TORONTO, Dec. 21, 2021 (GLOBE NEWSWIRE) — Evergold Corp. (“Evergold” or the “Company”) (TSX-V: EVER, WKN: A2PTHZ, OTC: EVGUF) is pleased to report new, shallow intercepts of the Pyramid Peak high-grade vein system in a limited program of 400 metres of drilling in four holes this past September on the Company’s Snoball property, located in northwest BC’s Golden Triangle region. All four holes were drilled from a single pad, two to a southwest azimuth and two to an opposite, northeast, azimuth (Figure 1 and Table 2). Assay results for gold and silver, and in particular the key pathfinder element arsenic (Table 1), indicate the pad was set up directly on veins, apparently striking WNW to NW and dipping steeply, which appear to occur across a zone approximately 6 metres in width near the drill collars. The latest intercepts, combined with those from the discovery drilling in 2020, confirm the presence of a high-grade vein system on the southwest flank of Pyramid Peak, from 2020’s Apex drill pad at the 2,000-metre level, downslope to the junction with Snoball Ridge, a distance of approximately 250 metres.
“Pyramid Peak continues to tantalize with the prospect of a largely untouched, new, gold and silver-rich vein system running to depth within the mountain,” said Kevin Keough, President & CEO. “The abundant high-grade grabs and soils, and the local high-grade gold and silver we’ve achieved in drill intercepts to date, indicate the system, and the high grades, are there. We need, however, to sustain a drilling effort longer than we’ve been able to do to date, given the particular challenges of this site’s topography and weather. We look forward to advancing the project further in 2022.”
|Table 1 – Snoball Drilling Assays|
Notes: Widths reported above are drilled core lengths. True widths are estimated at 70% for holes SB21-014, 016 and 017, and 30% for hole SB21-015.
|Table 2 – Drill Hole Azimuths and Dips|
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 of the Saddle South epithermal Au-Ag mineralized zone and the Saddle North porphyry copper-gold deposit, the latter of which holds more than 20 million ounces of gold equivalent in all categories. 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.
Charles J. Greig, P.Geo., Senior Technical Advisor to the Company and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release.
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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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