Everton and Brigus Announce Start of 20,000 Meter Deep Drilling Program at the Ampliacion Pueblo Viejo Project, Dominican Republ
February 16 2011 - 7:39AM
Marketwired
Everton Resources Inc., (TSX VENTURE: EVR) (FRANKFURT: ERV) and its
partner Brigus Gold Corp. (TSX: BRD) (NYSE Amex: BRD) are pleased
to announce the start of a deep drilling program at their
Ampliacion Pueblo Viejo concession, contiguous to Barrick and
Goldcorp's Pueblo Viejo gold deposit, in the central Dominican
Republic.
The program is in two parts. The first part has scheduled
approximately 10,000 meters in holes ranging from 400 to 600 meters
to test geochemical anomalies in rocks and soils for gold and other
pathfinder elements associated with favorable geology and
hydrothermal alteration.
The second part - the deepest drilling component - will test
holes ranging between 800 and 1200 meters deep totaling over 10,000
meters to test the barren lithocap theory.
Sillitoe et al. (2006) have proposed that the lithocap, the
result of the advance argillic alteration of volcanics and
carbonates, may be concealing epithermal high sulphidation type
mineralization similar to Pueblo Viejo.
The lithocap is also associated with a large magnetic high
anomaly, which will be the target of the deeper drill holes. It is
believed, based on comparisons with other deposits, that the
magnetic high could be caused by a shallow level porphyritic
intrusion which in turn may have associated copper-gold
mineralization.
"Our decision to step up to a more robust drilling schedule was
based upon test results that showed us a consistency of rising
value in this project," said Andre Audet, President and CEO of
Everton Resources. "The purpose of deep drilling is to prove the
extent of the Pueblo Viejo geology or, whether our resources are a
mirror to that of our Barrick/Goldcorp neighbors."
"This property and its geology confirm and support our decision
to concentrate our corporate activities on our Dominican Republic
operations," Mr. Audet said.
He said the move to add a fourth drilling unit was a business
decision supported by results from Phase 1 drilling.
The shallower drill holes are to be started imminently as soon
as the contractor releases the necessary drill pipe from customs.
The deeper holes are planned to be started in late April as a brand
new drill rig and ancillary equipment is being ordered. The drill
contract was awarded to the Dominican drilling company Geocivil. To
conduct this project Geocivil will partner with Cubanex which in
turn is associated with Heath and Sherwood International Inc.,
based in Kirkland Lake, Ontario. Geocivil is a long established
drilling contractor and has extensive experience in mineral
exploration drilling in the Dominican Republic.
This press release was reviewed by Robert Wheatley, P. Geo. and
VP Exploration of Everton, who acts as Everton's Qualified Person
as defined by NI 43-101.
In Other News:
Everton has granted options to purchase up to 1,740,000 common
shares of the Company to Directors, Officers, Consultants, and
Employees. Each option entitles the holder to purchase one common
share of the Company at a price of $0.32 per share for a period of
five years ending February 15, 2016.
Everton
Everton is partnered with Brigus Gold on actively exploring in
the Dominican Republic adjacent to the US$3 billion Pueblo Viejo
project, currently being developed by the world's largest gold
mining company, Barrick Gold Corporation (60%) (NYSE: ABX) (TSX:
ABX) in partnership with Goldcorp (40%) ("Goldcorp") (NYSE: GG)
(TSX: G). Everton also holds an interest in the Opinaca region of
James Bay, Quebec where the Company has partnered with Aurizon
Mines Ltd. who is advancing Everton's interest by funding 100% of
all exploration work on one of the largest land packages adjacent
to Goldcorp's Eleonore gold deposit.
References: Sillitoe, Richard H.; Hall, David. J.; Redwood,
Stewart D.; and Waddell, Alistair H. (2006) "Pueblo Viejo
High-Sulfidation Epithermal Gold-Silver Deposit, Dominican
Republic: A New Model Of Formation Beneath Barren Limestone Cover".
Economic Geology, v. 101, pp. 1427-1435.
This news release contains certain forward-looking statements
that involve risks and uncertainties, such as statements of
Everton's plans, objectives, strategies, expectations and
intentions. The words "may", "would", "could", "will", "intend",
"plan", "anticipate", "believe", "estimate", "expect" and similar
expressions, as they relate to Everton, or its management, are
intended to identify such forward-looking statements. Many factors
could cause Everton's actual results, performance or achievements
to be materially different any future results, performance or
achievements that may be expressed or implied by such
forward-looking statements. The forward-looking statements included
in this press release represent Everton's views as of the date of
the release. While Everton anticipates that subsequent events and
developments may cause its views to change, it specifically
disclaims any obligation to update these forward-looking
statements, except in accordance with applicable securities laws.
Accordingly, readers are advised not to place undue reliance on
forward-looking information. All subsequent written and oral
forward-looking statements attributable to Everton or persons
acting on its behalf are expressly qualified in their entirety by
this notice.
Neither 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.
Contacts: Everton Resources Inc. Andre Audet Chairman and CEO
613-241-2332 613-241-8632 (FAX) andre@evertonresources.com Everton
Resources Inc. Wendy Pemberton Manager, Corporate Communications
613-241-2332 613-241-8632 (FAX) wendy@evertonresources.com
www.evertonresources.com
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