Evergold Corp. (“
Evergold” or the
“
Company”) (
TSX-V:EVER,
WKN:A2PTHZ) is pleased to report that sampling
carried out with a small man-portable diamond core drill at five
mineralized outcrop sites within a 1.5 km radius of the emerging
GL1 Main gold-silver zone, located on the Golden Lion property,
north-central B.C., has returned strong to locally very high grades
of copper and/or silver, and some gold. The drilling was focused on
mineralized outcrop at four sites (Figure 1) within the broad GL2
target area, which is located across a prominent ridge and fault
which separates the host Lower Jurassic rocks to the southwest at
GL1 Main from mainly older Triassic and Paleozoic(?) rocks to the
northeast. Sampling also took place at one location toward the
southern end of GL1 Main.
Portable Drilling
Highlights:
- 16.2% copper, 1.88
g/t gold and 92.1 g/t silver over 0.5 metres in hole
GL-21-BPD-014b
- 11.5% copper, 0.92
g/t gold and 31.1 g/t silver over 1.14 metres in hole
GL-21-BPD-022
- 11.9% copper, 0.69
g/t gold and 37.9 g/t silver over 1.47 metres in hole
GL-21-BPD-024
- 15.1% copper, 1.36
g/t gold and 43.9 g/t silver over 0.7 metres in hole
GL-21-BPD-030
- 735 g/t silver
over 0.3 metres in hole GL-21-BPD-012
Readers should note that sampling with a
man-portable drill generally drills short, shallow holes and the
results are not necessarily representative of the overall
mineralization to depth or along trend at any particular site.
“These strong sampling results demonstrate the
exploration potential of areas adjacent to the developing GL1 Main
zone, in particular for copper, but also for gold and silver,” said
Kevin Keough, President & CEO. “We observe high-grade
polymetallic mineralization in outcrop at several sites lateral to
the prominent N-S trending ridge that bisects the GL1 and GL2
target areas, and to the north as well. As we focus in the coming
field season on unfolding the high-grade gold-silver story at the
GL1 Main zone, we’ll be keeping in mind the potential of these
nearby targets, and their possible relationship to the large GL1
Main epithermal system.”
Details of Portable Drill
Program
The objective of the portable drill program was
to better evaluate surface prospects and showings located across
the Golden Lion Property, outside of the GL1 Main zone, some of
which had been partially tested in 2020 (see news, January 26,
2021). The drill produces BQ diameter (36 mm) rock core from
shallow drill holes. The shallow drill holes provide a more
representative sample than surface chip or channel sampling and
allow for collection of important geological data. A total of 65
holes ranging from 0.5 to 6.4 metres in depth were completed, with
assay results ranging from nil to 16.2% Cu, nil to
735 g/t Ag, and nil to 1.96 g/t
Au. The results confirm the presence of high-grade
mineralization in the immediate sub-surface at the sampled
prospects, and that the potential for precious metals enriched
skarn, porphyry and vein-style mineralization in the GL2 target
area remains high. Plans for further exploration, including
detailed ground magnetometer work, geologic mapping, and soil
geochemical sampling and prospecting, are being formulated. Should
this work provide further encouragement, emerging targets may be
drill-tested.
GL1 South Showing
Holes BPD-012 and 013 from the GL1 South area
(see Table 1) were drilled into weakly stockwork-veined outcrops
located within a strong silver-rich soil geochemical anomaly near
the southern end of the known GL1 Main trend. The quartz veining
was hosted within trachytic volcanic rocks that were locally
silicified and generally strongly clay altered. Mineralization
within the veins consisted chiefly of limonite although trace
pyrite and chalcopyrite were noted. The veins were located near to
where prospectors employed by Newmont in the mid-1980’s discovered
veins in outcrop which contained the very high-grade silver-bearing
mineral linarite, but unfortunately the specific mineralized zone
was snow-covered at the time of the portable drill program.
GL2 East Ridge Showing
Most of the man-portable holes drilled in this
area targeted dense stockwork vein-style mineralization hosted
within chlorite-sericite-silica altered granitic rocks (diorite?).
The veins host chalcopyrite and the results are intriguing in that
both the granitic rocks and nearby limestone are mineralized,
perhaps during an event more or less synchronous with emplacement
of the granitic rocks. Elevated silver grades are also notable.
