E2Gold Develops New Drill Targets Along Strike With The Mckinnon Zone

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• Soil results return strong gold trends in newly explored Grid 3, to be drilled in 2023
• Reinforces an additional 4 km of strike length potential, west of the 3.5 km-long McKinnon Resource
• Reveals new gold target south of the McKinnon Zone trend and confirms target viability of two magnetic anomalies to the north

TORONTO, February 23, 2023 - E2Gold Inc. (TSXV:ETU)(OTCQB:ETUGF) recently received soil results on the newly explored Grid 3, suggesting the westward continuation of the McKinnon Zone Inferred Resource.¹ This along-strike trend could potentially double the strike length of the Resource. Further, soils have revealed three new targets independent of McKinnon, all which the Company intends to drill later in 2023.

The McKinnon Zone, on the Hawkins Gold Project in north central Ontario, is a shallow 3.5km long, 328,000 oz Au Inferred Resource, exposed in surface trenches and defined down to 150m. It is open at depth and along strike and sits on a magnetic anomaly and geologic contact that trends 13 km across the Central Hawkins Corridor. The contact has been further identified at locations up to 40 km away to the southeast, and will be further evaluated during the 2023 field season.

Eric Owens, CEO, stated, "Grid 3 is a new target area to the west of the McKinnon Zone which now shows significant potential for new discovery and expansion of the Resource beyond the McKinnon footprint. With consistent mineralization having been intersected down to 700 m depth in step-out drilling at McKinnon, we have demonstrated that the footprint extends much deeper than the current Resource. The work we are undertaking on Grid 3 provides new evidence that could double the strike-length of gold mineralization up to 4 kilometers beyond the Resource."

Additional Findings

• The long lengths and orientations of the anomalies, together with a correlation with pathfinder elements, suggest an in-situ formation of anomalies as opposed to glacially transported anomalies.
• Pathfinder elements associated with the gold anomalies are are similar to those at the Hemlo deposit.
• Discovery of an entirely new target in granodiorite south of the McKinnon Zone trend.

Dr. Dave Good, Chairman of E2Gold, noted, "Soil and till analysis have made significant advancements in the past 20 years, with several deposits being discovered using this type of geochemical survey." Dr. Good added, "This is how we add value to properties like Hawkins: methodical and inexpensive surface work to identify high priority drill targets. Soil surveys are rapidly becoming the 'new' way forward for exploration globally."

Next steps will be surface sampling through till and stripping, with a follow up drill program planned for later this year.

Further Detail on Anomalies

Soil sampling took place in a 6 km² area (referred to as Grid 3), just west of and along strike of the McKinnon Zone. Over 1,300 samples were taken along16 north-south lines between 1.5 and 2 km long. Samples were taken at 25 m spacing.

At least 4 east-west trends were identified. They are parallel to chargeability and resistivity anomalies identified during our previous Induced Polarization survey. Additionally, these trends are coincidental with pathfinder elements including arsenic, molybdenum, antimony, bromine, lead, zinc and vanadium, many of which are associated with soil anomalies at the Hemlo deposit along the same regional gold belt to the west.

Sets 1 and 2 exhibit the strongest associations with the pathfinder elements. Our geologists interpret Set 1 to reflect the western extension of the McKinnon Inferred Mineral Resource. Chargeability highs and gold soil anomalies follow the magnetic anomaly associated with the McKinnon Zone and provides evidence for westward continuity to the McKinnon Zone for an additional 4 km, a distance that is more than double the length of the current Resource.

Set 2 lies south of the McKinnon Zone trend, within a granitic rock. This discovery is a brand new geologic target in the Central Hawkins Corridor, and corresponds with a relative magnetic low, which may indicate alteration.

Finally, Sets 3 and 4, located on the north edge of this survey area, lay along magnetic highs outcropping to the east that reveal peridotite and iron formation, two rock-types associated with gold and base metal targets.

Qualified Person: Eric Owens, Ph.D., P.Geo. acts as a Qualified Person for E2Gold, and has reviewed the content of this press release.

ABOUT E2GOLD INC.

E2Gold Inc. is a Canadian gold exploration company with a large flagship property, the 80 km long Hawkins Gold Project in north-central Ontario, about 140 km east of the Hemlo Gold Mine, and 75 km north of the Magino and Island Gold Mines. The property is anchored by the McKinnon Zone Inferred Resource of 6.2 Mt grading 1.65 Au g/t, for 328,800 ounces of gold.¹ E2Gold is committed to increasing shareholder value through the development of targets at Hawkins and future potential of the Band-Ore property.

Note 1: NI 43-101 Technical Report and Updated Mineral Resource Estimate on Hawkins Gold Project, Ontario, by P&E Mining Consultants, effective date September 10, 2020.

For further information please contact:

Jeff Pritchard
Investor Relations
info@e2gold.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of E2Gold, including with respect to the receipt of all regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

SOURCE: E2Gold Inc.