Business
E2Gold to Drill Step-Out Holes at the McKinnon Zone
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About this update from E2gold, Inc.
E2Gold to Drill Step-Out Holes at the McKinnon ZoneNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA TORONTO, ON / ACCESSWIRE / December 5, 2024 / E2Gold Inc. (TSXV:ETU)(OTCQB:ETUGF) will begin the next phase of drilling on its Hawkins Gold Project in North-Central Ontario with a 1,500 m drill program to test step-out targets at its McKinnon Zone Inferred Resource1. These include down-plunge targets below high-grade gold shoots within the McKinnon Zone as well as never-before-drilled high-grade surface prospects up to 3 km east along strike (see Figure 1).Eric Owens, President and CEO, stated, "This low-cost drill program could lead to a significant increase in the footprint of the McKinnon Zone. We have already drilled well below the Inferred Resource, in 10 widely-spaced holes, and know that the gold-bearing zone continues to at least 700m depth. This next step will provide us with more information about the growth potential immediately below the resource and to the east."Figure 1. Map view of the McKinnon Zone Inferred Resource, the McKinnon East Extension, and drill targets in red ovals. The McKinnon Zone Inferred Resource contains 6.2Mt grading 1.65 g Au/t for 328,000 oz.1 This resource averages 25 m wide, is 3.5 km long, and is defined down to +/-150m depth. It has a disseminated character, with high-grade shoots within the broadly planar geologic body. Recent surface exploration has shown that gold mineralization extends another 3 km to the east along the McKinnon Zone trend (Figure 1).The Company is also pleased to announce that it has been informed that it can receive up to $200,000 for exploration activities at Hawkins from the Ontario Junior Exploration Program ("OJEP"). This is the third intake that the Company has qualified for, which previously has funded crucial field work in guiding the Company's drill plans. E2 is grateful to the Province of Ontario and the Ontario Ministry of Mines for their support of E2Gold and the junior explorers of Ontario.The Company has received subscription agreements as part of a proposed private placement (the "Offering") of (i) common shares; and (ii) "flow-through" common shares, each at a price of C$0.01 per share, in any combination to raise aggregate gross proceeds of up to C$250,000. The Offering remains subject to the approval of the TSX Venture Exchange....