Inaugural Drilling Program Set to Launch at Hawkins; High-Grade Trench Results Reported Up to 9.6 g/t Gold Over 1.0m

TORONTO, Jan. 13, 2021 (GLOBE NEWSWIRE) -- E2Gold Inc. (TSXV: ETU) (the “Company” or “E2Gold”) is pleased to announce its plans to begin drilling on its flagship Hawkins Gold Project in Ontario, mere weeks after recently completing its Initial Public Offering. The drill program will begin in early February and will be based on historic Falconbridge drilling and geophysics, as well as E2Gold prospecting and trench results, such as 3.61 g/t gold over 3.0 metres, including 9.65 g/t gold over 1 metre at the Goldfields prospect.

The main focus of this initial program will be to test in and around the McKinnon Zone, a shallow, 3.5 km long, Inferred Mineral Resource of 328,800 ounces of gold (6.2 million tonnes grading 1.65 g/t gold)¹ . The Mineral Resource remains open below 150 m depth and is untested along strike.

Eric Owens, President and CEO, said, ”This first drill program is the beginning of a diligent, comprehensive exploration program, the first of its kind in four decades on the Project. Hawkins lies in an emerging gold mining district as a result of developments at Sugar Zone, Borden, and Island Gold Mines.” Owens added, “We are seeing increased interest as a result.”

A map accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/70a8ecf3-24cf-44f2 ...

Figure 1 - Hawkins Project: McKinnon Resource Inferred Mineral Resource: 6.20 Mt at 1.65 g/t Au for 328,000 oz Au (see endnote i below)

E2Gold Trench Sampling

During our first ever field season in 2020, Company geologists and prospectors constructed 16 trenches scattered over a 13 km trend.

At the Goldfields Showing, located some 10 km west of the McKinnon Zone, channel sampling yielded: 3.61 g/t gold over 3.0 metres, including 9.65 g/t gold over 1 metre. Centered on a cherty, oxidized-quartz carbonate layer, Company geologists view the Goldfields Showing as a different target than that at McKinnon.

Trenches along the McKinnon Zone have been important for locating the surface trace of the Inferred Mineral Resource, with results similar to historic Falconbridge trenches: 0.55 g/t gold over 12 metres and 0.85 g/t gold over 7.2 metres (TR20-03 and TR20-04, Taylor); 0.67 g/t gold over 6.00 m (TR20-10, Irving Rd), and 0.63 g/t gold ove 12.80 metres (TR20-09, Shenango).

The McKinnon Zone is part of a 15 km long trend of historic high-grade gold prospects located in the core area of the 60-km long Hawkins Project. The underlying geology and gold mineralization style appears to be similar to Barrick Gold’s giant Hemlo Mine (22 million ounces of gold produced)², located approximately 140 km west of the Hawkins Project.