Hache out to roughly 10 km, said Rob Shives, VP Exploration. "On the Tam Property itself, existing induced polarization, magnetic, geochemical anomalies and surface showings are completely untested at depth and warrant more work."
Regional aeromagnetic patterns show the extension from the Lac La Hache Project. Exploration on the Tam Property between 1966 and 2008 identified several alkalic porphyry copper-(gold) prospects coincident with induced polarization chargeability anomalies and soil copper/gold anomalies. Only limited shallow historical drilling has been completed on the Tam Property to date.
Figure 1
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The agreement with the vendor, which is subject to the approval of the TSX Venture Exchange, calls for EnGold to, on signing, apply 2 years' worth of assessment work on the property (completed) and pay $40,000 and issue 1,500,000 shares over a four year period as follows: i) 100,000 shares on exchange acceptance, ii) on 12 month anniversary, $5,000 & 150,000 shares, iii) on 24 month anniversary, $5,000 & 200,000 shares, iv) on 36 month anniversary, $10,000 & 250,000 shares, v) on 48 month anniversary, $15,000 & 800,000 shares. All commitments except the application of the work and payment of the first 100,000 shares are at the sole option of EnGold. The Tam Property will at all times be subject to a 2% NSR in favour of the vendor, which NSR will be purchasable ant any time by EnGold for $1,500,000.
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 david@engold.ca
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.