GL2 Skarn Showing
Holes GL-21-BPD-014a and 014b returned limestone
(locally recrystallized)-hosted intercepts of chalcopyrite and
pyrite bearing lenses, quartz veins with locally massive and more
commonly semi-massive to disseminated sulphides, and disseminated
sulphides also hosted locally within the wallrocks. The intercepts
hosting heavier sulphides (chiefly chalcopyrite) show appreciable
thicknesses (up to 1.42m) and also clearly show that gold and
silver are closely associated with the copper mineralization. This
showing was also tested with a single hole in 2020 (GL-20-014)
which returned a 1-metre intercept of chalcopyrite-rich sulphides
within brecciated limestone between 44.36 and 45.36 metres, and
assayed an encouraging 3.66 g/t Au, 33.89 g/t Ag, and 3.34% Cu.
GL2 Claw Pond Showing
The two samples drilled at GL2 Claw Pond lie
along trend from an area characterized by encouraging copper and
gold soil geochemical values. The results clearly show that
precious metals (gold and silver) are closely associated with
copper and that there is clearly potential for vein, skarn and
porphyry-style(?) copper-gold-silver mineralization east of the
fault bounding the GL1 Main area on its northeast side.
Table 1 – Significant Portable Drill
Results
Site & Hole ID |
From (m) |
To (m) |
Width (m) |
Cu (ppm) |
Au (g/t) |
Ag (g/t) |
|
|
|
|
|
|
|
GL2 EAST
RIDGE |
|
|
|
|
|
|
GL-21-BPD-001 |
0 |
0.5 |
0.5 |
8310 |
0.01 |
3.97 |
GL-21-BPD-003 |
0 |
0.4 |
0.4 |
6130 |
0.01 |
2.88 |
GL-21-BPD-005 |
0 |
1.5 |
1.5 |
13550 |
0.1 |
4.72 |
|
|
|
|
|
|
|
GL1
SOUTH |
|
|
|
|
|
|
GL-21-BPD-008 |
0 |
0.6 |
0.6 |
123 |
0.01 |
11.35 |
GL-21-BPD-012 |
0 |
0.3 |
0.3 |
1760 |
0.05 |
735 |
GL-21-BPD-013 |
0 |
0.45 |
0.45 |
440 |
0.01 |
389 |
|
|
|
|
|
|
|
GL2
SKARN |
|
|
|
|
|
|
GL-21-BPD-014a |
0 |
0.5 |
0.5 |
36800 |
1.96 |
61.7 |
GL-21-BPD-014b |
0 |
0.5 |
0.5 |
161500 |
1.88 |
92.1 |
GL-21-BPD-014b |
0.5 |
1.5 |
1 |
5040 |
0.03 |
2.35 |
GL-21-BPD-019 |
0 |
0.9 |
0.9 |
5310 |
0.09 |
2.28 |
GL-21-BPD-020 |
0 |
0.3 |
0.3 |
44900 |
0.29 |
19.15 |
GL-21-BPD-022 |
0 |
1.14 |
1.14 |
115000 |
0.92 |
31.1 |
GL-21-BPD-023 |
0 |
1.1 |
1.1 |
45300 |
0.26 |
13.85 |
GL-21-BPD-024 |
0 |
1.42 |
1.42 |
119000 |
0.69 |
37.9 |
GL-21-BPD-026 |
0 |
0.9 |
0.9 |
5140 |
0.05 |
1.75 |
GL-21-BPD-027 |
0 |
1.1 |
1.1 |
15350 |
0.21 |
7.49 |
GL-21-BPD-028 |
0 |
0.5 |
0.5 |
4400 |
0.06 |
1.78 |
GL-21-BPD-030 |
0 |
0.7 |
0.7 |
151000 |
1.36 |
43.9 |
GL-21-BPD-033 |
0 |
0.6 |
0.6 |
30400 |
0.37 |
10.7 |
GL-21-BPD-033 |
0.6 |
1.1 |
0.5 |
13500 |
0.24 |
5.09 |
|
|
|
|
|
|
|
GL2 EP
ZONE |
|
|
|
|
|
|
GL-21-BPD-037 |
0 |
0.9 |
0.9 |
5970 |
0.04 |
2.77 |
|
|
|
|
|
|
|
GL2 CLAW
POND |
|
|
|
|
|
|
GL-21-BPD-048 |
0 |
0.5 |
0.5 |
7000 |
1.76 |
2.55 |
GL-21-BPD-049 |
0 |
0.25 |
0.25 |
10550 |
1.16 |
3.84 |
Notes: Widths reported above are drilled core
lengths. True widths are unknown.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c983a24f-7bdc-4e04-b6f7-9ae51b5e22f6
About Evergold
Evergold Corp. has been assembled by a team with
a record of recent success in B.C., namely the establishment of GT
Gold Corp. in 2016 and the discovery in 2017-18 of the Saddle
epithermal and porphyry copper-gold deposits near Iskut B.C., which
hold more than 20 million ounces of gold equivalent in all
categories (Saddle North NI 43-101 Technical Report, August 20,
2020). GT Gold was acquired in 2021 by Newmont Corporation.
