Evergold Corp. (TSX-V: EVER, OTC: EVGUF, WKN:
A2PTHZ)
(“
Evergold” or the “
Company”) is
pleased to report excellent progress in recent months toward
drilling the road-accessible Rockland property, located in the
resurgent Walker Lane trend of western Nevada. The west side of the
property (“Rockland West”) hosts the historical small-scale
Rockland Mine, from which an estimated 50,000 ounces of gold-silver
grading as high as 2.8 ounces per ton gold equivalent (96 g/t AuEq)
was produced more than a century ago from high-grade
epithermal-style veins, commonly encompassed by broad halos of
lower-grade stockworks and breccia. The east side of the property
(“Rockland East”) hosts a deeper zone of mineralization, more or
less blind to surface and also epithermal in style, first
discovered in 1989 and drilled to date along some 800 metres of
strike. Historical drilling on the Rockland East zone returned
highly encouraging results with all holes achieving drill
intercepts, including, for example, 59.4 metres of 1.09 g/t Au
encompassing 3.1 metres of 19.80 g/t Au in Romarco hole PG-36C
(2008). As at the Rockland Mine area, many of the Rockland East
holes bottomed in gold mineralization. Both areas of the property
offer excellent resource definition potential and considerable
exploration upside, to which end the Company has been methodically
exploring and advancing drill targets at the Rockland project in
preparation for a potential drill program in 2022.
Highlights of recent work
include:
- Execution,
currently underway, of a 21 line-km Controlled Source Audio
Magnetotelluric (CSAMT) geophysical survey over Rockland East. The
survey is designed to expand upon previous CSAMT coverage at
Rockland East, analysis of which has shown the data to be useful
for delineating lithological and structural relationships
associated with known zones of mineralization
- Completion early
last fall of a detailed 1,096 line-km drone airborne magnetic
survey over the entire property
- Completion of
initial 3D geological modelling of the Rockland East gold zone
- Completion of a
program of prospecting and grid-based soil geochemistry involving
the collection of 900 soil samples and 98 new rock samples, assays
from which have highlighted anomalies and trends associated with
and extending beyond both the Rockland West and East prospect
areas
- The staking of
additional claims to double the size of the Rockland land package
to 1,062 hectares
- A new and
thorough compilation of all previous exploration data for the
property
- Completion of a
draft Plan of Operations for Phase 1 drilling at Rockland East,
encompassing 11,000 metres of RC and core drilling in 29 holes,
currently under review by permitting authorities. Receipt of this
permit is anticipated for mid-year. If so, drilling could occur as
early as this fall
- Completion of a
draft Plan of Operations for Phase 1 drilling at Rockland West,
encompassing 2800 metres of RC and core drilling in 12 holes,
currently under review by permitting authorities
“The Rockland property’s near-term exploration
potential and drive-on, year-round access make it strongly
complementary to our northern B.C. property assets,” said Kevin
Keough, President & CEO. “The style of the epithermal
mineralization is similar, particularly to that of our Holy Cross
property in central B.C., and we’ll be able to drill there at times
of the year when it’s simply not possible to drill our B.C.
projects. We’re very much looking forward to getting a drill
turning when our permits come through. In the meantime, we are
finalizing this year’s drill program at Golden Lion, following up
on last year’s end-of-season discovery of our first high-grade
gold-silver domain within the large GL1 Main zone mineralized
footprint.”
About the Rockland Property
The Rockland property is located approximately
25 miles south of the town of Yerington in western Nevada, along
the northern portion of the Walker Lane trend. The property is
underlain by a large, robust, low-sulphidation, quartz-adularia
epithermal gold-silver system with excellent potential for the
expansion of known zones of mineralization, and the discovery of
new ones.
Mineralization on the property is spatially and
genetically associated with Late Miocene-age rhyolite intrusive
activity and occurs in intensely altered rhyolites, associated
sedimentary and tuffaceous rocks, and pre-Tertiary granodiorite.
The best gold grades are associated with quartz veins and rhyolite
feeder dikes that cut the basement granodiorite at the Rockland
Mine. Alteration and mineralization is primarily controlled by NNE-
to NE-trending structures which are common orientations of the
high-grade veins at the nearby Aurora and Bodie mines. The strong
association of gold mineralization with shallow rhyolite intrusions
also suggests comparisons to the Sleeper and Midas high-grade vein
districts elsewhere in Nevada.
