E2Gold Inc. (TSXV: ETU) (the “
Company” or
“
E2Gold”) is pleased to announce its plans to
begin drilling on its flagship Hawkins Gold Project in Ontario,
mere weeks after recently completing its Initial Public Offering.
The drill program will begin in early February and will be based on
historic Falconbridge drilling and geophysics, as well as E2Gold
prospecting and trench results, such as
3.61 g/t
gold over
3.0 metres, including
9.65 g/t gold over
1 metre at the
Goldfields prospect.
The main focus of this initial program will be
to test in and around the McKinnon Zone, a shallow, 3.5 km long,
Inferred Mineral Resource of 328,800 ounces of gold (6.2 million
tonnes grading 1.65 g/t gold)1 . The Mineral Resource remains open
below 150 m depth and is untested along strike.
Eric Owens, President and CEO, said, ”This first
drill program is the beginning of a diligent, comprehensive
exploration program, the first of its kind in four decades on the
Project. Hawkins lies in an emerging gold mining district as a
result of developments at Sugar Zone, Borden, and Island Gold
Mines.” Owens added, “We are seeing increased interest as a
result.”
A map accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/70a8ecf3-24cf-44f2-b38a-ee72cf4504d1
Figure 1 - Hawkins Project: McKinnon Resource
Inferred Mineral Resource: 6.20 Mt at 1.65 g/t Au for 328,000 oz Au
(see endnote i below)
E2Gold Trench Sampling
During our first ever field season in 2020,
Company geologists and prospectors constructed 16 trenches
scattered over a 13 km trend.
At the Goldfields Showing, located some 10 km
west of the McKinnon Zone, channel sampling yielded: 3.61
g/t gold over 3.0 metres, including
9.65 g/t gold over 1 metre.
Centered on a cherty, oxidized-quartz carbonate layer, Company
geologists view the Goldfields Showing as a different target than
that at McKinnon.
Trenches along the McKinnon Zone have been
important for locating the surface trace of the Inferred Mineral
Resource, with results similar to historic Falconbridge trenches:
0.55 g/t gold over 12 metres and 0.85 g/t gold over 7.2 metres
(TR20-03 and TR20-04, Taylor); 0.67 g/t gold over
6.00 m (TR20-10, Irving Rd), and
0.63 g/t gold ove 12.80 metres (TR20-09,
Shenango).
The McKinnon Zone is part of a 15 km long trend
of historic high-grade gold prospects located in the core area of
the 60-km long Hawkins Project. The underlying geology and gold
mineralization style appears to be similar to Barrick Gold’s giant
Hemlo Mine (22 million ounces of gold produced)2, located
approximately 140 km west of the Hawkins Project.
Historic Prospects
Gold was first discovered in the area in the
1930’s, and two shafts (Shenango #1 and #2) and a few prospects
(Taylor, Langdon, Goldfields and Johnston-Barnes) were developed
over a 15 km stretch. These tended to be high grade and, except for
the Goldfields Showing, have not been tested by drilling.
Shenango: reported underground
assays 4.35 g/t over 10 m, 6.84 g/t over 5 m; reported production
of 66.2 ounces from 2,430 tonnes of ore (see endnote i below).
Taylor: reported bulk samples
containing 5.00 g/t gold and 14.92 g/t gold respectively; DDH
intersection 4.8 g/t gold over 4.2 g/t gold
Johnstone-Barnes: reported
assay of 7.46 g/t gold over 10 m
Goldfields: reported assay
results of 40.74 g/t gold over 1 m; 23.02 g/t gold over 1.67m
The above tonnes and grades are historic in
nature and have not been verified by an Independent Qualified
Person.
Claims comprising the remaining portion of the
60 km-long Hawkins project lying outside this 15 km core area are
mostly virgin territory, having had little or no work conducted on
them over the past 100 years. E2Gold will aim to conduct
reconnaissance style geology and geophysics in these areas in the
coming year in order to aid in target identification.
Qualified PersonsEugene
Puritch, P.Eng., Eric Owens, Ph.D., P.Geo., and Natalie
Pietrzak-Renaud, Ph.D., P.Geo. act as the Qualified Persons for
E2Gold.
ABOUT E2GOLD INC.E2Gold Inc. is
a Canadian gold exploration company which recently completed an
overbought Initial Public Offering, listing on the TSX Venture
Exchange. Its large flagship property, the Hawkins Gold Project,
covers 7 townships in north-central Ontario, about 140 km east of
Hemlo. The McKinnon Zone is an at surface, NI43-101 Inferred
Mineral Resource of 6.2 million tonnes grading 1.65 g/t for 328,800
ounces of gold. The Company has all relevant permits in place to
complete its planned program.
For further information please contact: |
Eric Owens |
Ellie Owens |
President and Chief Executive Officer |
Vice President, Corporate Development |
Tel. (416) 509-5385 |
Tel. 647-575-2888 |
Email: eric.owens@e2gold.ca |
Email: ellie.owens@e2gold.ca |
1 NI 43-101 Technical Report and Updated Mineral Resource
Estimate on Hawkins Gold Project, Ontario, by P&E Mining
Consultants, effective date September 10, 2020.2 NI 43-101
Technical Report on the Hemlo Mine, Marathon, Ontario, Canada, for
Barrick Gold by RPA, dated 2017.
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