E2Gold Discovers New Gold Targets at Hawkins

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TORONTO, ON / ACCESSWIRE / October 4, 2023 / Assays revealed several new gold targets on the underexplored eastern half of the district-scale Hawkins Gold Project, including eight large gold soil anomalies greater than 500 m wide. Such gold anomalies are the first step towards developing exploration drilling for deposits elsewhere on the project.

These results continue the success of the summer program which increased the footprint of the McKinnon Zone, an at-surface 328,800 ounce gold Inferred Resource.¹ The Company has planned and permitted 10,000 m of drilling stepping out from the McKinnon Zone along 7 km of additional strike length east and west, with the intent to expand the current resource.

Dr. Eric Owens, CEO, stated, "In spite of the very challenging markets for exploration companies, we are making significant progress on the Hawkins Project, having recently developed drill-ready targets to enlarge the McKinnon Zone, and simultaneously discovering new gold zones elsewhere on the project."

Fig. 1. Location of Soil lines and larger anomalies on the eastern part of the Hawkins Project

Foto: Accesswire

As a first pass test, geologists completed 5 soil lines spaced roughly 10 km apart, totalling 20 line-kilometers. The lines were designed to capture major east-west trending mineralization on eastern Hawkins, especially focused on delineating the relationship of gold with the Puskuta Lake Shear Zone running through the property.

Dr. David Good, Chairman of the Board, who led the soil sampling program, says, "These lines effectively create five cross sections across the greenstone belt, with special consideration of the regional Puskuta Lake Shear Zone and other parallel shear zones."

The Hawkins project encompasses a greenstone belt with the same characteristics as other mine-hosting greenstone belts in the region. However, Hawkins is underexplored because of the broad, but generally thin, surface cover. Developing a fast and inexpensive exploration method allows E2Gold to quickly develop strong targets outside of the McKinnon Zone.

In other news, E2Gold proposes to complete a private placement (the "Offering") pursuant to which it will issue up to 30,000,000 "flow-through" units ("FT Units") at a price of $0.02 per FT Unit, to raise aggregate gross proceeds of up to $600,000.