Evergold Corp. (TSX-V: EVER, WKN: A2PTHZ)
(“
Evergold” or the “
Company”) is
pleased to report assay results for two core holes (DEM24-04 and
DEM24-05) completed on the DEM Mountain Zone near Fort St. James,
B.C. in early October this year, in follow up to highly encouraging
results from an initial 3-hole drill program (DEM23-01,02,03),
carried out in fall 2023 (see news, January 15, 2024). The DEM
Mountain Zone consists of a polymetallic sulphide-bearing vein and
vein-breccia and related alteration system hosted within what is
interpreted to be a zone of hornfels developed around an intrusive
centre (see figures, below). The latest results, combined with
those of the fall 2023 program, demonstrate a broad zone endowed
locally with elevated precious and high-value critical elements,
each locally exhibiting high grades at the level of individual half
to two metre lengths in core samples, or consecutive samples,
including values to highs of
8.37% antimony
(DEM24-05),
29.5 g/t gold (DEM23-03),
182
g/t silver (DEM23-03),
0.12% cobalt
(DEM23-03),
42 g/t tellurium (DEM23-03),
0.83% molybdenum (DEM23-02),
3.7 g/t
rhenium (DEM23-02), and
0.32% tungsten
(DEM23-01). In general, all of the higher-grade intervals are
associated with, or encompassed by, an envelope of anomalous
pathfinder elements and gold and silver. For example, an estimated
true width 48 metres of 0.58 g/t gold and 11 g/t silver in
DEM23-03, and 135 metres of 0.12 g/t Au from surface in DEM23-01.
Highlights, DEM Mountain Zone
(Note: Drill results from 2023 core holes DEM23-01 and DEM23-02,
which collared in the anomalous zone, coupled with gridded soil
sample results, suggest that the DEM Mountain Zone approaches
surface. Antimony is presently valued at approximately $US33,000
per tonne, or roughly 3.5 times the value of copper. See comments
below.)
-
High-grade antimony: The DEM Mountain Zone
delivers the highest grades of antimony seen in actual drilling
from any Canadian mineral prospect in recent years. This includes
individual core assay highs to 8.37% antimony over
0.50 metre within 40 metres of 0.42% antimony in DEM24-05,
including 3.60% antimony over 2.5 metres (see core
photos, below). Note: the industry generally considers
“substantially elevated” grades of antimony mineralization as
containing greater than 0.40% antimony and cut-offs for extraction
purposes may be as low as 0.1% antimony.
-
High-grade antimony with elevated silver, and some
gold: 1.67% antimony (not previously
reported) with 182 g/t silver and 2.89
g/t gold over half a metre in DEM23-03 (core photos,
below).
-
High-grade gold, with some antimony, cobalt and high-grade
tellurium: 29.5 g/t gold and 22
g/t silver with 0.09% antimony,
0.12% cobalt, and 41.5 g/t
tellurium over half a metre in DEM23-03 (core photos, below).
- A broad
zone: The DEM Mountain Zone, as defined by visible
alteration and the persistence, sample-to-sample within the zone of
highly elevated values of its various defining elements -
particularly manganese and arsenic - is broad in the two
directions Evergold has intersected it from to date – i.e. an
estimated 48 metres true width from 303 to 351.2
metres in west azimuth hole DEM23-03, and an estimated 40
metres (true width unknown) from 344 to 384 metres in
south drilling hole DEM24-05.
- Rich in
high-value elements: The DEM Mountain Zone carries
an impressive array of high-value elements: system
pathfinder elements manganese and arsenic; precious metals gold and
silver; and critical mineral elements antimony, zinc, copper,
cobalt, tellurium, molybdenum, rhenium and tungsten.
- Local
higher-to-high grades of all the above elements: The
foregoing elements have been shown to be strongly elevated to
high-grade at the level of individual samples or consecutive
samples, including antimony to sample highs of 3.6%
Sb over 2.5 metres including 8.4% Sb over
half a metre in DEM24-05, tellurium to highs of 42.0 g/t
Te over half a metre in DEM23-03, cobalt to sample highs
of 0.12% over half a metre in DEM23-03, molybdenum
to highs of 0.82% Mo over 1 metre in DEM23-02,
rhenium to highs of 3.7 g/t Re over 1 metre in
DEM23-02, and tungsten to highs of 0.32% W over 1
metre in DEM23-01.
