Business
EnGold Strengthens Land Position at Lac La Hache
Vancouver, British Columbia--(Newsfile Corp. - February 19, 2020) - David H. Brett, President ...
About this update from Engold Mines Ltd.
[{"type":"text","content":"EnGold Strengthens Land Position at Lac La HacheVancouver, 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 1To view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/2268/52539_7e0468c614973947_002full.jpgThe 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 EnGoldEnGold (www.engold.ca) is focused on exploring its 100% owned mineral property located near...