Rockland Mine Target Area
The historic Rockland Mine is located within the
western part of the property. Production between 1870 and the late
1930’s was largely undocumented but is estimated by the Geological
Society of Nevada to have approximated 50,000 ounces of gold and
silver, with grades as high as 2.8 opt gold
equivalent (96 g/t AuEq). The Rockland
Mine area has yielded surface values up to 50.9 g/t
Au and 1,758 g/t Ag, and underground
values up to 91 g/t Au. Stopes along the Rockland
Mine adit level are reported to be several feet wide and
semi-continuous for nearly 1,000 ft. along strike, and up to 1,400
feet down dip.
In the vicinity of the Rockland Mine, drilling
by BHP in the late 1980s returned relatively shallow, broad
intercepts of low-grade mineralization encompassing intervals of
higher grade (true widths unknown), including:
- 39.6 metres of 1.16 g/t
Au including 3.1 metres of 8.56
g/t Au in BHP hole RK-17;
- 59.4 metres of 1.03 g/t
Au including 6.1 metres of 4.80 g/t Au in
BHP hole RK-11; and
- 67.1 metres of 0.34 g/t
Au in BHP hole RK-8
Much of the greater than two kilometre strike
length of the Rockland Mine en echelon vein system remains untested
for high-grade mineralization, particularly below the Rockland Mine
adit level. A hole by B2Gold in 2018 intersected a vein with
5.08 g/t Au and 354 g/t Ag over 1.5 metres in hole
RK18-27, which is interpreted as the down-dip extension of the main
vein historically mined.
Rockland East Target Area
Limited historical drilling indicates a large
gold zone at depth at Rockland East, with broad lower-grade
intercepts commonly encompassing narrower intervals of high grade.
The geometry of this zone is still poorly understood. Map relations
coupled with abundant associated pathfinder elements (particularly
As and Sb) characteristic of the upper levels of low sulphidation
systems found at Nevada mines such as Sleeper, Hollister and Midas,
and El Penon in Chile (all +1.5 Moz deposits), indicate that the
Rockland East target area is down-dropped relative to the Rockland
Mine area western block, and that the entire epithermal system in
this area may be largely preserved.
Significant Rockland East historical intercepts include (true
widths unknown):
- 30.5 metres of 1.29 g/t
Au including 3.1 metres of 6.13 g/t Au in
Inmet hole PG-13;
- 16.8 metres of 1.05 g/t
Au and 9.1 metres of 2.82 g/t Au
including 1.5 metres of 9.20 g/t Au in Inmet hole
PG-15;
- 109.7 metres of 0.96 g/t
Au including 12.2 metres of 1.88 g/t Au
in Romarco hole PG-32;
- 182.9 metres of 0.40 g/t
Au in Romarco hole PG-33; and
- 59.4 metres of 1.09 g/t
Au including 3.1 metres of 19.80 g/t Au
in Romarco hole PG-36C
Other target areas with anomalous surface
geochemistry occur on the property and have had little or no
drilling, including an area with high grade vein boulders
containing up to 30 g/t Au and 140 g/t
Ag.
Note: The historical assays referenced in this
news release have not been independently confirmed. Nonetheless,
the historical drilling and sampling is believed to have been
carried out by competent personnel working for reputable companies,
as cited. Intercept true widths are not known.
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.
About Evergold
Evergold Corp. is a Canadian explorer with four
wholly-owned precious metals projects in B.C. (Golden Lion, Holy
Cross, Snoball and Spanish Lake), and a single project under option
in Nevada (Rockland), to which it has the right to earn a 100%
ownership position. Company management is proven, with a track
record of exploration success, most recently the establishment of
GT Gold Corp. in 2016 and the discovery (see SEDAR / news, July 25
and Dec. 15, 2017 respectively) of the Saddle South and North
epithermal vein 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. At
Golden Lion, the final 3 holes of the 2021 field season delivered
the discovery of the first high-grade gold-silver domain within the
large-scale footprint of the epithermal-style GL1 Main zone. The
results included the highest grades of gold, silver, zinc and lead
ever achieved in drilling on the property. Following up on this
discovery will be the priority for the approaching field season in
northern B.C., to which end a drill program is in planning.
Planning is also underway for a future drill program at the fully
drill-permitted, road-accessible Holy Cross epithermal gold-silver
prospect south of Fraser Lake, B.C.
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 news 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; delays in obtaining or failures to
obtain required governmental, environmental or other project
approvals; political and geopolitical risks; an inability to
fulfill the duty to accommodate First Nations; an inability to
predict and counteract the effects of COVID-19 on the business of
the Company; uncertainties relating to the availability and costs
of financing needed in the future; changes in equity markets,
inflation, and exchange rates; fluctuations in commodity prices;
delays in the development of projects; 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. 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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