“Antimony has emerged as a focus for speculative
interest this year, because of its outsize role in various
technology and military applications, and supply shortages
precipitated by China’s banning of exports, including those to the
U.S. just last week,” said Kevin Keough, President and CEO. “A
number of junior explorers have been attempting to capitalize on
this interest by touting property acquisitions and high values of
antimony in grab samples. However, our results are, to the best of
our knowledge, the only antimony-rich drill results delivered
year-to-date in Canada. At the DEM Mountain Zone we have drilled
genuinely high-grade antimony over metre+ widths within much larger
envelopes, with associated gold and silver credits – and locally,
high-grade gold and a number of other high-value elements – all of
them in the same system, though not always in the same samples. I
am therefore confident that, as the drill density is brought up
within this system, and exploration expands beyond the relatively
small magnetic low associated with the DEM Mountain Zone into areas
below and adjacent to these early intersections, including the
large magnetic lows adjacent to the west, we will see the DEM
project evolve in a direction that rewards shareholders.”
Discussion of Drill Results
(refer to figures and photos below)
Drilling to date (three holes for 947 metres in
2023, and two holes for 654 metres in 2024) at the DEM prospect has
focused only on that small part of the 4 km2 DEM prospect area that
underlies the topographic and (overall) magnetic highs of DEM
Mountain. DEM Mountain is surrounded by the generally much lower
elevations of the DEM Lowlands (see Figures 1 and 4 below, and DEM
Mountain fly-over videos on Evergold’s home page at
www.evergoldcorp.ca) which include several low-relief knolls
trending off from DEM Mountain to the west, coincident with a
roughly donut-shaped arc of underlying magnetically positive
anomalies. DEM Mountain and these knolls are now interpreted to be
part of the topographically higher elevation, relatively well
exposed hornfelsed and (generally) magnetically positive alteration
halo possibly surrounding a topographically lower and glacial
till-covered intrusion, or intrusions, principally underlying the
DEM Lowlands, and identified in part by magnetic lows; the lows
also exhibit locally high IP chargeability and low resistivity.
DEM24-05 was drilled due south
(azimuth 180 degrees) at an inclination of minus 65 degrees to a
downhole depth of 393 metres, from a pad located 100 metres due
west of DEM24-04. The hole was designed to target the broad
mineralized volume intercepted between 303 and 351.2 metres in
DEM23-03. At 230 metres downhole the hole came in above the zone
intersected in DEM23-03, approached to within several tens of
metres of it, before intersecting a deeper zone of strongly
elevated manganese and antimony to the south, between 344 and 384
metres downhole. Within that zone, exceptional highs of 3.6% Sb
over 2.5 metres were achieved between 360 and 362.5 metres.
DEM24-04 was drilled due west
(azimuth 270 degrees) at an inclination of minus 50 degrees to a
downhole depth of 261 metres from a pad located 100 metres north
and 100 metres west of the site of DEM23-03, and roughly 100 metres
south and 200 metres east of the collars for DEM23-01 and DEM23-02.
This relatively shallow angle hole was designed to undercut a
strong north-south trending soil geochemical anomaly which, further
to the northwest at the site of last season’s DEM23-01 & 02,
delivered a long intercept from surface of anomalous gold - i.e.
135 metres of 0.12 g/t Au and 2 g/t Ag from 6 to 141 metres,
including a higher-grade interval running 0.32% tungsten with 155
g/t silver and 5 ppm tellurium, from 131 to 132 metres. However,
only disappointingly low silver and gold values were returned from
DEM24-04. We speculate that this part of the DEM Mountain Zone may
be slightly deeper in this area, and perhaps trending more toward
the north-northeast.
