E2Gold Inc. [ETU-TSXV] reported partial assay results from the company’s first-ever drill hole on its Hawkins gold project in Northern Ontario. Diamond drill hole MK21-001 successfully intersected the target McKinnon Zone, verified by a 17-metre interval grading 1.81 g/t gold, including 11.3 g/t gold over 1.0 metre and a separate interval grading 2.78 g/t gold over 2.95 metres.
Eric Owens, CEO and President, said, “These are excellent first results. They confirm our targeting methods and give us greater confidence in our plan. We anticipate the results from the remaining holes from this first rotation by mid-April.”
Current drilling is focused in and around the McKinnon Zone aimed at confirming and expanding the zone. Other targets include the historic Shenango high-grade shafts south of the McKinnon Zone, as well as prospecting and geophysical targets along strike. Phase 1 drilling will provide a base for future exploration and more aggressive drilling.
To test the current understanding of the location of the Resource, E2Gold’s early drill holes were drilled in the vicinity of a group of high-grade historic Falconbridge holes. Drill Hole MK21-001 has provided first verification of the location of the Resource as reported in Falconbridge’s historic GO-33 results. E2Gold has drilled four other holes in the same area, and has commenced drilling at the Taylor Prospect to the east. Assays are pending for these holes.
The McKinnon Zone, which has geological similarities to the Hemlo Gold Camp, contains a NI 43-101 compliant Inferred Resource of 6.2 million tonnes grading 1.65 g/t gold for 328,800 ounces of gold. The resource estimate is based upon 1980s Falconbridge drilling, but the property has not seen a cohesive exploration effort for 35 years. The shallow zone is exposed at surface in trenches, is roughly 3.5 km long and 150 metres deep, and has not been drill-tested along strike or much below the 150-metre depth.
E2Gold’s flagship Hawkins Gold Project covers 7 townships in north-central Ontario, about 140 km east of the Hemlo Gold Mine. The company is currently completing the first half of an 8,000-metre 2021 drill program to confirm and expand the current McKinnon Resource.