E2Gold's Intersects 14.7 G/t Au Over 1.0 M In Step Out Drilling At McKinnon Zone

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• First assays returned from five step-out holes confirm continuity of grade of the McKinnon Zone at depth;
• Assay results include 5.0 m of 3.5 g/t Au
• All reported holes intersected wide zones of anomalous gold, with widths up to 35 m

TORONTO, February 1, 2022 - E2Gold Inc. (TSXV:ETU) (the "Company" or "E2Gold") announces assay results from 1/3 of the Phase 2 drill program confirming grade continuity of the McKinnon Zone¹ at vertical depths down to 620m, well below the current resource. Assays are pending for the remaining holes, and the final 1,800 m of this program is currently underway.

Figure 1: McKinnon Zone Longitudinal Section, showing pierce points of 1980's Falconbridge Holes (small dots within the Mckinnon Zone) and completed Phase 2 E2Gold holes below the McKinnon Zone, where red=deep target, green=shallow target, black=not yet complete

Dr. Eric Owens, CEO and President stated, "This is just the beginning. We are encouraged that we have consistently hit the zone in almost every drill hole. Going into this program, we had anticipated that success would be hitting the zone in as few as one or two holes. Further, that the Zone continues so deep below the Inferred Resource gives us confidence that we're on the right track for finding more higher grade gold zones."

These first 5 deep holes provide valuable insight into the geological controls of gold mineralization and show similar styles of gold mineralization as found in shallow Phase 1 drilling: broad, disseminated-style gold mineralization surrounding narrower, high-grades, all consistently defined by strong shear fabric, silica-overprint, segments of dismembered quartz veins and blebby pyrite. The zone is then enveloped by a wide halo of anomalous gold values, roughly 15 m to 35 m core length, defined by fine pyrite mineralization occurring along the foliation. XRF analysis has revealed elevated metals contents of Ag, Zn, Pb, W, Cu and Ni within this mineralized envelope.

Further, in our current deep holes we have seen a notable change in sulphide mineralogy along with an apparent increase in visible alteration (i.e. epidote) in several holes that tie into the changes we see in mineralogy. All indicators are positive developments and may be useful vectors helping to point toward higher grade gold mineralization.

The Company is continuing an active exploration program for 2022, the heart of which is aimed to delineating new drill targets in and around the McKinnon Zone and beyond. In keeping with its use of all exploration tools, E2Gold recently completed an IP survey west of the McKinnon Zone to better target new drill holes.

The geologic setting is consistent with being hosted in a shear zone and gives Company geologists a strong exploration tool for drill hole targeting.

Assays are pending for 12 holes so far completed in the Phase 2 program.

TABLE 1. Diamond Drill Hole Assay Results

Qualified Persons: Eric Owens, Ph.D., P.Geo. and Natalie Pietrzak-Renaud, Ph.D., P.Geo. act as the Qualified Persons for E2Gold, and have reviewed the content of this press release.

ABOUT E2GOLD INC.

E2Gold Inc. is a Canadian gold exploration company with a focus on Its large flagship property, the Hawkins Gold Project, covers seven townships in north-central Ontario, about 140 km east of the Hemlo Gold Mine. The Company is currently almost complete its Phase 2 10,000 metre drill program to confirm and expand the McKinnon Inferred Resource. E2Gold is commited to increasing shareholder value through the development of all targets at Hawkins and future potential of the Band-Ore property.

For further information please contact:

Eric Owens
President & Chief Executive Officer
Tel. (416) 509-5385
Email: eric.owens@e2gold.ca

Ellie Owens
Vice President
Tel. 647-575-2888
Email: ellie.owens@e2gold.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including the risk that the Offering may not be completed on the terms currently proposed or at all. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of E2Gold, including with respect to the potential size and composition of the Offering and the receipt of all regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

SOURCE: E2Gold Inc.