E2Gold Completes Airborne Magnetic Survey on Its Hawkins Project; Enters Into Market Support Agreement

TORONTO, Jan. 19, 2021 (GLOBE NEWSWIRE) -- E2Gold Inc. (TSXV: ETU) (the “Company” or “E2Gold”) is pleased to report that it has completed a large helicopter-borne magnetic survey on its Hawkins gold project in northern Ontario.

The detailed magnetic survey, which collected 1,139 km of data, was conducted by Scott Hogg and Associates. It covers the area 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)^i, and is providing E2Gold geologists and geophysicists with added data and a strong base for drill hole planning.

Eric Owens, President and CEO, said, ”It is a top-quality survey, and yields a level of detail previously unattained. The results will form a basis for all future work and interpretations. We have a crew onsite now preparing for our first drill program set to begin in February.”

Figure 1: Total Magnetic Intensity map from 2020 Airborne Survey, McKinnon Zone area, Hawkins Gold Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/792dc2a9-46ee-4372 ...

In other matters, the Company has entered into an agreement (the “Support Agreement”) with Integral Wealth Securities Limited (“Integral”) to provide market support services to the Company, including market trading and such other shareholder communication and other matters as may be requested by the Company from time to time, in consideration of a cash payment to Integral of $5,500 per month plus applicable taxes. Integral will trade shares of E2Gold Inc., on the TSX Venture Exchange (“TSXV”) with the objective of maintaining a reasonable market and improving the liquidity of E2Gold’s common shares. The agreement is effective January 15, 2021, has a term of three months, will renew monthly thereafter, and may be terminated on 10 days notice.

Integral is a full-service securities dealer regulated by the Investment Industry Regulatory Organization of Canada, and engages in wealth management, market making, and investment banking. Integral operates from 8 offices, including Toronto, Vancouver, Calgary, and Ottawa. Integral’s corporate office is located at 181 University Avenue, Suite 1600, Toronto, ON, M5H 3M7. Integral and its personnel which will be providing services pursuant to the Support Agreement are each arm’s length to the Company, and no such person has any interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest.