E2Gold Identifies McKinnon Zone at Depth; Delayed Assays Still Pending

Click here for a video summary of this press release.

• Drill Holes visually confirm intersection of McKinnon Zone at depth
• Second lab contracted to mitigate delays in receiving assay results
• E2Gold has completed 7,500 m of the planned 10,000 m drill program

TORONTO, ON / ACCESSWIRE / December 2, 2021 / E2Gold Inc. (TSXV:ETU) (the "Company" or "E2Gold") is pleased to announce that the target McKinnon Zone has been intersected in the majority of drill holes, up to 350m below the Current Resource. Separately, COVID-related supply disturbances have resulted in severe delays in receipt of assays, such that the Company is waiting for assays for 760 drill samples. E2Gold's team is adjusting its activites to accommodate the delays, and are using other available means to carry out its exploration activities.

Dr. Natalie Pietrzak-Renaud, E2Gold's VP of Exploration, stated, "While we wait for our assays, our geologic tools confirm that we are intersecting the McKinnon Zone at depth. Visually we have been able to identify the target in 6 of the 8 deep holes completed to-date. This is a promising development in our assessment of the McKinnon Zone footprint."

Dr. Eric Owens, President and CEO, added: "In spite of the assay delays, our current drill targets are largely independent of one another." Dr. Owens continued, "Importantly, we continue to operate on multiple levels beyond our current drilling program in our efforts to identify future drill targets and we anticipate a robust 2022 exploration program."

The current program is aimed at identifying the potential footprint of the at-surface McKinnon Zone, which hosts an Inferred Mineral Resource, compliant with National Instrument 43-101, consisting of 6.2 Mt grading 1.65 g/t gold, for 328,800 ounces of gold (the "Current Resource").⁽¹⁾ The resource lies above 150 m depth, and is currently open below that depth and along trend.

Assay Delays: E2Gold Mitigation Efforts

In an attempt to mitigate the effects of the assay delays, E2Gold is temporarily operating with one drill rig which will also cease drilling during the upcoming holidays. Further, the Company has taken measures to try to secure more rapid return of assay results, including shipment to a second assay laboratory. E2Gold's team has also reviewed and adjusted its sample shipment protocols, and continues to review other laboratory options.