EnGold Reports Gold Equivalent Values for 2008-2015 Aurizon South Gold Drill Results
VANCOUVER, BC / ACCESSWIRE / May 19, 2016 / David H. Brett, President & CEO, Engold Mines Ltd., (TSXV: EGM) ("EnGold," www.engold.ca, formerly GWR Resources Inc. GWQ) reports results of 25 drill holes completed between 2008 and 2015 from its 100% owned Aurizon South Gold Project calculated in equivalent gold values to incorporate the significant copper and silver grades into a single gold grade, which has resulted in a considerable increase in the expressed gold grades. For example, AZS08-07 includes a previously published intercept of 14 metres grading 10.36 gpt gold, 1.46% copper & 7.2 gpt silver, which when published as a gold equivalent returns 14 metres grading 12.17 gpt gold, a 14.8% increase in the value attributed to the gold grade.
A full table of the revised results and the formula for calculating the gold equivalent values is provided below. The Aurizon South Gold Project is located within Engold's 18,275 hectare (45,158 acres) Lac La Hache Property in BC's Cariboo region.
"Incorporating Aurizon South's considerable copper and silver values into our published gold grades makes assessing the significance of our drill results a lot easier," said EnGold President & CEO David Brett. "I believe Aurizon South has the potential to develop into a high grade, low cost gold producer, with the copper and silver values having significant impact."
EnGold VP of Exploration Robert Shives, P.Geo., states:
"Drilling at Aurizon South shows high gold (plus copper and silver) grades occur within a near-vertical structure measuring 300m along strike (open), across potentially mineable true widths ranging from 3 to >10 m, to depths of more than 600 m (open). High grades of gold, copper and silver are common, hosted mainly by hydrothermal breccia, related fractures, quartz veins and silicified zones.
Although multi-gram gold values are of primary interest at Aurizon South, considerable additional value is provided by accompanying copper (grades up to several percent) and silver (grades exceeding 20 grams per tonne) as indicated in the tables below, expressed as equivalent gold values. In addition, drill plan maps are available on the corporate website."
Selected core assays 2008 - 2012, Aurizon South Prospect
Previously published assays. Bolded figure thresholds: Au >5gpt Cu >1% Ag>5gpt Interval >5m DDH E N Elev. Dip Az Length Au Cu Ag Interval From To AuEq* NAD 83 Zone 10 m mASL Deg deg m g/t % g/t M m m g/t AZS08-06 617990 5757796 1394.0 60 270 356.60 1.42 0.27 4.10 10.00 49.00 59.00 1.79 AZS08-07 618090 5757791 1385.0 61 270 387.10 6.26 0.87 4.80 26.00 316.00 342.00 7.34 incl. 10.36 1.46 7.20 14.00 318.00 332.00 12.17 incl. 15.50 1.92 7.60 6.00 326.00 332.00 17.85 AZS08-10 618090 5757791 1385.0 45 270 315.50 0.88 0.23 2.30 34.00 231.00 265.00 1.18 incl. 3.50 0.59 8.00 4.00 261.00 265.00 4.30 AZS09-12 617968 5757616 1405.0 60 270 593.40 2.30 0.35 2.60 4.00 510.00 514.00 2.75 AZS09-15 618116 5757816 1374.0 61 270 593.40 5.98 1.19 5.30 8.00 432.00 440.00 7.45 AZS09-16 617856 5757618 1423.0 60 270 358.70 2.45 4.60 30.90 2.00 140.00 142.00 8.26 AZS09-20 618166 5757860 1359.8 65 270 666.50 26.30 0.01 51.60 3.00 450.00 453.00 27.02 AZS10-21 617849 5757785 1403.0 -89 0 876.10 3.12 0.59 2.02 26.40 481.60 508.00 3.84 incl. 6.70 0.65 1.50 6.00 484.00 490.00 7.48 incl. 5.20 3.20 8.30 2.00 500.00 502.00 9.06 incl. 6.50 0.57 3.90 2.00 506.00 508.00 7.22 5.10 0.87 8.40 10.00 590.00 600.00 6.23 incl. 8.35 1.57 29.40 2.00 598.00 600.00 10.59 AZS10-23 617862 5757867 1386.3 70 150 419.70 6.95 0.27 1.50 2.00 311.00 313.00 7.29 AZS10-25 617842 5757852 1390.8 70 150 413.60 9.66 2.64 3.40 2.00 371.00 373.00 12.80 AZS10-26 617825 5757925 1381.7 70 150 550.70 5.25 1.23 18.10 2.00 460.00 462.00 6.94 AZS11-29 617786 5757740 1412.0 55 110 287.50 3.40 3.60 19.00 8.00 227.00 235.00 7.87
incl. 5.70 6.50 35.40 4.00 229.00 233.00 13.79 incl. 8.38 9.30 48.10 2.00 229.00 231.00 19.93 AZS11-30 617786 5757740 1412.0 75 110 452.00 4.88 1.44 6.90 2.00 337.00 339.00 6.66 2.90 0.86 5.30 6.00 351.00 357.00 3.98 AZS12-33 617932 5757475 1423.0 70 290 417.20 3.40 0.92 5.20 12.00 291.00 303.00 4.55
incl. 6.70 1.70 9.80 6.00 294.00 300.00 8.82 incl. 6.63 3.05 16.90 3.00 294.00 297.00 10.43 AZS12-34 617723 5757763 1413.7 75 110 672.60 0.42 0.30 1.66 172.00 435.00 607.00 0.79
incl. 2.00 1.53 8.70 12.00 593.00 605.00 3.91 incl. 3.29 3.99 30.40 2.00 599.00 601.00 8.38
Selected core assays 2015, Aurizon South Prospect
Previously published assays. Bolded figure thresholds: Au >5gpt Cu >1% Ag>5gpt Interval >5m DDH E N Elev. Dip Az Length Au Cu Ag Interval From To AuEq* NAD 83 Zone 10 m mASL deg deg m g/t % g/t m m m g/t AZS15-42 617778 5757717 1418.5 -55 110 276.15 m 2.87 0.26 12.12 2.00 36.55 38.55 3.34
incl. 2.67 0.18 15.40 1.50 37.05 38.55 3.09 7.74 1.26 6.53 10.00 195.00 205.00 9.30 incl. 11.67 1.54 7.92 5.00 198.00 203.00 13.58 incl. 23.00 3.42 18.10 0.45 199.50 199.95 27.25 AZS15-43 617771 5757745 1413.3 -55 110 279.20 1.32 0.37 2.52 15.10 226.90 242.00 1.79
incl. 5.68 1.05 9.74 2.00 235.00 237.00 7.04 incl. 10.25 1.36 15.10 0.95 235.00 235.90 12.05 AZS15-44 617744 5757757 1413.0 -55 110 304.80 0.88 0.20 1.17 11.20 262.00 273.20 1.13 incl. 3.84 0.19 1.60 1.00 266.00 267.00 4.08 AZS15-45 617801 5757786 1402.3 -55 110 297.26 0.78 0.02 2.55 4.00 50.00 54.00 0.84 AZS15-46 617800 5757758 1406.1 -55 110 296.27 0.87 0.01 0.15 4.00 134.00 138.00 0.88 incl. 2.14 1.09 5.10 0.77 171.88 172.65 3.49 AZS15-47 617793 5757679 1423.9 -62 110 260.60 6.66 0.20 4.60 1.61 55.08 56.69 6.96
0.66 0.21 1.70 18.40 202.70 221.10 0.93 incl. 2.10 0.35 3.94 4.10 217.00 221.10 2.56 AZS15-48 617751 5757725 1419.6 -55 110 276.15 2.21 0.01 0.20 2.45 78.55 81.00 2.22
1.99 0.60 7.40 0.55 85.95 86.50 2.79 1.03 0.34 3.30 0.70 142.10 142.80 1.47 1.70 0.44 2.60 23.00 229.00 252.00 2.25 incl. 10.73 1.52 11.50 2.00 242.00 244.00 12.67 AZS15-49 617794 5757679 1424.0 -45 110 218.85 13.40 0.50 96.00 0.83 38.00 38.83 15.30
13.15 0.09 2.00 0.65 72.85 73.50 13.28 10.20 0.87 37.20 0.80 160.20 161.00 11.73 AZS15-50 617815 5757697 1415.0 -55 110 244.03 0.72 2.30 9.10 0.50 96.00 96.50 3.54
2.71 0.08 2.08 6.60 139.40 146.00 2.83 incl. 4.30 0.09 3.49 2.44 143.56 146.00 4.45 incl. 8.79 0.26 12.60 0.74 143.56 144.30 9.27 12.40 0.09 0.90 2.00 210.00 212.00 12.52 AZS15-51 617832 5757718 1409.0 -55 110 208.79 2.06 0.38 2.47 1.55 116.15 117.70 2.54 incl. 6.26 0.74 6.70 0.60 116.15 116.75 7.22
Notes
True thickness of the mineralized zone at Aurizon South is variable: assays are reported over drill core intervals.
* Gold equivalent grade includes copper and silver values. Metallurgical recoveries are assumed to be 100%.
* Au Eq = Au g/t + (Cu grade x ((Cu price per pound/Au price per ounce) x 0.06857 pounds per ounce x 10000 g per %)) + Ag grade x (Ag price per ounce/Au price per ounce)).
10-day average metal price on May 12, 2016 in $Canadian: Gold $C 1634/ounce, Copper $C 2.79/lb, Silver $C 22.31/ounce
USD to CAD exchange rate: 1$US = 1.28$CA (May 12, 2016)
1 metric tonne = 2204.62 pounds 1 pound = 14.48 troy ounces 1 troy ounce = 31.103 grams
Quality Control/Quality Assurance Program
Engold Mines Ltd. follows procedures which ensure sample security, chain of custody and Quality Assurance/Quality Control (QA/QC) for all drilling and geochemical sampling, conforming to best current industry practices as defined by the Canadian Institute for Mining, Metallurgy and Petroleum (CIM) standards, and required for TSX-listed companies as defined by National Instrument 43-101.
All drill core was logged, photographed and cut in half with a diamond saw. Half core samples were bagged, sealed and sent securely to ALS Canada Ltd in Kamloops for preparation. Analyses were completed by ALS Minerals in Vancouver for Au (30 gram split fire assay, atomic absorption finish, gravimetric finish), Cu (ore grade, aqua regia), Ag (ore grade, aqua regia) and 35 additional elements by 4 acid digestion of a 0.25 g sample followed by an inductively coupled plasma - atomic absorption spectroscopy finish. As part of our comprehensive QA/QC program, one standard, and one in-line replicate were inserted into the sample stream in each group of 20 samples, as well as one or more field blanks in each analytical batch.
Robert B.K. Shives, P.Geo., 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, President & CEO
For further information, please contact: David Brett, Telephone: 604-682-2421
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.
To view a printable version of the press release, please visit:
http://orders.newsfilecorp.com/files/2268/20686_27590_aurizonupdatefinal.pdf
SOURCE: Engold Mines Ltd.
