Dear E2Gold Community:
We at E2Gold hope all of you have been having a great summer. We’ve been busy working on our projects and managing our exploration activities. We continue to make progress to be better positioned for a market turnaround.
In the midst of one of the most difficult capital markets in recent memory, we completed a $2.5 million financing in July. This was made possible by the support and commitment of one of the world’s largest gold mining companies, Kinross Gold, who became a 10% stakeholder in E2. It’s not only a testament to our projects and people, but an independent recognition of the potential value of our assets. As a result, we have been busy on a number of exploration fronts, on both our flagship Hawkins project and our Band-Ore project west of Thunder Bay.
On our Band-Ore project, we undertook a sampling and field planning effort in July, and will begin drilling next week to evaluate the project’s growth potential. Our first drill program will test the historical resources at the Main Zone and No. 4 Zone. Ultimately, we intend to test new targets beyond these two areas. The initial program will see roughly 800m of drilling completed and take approximately 3 weeks. Results are anticipated by mid-November. Property-wide prospecting will begin during September.
Hawkins Drill Target Development
We also have been working on multiple fronts to delineate targets for our next round of drilling on Hawkins, slated to start in early 2023. These activities include an ongoing property-wide mapping and sampling program over the 80 km-long project. Along with geophysics and trenching, these activities will lead to follow-up drilling.
Because outcrop is scarce on the property, E2 will need to use tools and methods such as soil and/or till sampling, in addition to geophysics, to better target drill holes. The company has recently completed a LIDAR survey over the whole property, an important step to aiding our geologists in more efficiently locating outcrops, but also as a first step toward more detailed evaluation of the surficial geology for future till sampling.
Company field personnel have completed 80% of a 1,400 sample soil survey on the Grid 3 area, a 3.5 km x 2.5 km grid located west of the McKinnon Zone. Numerous induced polarization (“IP”) anomalies were first identified on this grid this past winter and will serve as the principal focus of E2’s next drill program.
Interpretation of the IP Grid 3 survey has revealed several interesting anomalies. The team theorizes that the resistivity trend on Grid 3 is potentially the western extent of the McKinnon Zone, while an easterly conductivity high on the north of the grid, coincident with a high magnetic anomaly, is associated with a peridotite outcrop. We anticipate trenching this fall over these targets, with follow up drilling in the winter. The soil sample data will provide additional information to enable more precise drill hole location on the grid. Other fall-time activities are scheduled to include additional stripping, mapping, soil sampling, a structural study, and IP over the Goldfields target. The results of these activities will guide company geologists in further drill target selection.
We have been invited back to present at the Precious Metals Summit conference in Beaver Creek this September 13-16 and will be attending the Mineral Exploration Summit in Golden, both in Colorado. We will continue to publish news via our social media accounts and email distribution list.
As always, we will keep you updated. Please enjoy these last few weeks of summer.
The E2Gold Team