EnGold Lac La Hache Project Update

Rhea-AI Summary

EnGold Mines Ltd. reports updates on the 100% owned Lac La Hache Copper Gold Project, including a 5-year exploration permit, an amendment to the Tam Property option agreement, and exploration priorities. The company received the permit in June 2023, allowing extensive new drilling and other exploration activities until 2028. The Tam Property option agreement term has been extended to 60 months, and the original payments have been replaced with share and cash payments. ALS GoldSpot delivered results identifying high priority targets for exploration work at Lac La Hache.

Vancouver, British Columbia--(Newsfile Corp. - January 23, 2024) - David H. Brett, President & CEO, EnGold Mines Ltd., (TSXV: EGM) ("EnGold" or the "Company") reports a number of updates with respect to the Company's 100% owned Lac La Hache Copper Gold Project in the Cariboo region of BC's southern interior (the "Property").

EnGold Granted 5-Year Exploration Permit for Lac La Hache

In the spring of 2023, the Company applied for and received in June a Multi-Year, Area-Based exploration permit from the government of BC enabling EnGold to continue exploring the Property. The five-year permit allows EnGold to proceed with extensive new drilling and other exploration activities until 2028.

"EnGold would like to acknowledge the support of local First Nations and the diligent efforts of government experts in the permitting process," said EnGold President & CEO David H. Brett. "EnGold's track record of early and proactive engagement with local communities, as well as a history of environmental responsibility, will hopefully serve the Company well as we move the Lac La Hache Project forward."

Tam Property Option Amendment

As announced on February 19, 2020, the Company entered into an option agreement to acquire a 100% interest in the Tam Property (the "Agreement"), a block of claims near EnGold's Aurizon South Gold Deposit, adjoining the Lac La Hache Project to the southeast. 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.

The vendor of the Tam Property and the Company have amended the Agreement, subject to the acceptance of the TSX Venture Exchange, as follows:

1. The term of the option has been extended from 48 months to 60 months.
   
   
2. The original payments of cash and shares have been replaced with the following:
   
   
   1. 300,000 shares of EnGold forthwith upon TSX Venture Exchange acceptance.
      
      
   2. On or before February 12^th, 2025 400,000 shares of EnGold and $25,000 cash.

Exploration Priorities

As announced March 6, 2023, data analysis firm ALS GoldSpot delivered to EnGold the results of their extensive information compilation, machine learning, and artificial intelligence research on prior Lac La Hache exploration work. These results included multiple high priority targets both near existing mineral deposits and new areas outside EnGold's concentrated work zones.

Of note, the ALS GoldSpot work identified a large area east of the Spout Copper Magnetite Deposit with potential near surface mineralization similar to the "Spout South" mineralized zone. EnGold's permitted work includes a series of shallow drill holes with setups located on existing logging roads.

"We are anxious to restart our drilling campaign at Lac La Hache," said EnGold VP of Exploration Rob Shives. "We have been less active in the field due to challenging market conditions for juniors, but we are confident that our compelling project will attract new funding to continue moving this exciting project forward."

About EnGold

EnGold is a Vancouver-based copper, gold, silver, and magnetite exploration company focused solely on its 100% owned Lac La Hache property in the Cariboo region of BC which hosts the Spout Copper Deposit, the Aurizon Gold Deposit, and the G1 Copper Deposit and other targets within a large porphyry mineralizing system. With world-class infrastructure at its doorstep, Lac La Hache is a great location to be exploring.

EnGold Mines Ltd.

David Brett

President & CEO

For further info contact David Brett, 604-682-2421 or david@engold.ca

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/195349

FAQ

What updates did EnGold Mines Ltd. report regarding the Lac La Hache Copper Gold Project?

EnGold Mines Ltd. reported updates on the 100% owned Lac La Hache Copper Gold Project, including a 5-year exploration permit, an amendment to the Tam Property option agreement, and exploration priorities.

When did EnGold Mines Ltd. receive the exploration permit for Lac La Hache?

The company received the exploration permit in June 2023, allowing extensive new drilling and other exploration activities until 2028.

What changes were made to the Tam Property option agreement?

The term of the option has been extended from 48 months to 60 months, and the original payments of cash and shares have been replaced with share and cash payments.

Who delivered the results of the exploration priorities for Lac La Hache?

ALS GoldSpot delivered results identifying high priority targets for exploration work at Lac La Hache.