Evergold Corp. (“
Evergold” or the
“
Company”) (
TSX-V:EVER,
WKN:A2PTHZ) is pleased to announce completion of
initial 3D geological modeling of the GL1 Main Zone, located on the
Golden Lion property in the Toodoggone district, north-central
British Columbia, Canada. Images from the model are included as
Figures 1 through 4 below. The shape shown in the figures is an
outer bounding surface that broadly outlines the current drilled
extent of mineralization defining the GL1 Main zone along
approximately 400 metres, as located within a larger, roughly 2.7
kilometre-long trend of surface geochemical anomalies (Figure 1).
It includes all significant mineralized intersections drilled to
date in 19 Evergold core holes totalling 3,458 metres and 9
historical Newmont core holes totalling 1,224 metres, and in places
includes internal zones of negligible grade. The shapes are not to
be confused with grade shells or mineral resource estimations; the
Golden Lion property does not currently host any NI 43-101
compliant resources.
The model highlights in red the location of the
first high-grade domain drilled on the property, intersected by the
Company in the final 3 holes of the 2021 program. This high-grade
domain, which comes to surface and returned the highest grades of
precious and base metals yet seen in drilling at Golden Lion, will
be the focus of follow-up drilling in the 2022 field
season. Drilling in this domain returned (news,
November 16, 2021) multiple high-grade polymetallic intercepts
within broad envelopes of bulk-tonnage style mineralization,
including, for example, 2.81 metres of 10.35 g/t Au, 651.3
g/t Ag, 10.9% zinc and 3.7% lead within 11.3
metres of 5.4 g/t Au, 62 g/t Ag, 3.2% Zn, 1.3% Pb and
40.3 metres of 1.99 g/t Au, 23.7 g/t Ag, 1.2% Zn,
0.5% Pb in hole GL-21-025. Program highs for individual core
samples, each 0.5-0.6 metres in length, achieved 44.70 g/t
Au, 924.0 g/t Ag, 20.2% Zn and 10.0% Pb.
“Last year’s program demonstrated that the GL1
Main Zone is host to high grades over underground-style widths,”
said Kevin Keough, President & CEO. “The end-of-season results
are a watershed for the Golden Lion program and, aided by modeling
which will help put us into more high grade, sets us up for a great
2022. The initial high-grade domain is open for expansion, and the
nature of these large epithermal systems suggests there will be
more of them found as we follow up with exploration of the system
to depth and along strike.”
Key take-aways from the 3D geological modelling
exercise include:
- Zone strike is NNW-SSE and dip is
approximately 75 degrees ENE
- Average zone true width exceeds 100
metres
- Mineralization is open along strike
to the northwest and southeast, and to depth down-dip to the
northeast
- Alteration and grades appear to
increase down-dip on all 3 sections drilled by the Company in
2021
- Previous operators erred
historically by not executing undercuts to any of their shallow
angle holes
- High grades can and do come to
surface, as confirmed by 2021 drill section GL21-23/24/25
- Drill density must be increased in
both the lateral and vertical dimensions to find and delineate the
high-grade domains; drilling must push out both to depth and along
strike
- Geochemical anomalism
(Au-Ag-Zn-Pb-Cu) extends along some 2.7 kms of strike to the
northwest and southeast from GL1 Main, suggesting strong zone
expansion / exploration potential
- Ag-Au zonation is visible in drill
assays and surface sampling results
Photos accompanying this announcement are available at:
Figure
1: https://www.globenewswire.com/NewsRoom/AttachmentNg/fcd129bc-4e41-4980-9170-c78556de943f
Figure
2: https://www.globenewswire.com/NewsRoom/AttachmentNg/df896247-c37e-4ae4-8258-1dd6ef7f5579
Figure
3: https://www.globenewswire.com/NewsRoom/AttachmentNg/838dca02-15de-4930-97b9-c8029e7a9774
Figure
4: https://www.globenewswire.com/NewsRoom/AttachmentNg/15d5b3d3-5ecf-4c67-9fcb-5f0a15698b61
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 recently acquired 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.
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.
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