Mineralization of the DEM Mountain
Zone
The DEM Mountain Zone consists of variably
calcareous fine-grained sedimentary rocks, principally interbedded
sandstone and siltstone, cut locally by north-trending metre-scale
porphyritic dykes, with the host rocks cut by variably
sulphide-bearing veinlets and veins, very locally of semi-massive
to massive character, and commonly associated with disseminated
sulphides. Sulphide minerals observed in core include arsenopyrite,
pyrite, pyrrhotite, stibnite, sphalerite, galena, chalcopyrite, and
molybdenite. Sulphosalts are also observed locally. High-grade
precious metals, antimony, and tellurium, along with attendant
cobalt, zinc, and lead values are localized to the best developed
parts of the vein systems, particularly the massive sulphide
sections, whereas the molybdenum, although present at elevated
levels generally throughout the vein system, achieves high grades
within a single narrow porphyritic intrusive (dyke) intercepted
from 299 to 301 metres in DEM23-02, where it is accompanied by
high-grade rhenium as well as gold, silver and the suite of
elements characterizing other parts of the DEM mineralizing system.
Very speculatively, the dyke may represent an apophysis from a
larger body of porphyry-style mineralization nearby, although most
dykes intercepted in the drilling appear to be unmineralized.
About Antimony
One of antimony’s primary uses (accounting for
about 50% of consumption) is in the form of antimony trioxide in
flame retardants for plastics, rubber, textiles, paper and paints,
whereas antimony trisulfide is used in the production of
explosives, pigments and antimony salts. It can also be used for
producing semiconductors, infrared detectors and diodes. Because of
its relative inflexibility, it is usually mixed into alloys for
further applications in the manufacture of lead storage batteries,
solder, sheet and pipe metal, bearings, castings etc. The latest
new technology to utilize the metal is antimony molten salt
batteries for mass storage. However, the relatively new use of
antimony in the form of sodium antimonate as a clarifying agent in
photovoltaic (PV) glass, which improves the efficiency of solar
panels, is expected to surpass its use in flame-retardants in the
very near future.
According to the United States Geological
Survey, total global antimony mine production in 2023 was
approximately 83,000 tonnes, with China producing more than 40,000
tonnes, or 48% of the total, followed by Tajikistan at 21,000
tonnes (26%), Turkey at 6,000 tonnes (7.2%), Myanmar at 4,600
tonnes (5.5%), Russia at 4,300 tonnes (5.2%), Bolivia at 3,000
tonnes (3.6%), and Australia at 2,300 tonnes (2.8%), with various
other countries making up the remainder. China’s mine production
has fallen significantly in recent years due to depleting mine
reserves, problems with maintaining product quality, and tighter
environmental protection regulations. On September 15 this year,
China implemented export restrictions on antimony and related
products including ore, ingots, oxides, chemicals and smelting and
separation technology. This was followed, on December 3, 2024, by
an outright banning of all exports of antimony to the
U.S.. Elsewhere, internal conflict in Myanmar has led
to limited and unreliable supplies coming out of southeast Asia,
and Russian supplies to the West have been eliminated due to
sanctions imposed following their invasion of Ukraine. These
negative supply shocks drive home the importance of securing
reliable sources of antimony, and other critical elements.
In consequence of the reduction in supplies,
antimony prices have soared in 2024 from around $US12,000 a tonne
at the beginning of the year, to $US33,000 presently, or almost 4
times the current value of copper per tonne.
In recognition of the importance of antimony to
a wide range of industrial and military applications, the high
degree of control exerted over world production by a limited number
of authoritarian states, and the decline of supplies from those
states, antimony has become one of the few metals to be registered
as critical in the rankings of all countries in the West: i.e. the
US, EU, Canada, Japan, UK and Australia.
Table 1 – Significant Assay Results for
Diamond Core Holes DEM24-04 and 05. Note: Both DEM24-04
and 05 were sampled top to bottom. All widths reported are drilled
core lengths. Due to the low density of drilling to date, true
widths for the intercepts in both DEM24-04 and 05 cannot presently
be determined. However, data gathered from 2023 drill hole DEM23-03
suggests zone width may approximate 50 metres, although this
estimate may change with the acquisition of additional data. Core
diameter is 47.6 mm (NQ). Manganese and arsenic values have been
determined to be the key indicators of system presence.
