Everton and Brigus Announce Start of 20,000 Meter Deep Drilling Program at the Ampliacion Pueblo Viejo Project, Dominican Republ
February 16 2011 - 6:39AM
Marketwired Canada
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.
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