VANCOUVER, B.C., Feb. 11, 2019 (GLOBE NEWSWIRE) — Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) announces additional drill results from the Cuale gold project in Jalisco, Mexico. The Company has received assay results from ten diamond drill holes completed in 2018 for a total of 2,179 metres.
The drill program at Cuale was designed to test an exposed high sulphidation gold target defined by quartz-pyrophyllite-hematite alteration with high grade gold over significant lengths in trenches, pit sampling, rock chips and soils. The drilling confirmed the alteration, but gold results are restricted to a maximum depth of 50 metres from surface. The gold values are notably lower than in the trenches.
A mid-January review of the drilling indicates that the host sequence is dominated by submarine volcanic rocks with a lower stratabound copper rich-horizon and an upper gold rich horizon with high-sulphidation alteration. The overall setting identified by drilling is interpreted as a laterally extensive Volcanic Massive Sulphide (“VMS”) style system. The upper gold rich horizon is interpreted to have undergone lateritic weathering and mechanical concentration to produce the high gold grades that do not extend to depth.
“The maiden drilling program at Cuale has afforded the Company a better understanding of the geological setting that hosts the gold mineralization. With this information, the Company plans to test extensions of the gold and copper horizons and will commence a reconnaissance program across the property seeking new targets. Upon completion of this program, the Company will re-assess the appropriate path forward,” commented Charles Funk, Vice President of New Opportunities and Exploration.
Significant Drill Intersections
Drill Hole GLR18-04
- 32.0 metres grading 0.83 grams per tonne (“g/t”) gold from surface including 22.0 metres grading 1.06 g/t gold
- 12.0 metres grading 0.34% copper from 78 metres downhole
Drill Hole GLR18-09
- 11.0 metres grading 0.31 g/t gold from 36 metres downhole
Drill Hole GLD18-10
- 4.0 metres grading 0.42% copper from 136 metres downhole
About the Cuale Drill Program
The drill program tested the trench area, a zone of quartz-pyrophyllite-hematite alteration to the north of the trenches, the North Dome target, and the eastern downthrown block (see Figure 1). The host sequence is dominated by submarine volcanic rocks including hyaloclastite breccias, reworked tuffs and volcanoclastic sedimentary units, capped by debris-flow breccias (quartz-hematite breccia and Wifi breccia). The latter breccias host the high sulphidation alteration and gold mineralization.
The chalcopyrite-dominant copper mineralization intersected on holes GRL18-01, -02, -04 and -10 is stratigraphically controlled and when combined with submarine nature of the volcanic rocks and associated chlorite-rich alteration, suggests that the copper occurs in a thin but laterally extensive zone of VMS-style mineralization.
Both horizons have identifiable feeder veins with quartz-pyrite veins occurring beneath and terminating at the level of the copper horizon while pyrite-pyrophyllite veins continue upward to the gold horizon.
Drilling beneath the North Dome hill passes through the submarine host sequence into a tightly folded and metamorphized phyllite sequence. No sub-vertical feeder zone has been noted in this area and alteration generally decreases to the northwest away from the trenched area and hole GLR18-10.
Two additional drill holes are being completed west of hole GLR18-04 and east of hole GLR18-10. With this information the Company has planned a reconnaissance mapping and stream-sediment sampling program across project to identify additional gold and copper targets.
Significant Intersection Table
|GLR18-06||No Significant Result|
|GLR18-08||No Significant Result|
Figure 1 – Plan map of completed drill holes with rock chip samples, trench locations and cross-section line plotted is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/d1a427c6-e710-4900-ade8-0c102876e198
Figure 2 – Longitudinal section looking to the west showing geology and significant intersections is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/5e4c5f46-30aa-4bdc-a9ff-522e7d03c064
About the Cuale Property
The Cuale project is 100%-owned by Evrim and comprised of a 232 square kilometre early stage exploration property prospective for gold and copper mineralization. The project is located 185 kilometres west of Guadalajara and 35 kilometres southeast of Puerto Vallarta in the Cordillera Madre del Sur.
Regionally, the project is located within the Talpa de Allende area of Jalisco near Agnico Eagle Mines’ Barqueño project (645,000 ounces gold and 38 million ounces silver) and Endeavour Silver’s Terronera project (436,000 ounces gold and 42 million ounces silver). The area is close to infrastructure with roads and powerlines crossing the property.
Cuale is subject to a 1.5% net smelter royalty (“NSR”) for precious metals and a 1.0% NSR for base metals payable to Altius Minerals.
Qualified Person Statement
Evrim’s disclosure of technical or scientific information in this press release has been reviewed and approved by Stewart Harris, P.Geo. Vice President, Technical Services for the Company. Mr. Harris serves as a Qualified Person under the definition of National Instrument 43-101.
Core samples were delivered to ALS Global in Guadalajara, Jalisco for sample preparation and to the ALS laboratory in North Vancouver for analysis. The Guadalajara and North Vancouver facilities have ISO/IEC 17025:2017 certification. Field duplicate samples, blank rock samples and certified reference materials were inserted into the sample sequence each at a frequency of one per 20 samples. Samples were assayed for gold by 30 gram fire assay and multi-element analysis by four-acid and ICP analysis.
About Evrim Resources
Evrim Resources is a mineral exploration company whose goal is to participate in significant exploration discoveries supported by a sustainable business model. The Company is well financed, has a diverse range of quality projects and a database covering substantial areas of Mexico and portions of southwestern United States. The Company’s projects are advanced through option and joint venture agreements with industry partners to create shareholder value. Evrim’s business plan also includes royalty creation utilizing the Company’s exploration expertise and existing projects.
On Behalf of the Board
EVRIM RESOURCES CORP.
President & CEO
To find out more about Evrim Resources Corp., please contact Paddy Nicol, President, or Charles Funk, VP New Opportunities and Exploration at 604-248-8648, or Liliana Wong, Manager of Investor Relations.
Visit our website at www.evrimresources.com.
Forward Looking Information
This news release includes certain statements that may be deemed “forward looking statements”. All statements in this news release, other than statements of historical facts, that address events or developments that Evrim Resources Corp. (the “Company“) expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.
Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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