- E2Gold (ETU) has completed a significant helicopter-borne magnetic survey at its Hawkins Project in northern Ontario
- The survey was carried out by collected 1,139 kilometres of data and covered the area surrounding the McKinnon Zone
- McKinnon is a shallow, 3.5-kilometre-long region with an inferred mineral resource of 328,800 ounces of gold
- Additionally, the company has signed an agreement with Integral Wealth Securities, under which Integral will provide market support services for a fee of C$5,500 per month
- E2Gold is currently down 8.33 per cent to $0.16 per share
E2Gold (ETU) has completed a significant helicopter-borne magnetic survey at its Hawkins Project in northern Ontario.
Located roughly 140 kilometres east of Hemlo, the project covers seven townships and consist of 419 optioned claims as well as 520 E2Gold claims.
The survey, which was carried out by Scott Hogg and Associates, collected 1,139 kilometres of data from the area surrounding the McKinnon Zone. The McKinnon Zone is a shallow, 3.5-kilometre-long region that hosts 6.2 million tonnes at an average grade of 1.65 grams per tonne of gold, representing 328,800 gold ounces.
With the data now in hand, the company’s geologists and geophysicists will have a better understanding of the project and a strong base with which to plan future drilling activities.
“It is a top-quality survey, and yields a level of detail previously unattained,” said Eric Owens, President and CEO of E2Gold.
“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,” he added.
Additionally, E2Gold has signed an agreement with Integral Wealth Securities, under which Integral will provide market support services to the company for a fee of C$5,500 per month. These services are expected to include market trading and other shareholder communication activities, as well as other matters E2Gold may request.
The deal took effect on January 15, 2021, and has an initial term of three months, which may be renewed monthly thereafter or terminated on 10 days notice.
E2Gold is currently down 8.33 per cent to $0.16 per share at 1:45pm EST.