Evergold combines four 100%-owned properties in prime B.C.
geological real estate from well-known geologist C.J. (Charlie)
Greig, with the recently optioned Rockland property in Nevada,
seasoned management, and a qualified board. The Company’s flagship
assets consist of the Golden Lion property, the Snoball property,
and the past-producing high-grade Rockland gold-silver property in
Nevada. All three properties host zones of precious metals that the
Company believes offer considerable upside.
Qualified Person
Charles J. Greig, P.Geo., a Qualified Person as
defined by NI 43-101, has reviewed and approved the technical
information in this news release.
QA/QC
The company has a robust quality
assurance/quality control program that includes the insertion of
blanks, standards and duplicates. Samples of drill core
are cut by a diamond-blade rock saw, with half of the cut core
placed in individually sealed polyurethane bags and half placed
back in the original core box for permanent storage. With the rare
exception, sample lengths generally vary from a minimum 0.5-metre
interval to a maximum 2.0-metre interval, with an average of 0.5 to
1.0 metres in heavily mineralized sections of core, where precise
identification of the mineralogical source of metal values is
important. Drill core samples are shipped by truck in sealed woven
plastic bags to the ALS sample preparation facility in Terrace, BC,
and thereafter taken by ALS to their North Vancouver analytical
laboratory. ALS operates according to the guidelines set out in
International Organization for Standardization/International
Electrotechnical Commission Guide 25. Gold is determined by fire
assay fusion of a 50-gram subsample with atomic absorption
spectroscopy (AAS). Samples that return values greater than 10
parts per million gold from fire assay and AAS (atomic absorption
spectroscopy) are determined by using fire assay and a gravimetric
finish. Various metals including silver, gold, copper, lead and
zinc are analyzed by inductively coupled plasma (ICP) atomic
emission spectroscopy, following multi-acid digestion. The elements
copper, lead and zinc are determined by ore-grade assay for samples
that return values greater than 10,000 ppm by ICP (inductively
coupled plasma) analysis. Silver is determined by ore-grade assay
for samples that return greater than 100 ppm.
For additional information, please contact:
Kevin M. KeoughPresident and CEOTel: (613)
622-1916www.evergoldcorp.cakevin.keough@evergoldcorp.ca
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking
Information
This news release includes certain
“forward-looking statements” which are not comprised of historical
facts. Forward-looking statements include estimates and statements
that describe the Company’s future plans, objectives or goals,
including words to the effect that the Company or management
expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”,
“will”, or “plan”. Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Although
these statements are based on information currently available to
the Company, the Company provides no assurance that actual results
will meet management’s expectations. Risks, uncertainties and other
factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward looking information in this
news release includes, but is not limited to, the Company’s
objectives, goals or future plans, statements, exploration results,
potential mineralization, the estimation of mineral resources,
exploration and mine development plans, timing of the commencement
of operations and estimates of market conditions. Factors that
could cause actual results to differ materially from such
forward-looking information include, but are not limited to failure
to identify mineral resources, failure to convert estimated mineral
resources to reserves, the inability to complete a feasibility
study which recommends a production decision, the preliminary
nature of metallurgical test results, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, political risks, inability to fulfill the duty
to accommodate First Nations and other indigenous peoples, an
inability to predict and counteract the effects of COVID-19 on the
business of the Company, including but not limited to the effects
of COVID-19 on the price of commodities, capital market conditions,
restrictions on labour and international travel and supply chains,
uncertainties relating to the availability and costs of financing
needed in the future, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity prices, delays in the
development of projects, capital and operating costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry, and those risks set
out in the Company’s public documents filed on SEDAR. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
Evergold (TSXV:EVER)
Historical Stock Chart
From Mar 2024 to Apr 2024
Evergold (TSXV:EVER)
Historical Stock Chart
From Apr 2023 to Apr 2024