2024 Hole ID |
From (m) |
To (m) |
Width (m) |
Au (g/t)1 |
Ag (g/t)2 |
Sb (%)1 |
|
|
|
|
|
|
|
DEM23-04 (fully sampled) – no significant assays
(hole drilled above the zone?) |
|
|
|
|
|
|
|
|
DEM23-05 (fully sampled) – strong intercept |
|
|
|
|
303.00 |
306.00 |
3.00 |
0.70 |
14 |
0.03 |
Including |
303.50 |
304.00 |
0.50 |
2.19 |
50 |
0.11 |
Zone intercept – first occurrence of high-grade antimony to
last |
344.00 |
384.00 |
40.00 |
0.10 |
2 |
0.42 |
Including |
344.00 |
345.00 |
1.00 |
0.18 |
7 |
0.74 |
And Including |
350.00 |
351.00 |
1.00 |
0.63 |
3 |
0.03 |
And Including |
354.00 |
356.00 |
2.00 |
0.80 |
10 |
0.09 |
Including |
355.00 |
356.00 |
1.00 |
0.98 |
17 |
0.07 |
And Including |
358.00 |
364.00 |
6.00 |
0.10 |
2 |
1.63 |
Including |
360.00 |
362.50 |
2.50 |
0.06 |
1 |
3.60 |
Including |
361.00 |
361.50 |
0.50 |
0.04 |
2 |
8.37 |
And Including |
366.00 |
368.00 |
2.00 |
0.06 |
2 |
0.37 |
And Including |
372.00 |
374.15 |
2.15 |
0.04 |
1 |
0.52 |
And Including |
377.00 |
382.40 |
5.40 |
0.03 |
1 |
0.67 |
Including |
379.00 |
380.00 |
1.00 |
0.03 |
1 |
2.42 |
|
|
|
|
|
|
|
Notes: 1. Values rounded to two decimals. 2.
Values rounded to no decimals.
Figure 1 - DEM prospect
perspective view of terrain looking north, showing postulated
central intrusion, its encompassing alteration halo, and the
location of drilling to date on the heights of DEM Mountain
Figure 2 - DEM prospect showing
the postulated central intrusion, its encompassing alteration halo,
and the location of drilling to date, on the first vertical
derivative magnetics
Figure 3 - DEM prospect
schematic section view looking north, showing the postulated
central intrusion or intrusions(?), with encompassing hornfels
and/or alteration halo, and the location of drilling to date on the
heights of DEM Mountain
Figure 4: DEM drilling on
geology showing the targeted local magnetic low on the heights of
DEM Mountain, and the considerably larger magnetic low immediately
adjacent to the west
Figure 5 – Drillhole DEM24-05 section, viewed
west
Photos 1 to 3 below: Core
samples of antimony-rich vein-breccia showing darker grey, angular
fragments of fine-grained sedimentary rock surrounded by paler grey
stibnite (antimony sulphide) and white to very pale grey
quartz-carbonate veining exhibiting drusy textures and local open
space. The mineralization is significant, with abundant stibnite as
breccia infill as well as clots and patches marginal to veins.
Minor pyrite is also visible as clots within the host rock. The
quartz-carbonate veins crosscut the sulphide vein breccia,
suggesting that a multiphase high-level hydrothermal event occurred
along an active structure - this combination was also evident in
the better-mineralized intervals intersected in the 2023 drilling
at Dem Mountain (see photos 4 and 5).
Photo 1: Antimony-rich core, 361 metres,
DEM24-05
Photo 2: Antimony-rich core, 360.5
metres, DEM24-05
Photo 3: Antimony-rich core, 361 metres,
DEM24-05
Photo 4 - High-grade gold (29.5 g/t), cobalt (0.11%),
tellurium (42 g/t), with silver (22 g/t) and copper (0.19%)
340-340.50 metres, DEM23-03
Photo 5 - High-grade molybdenum (0.82%) with strong gold
(1.2 g/t), silver (8 g/t), rhenium (3.66 g/t), 299 to 300 metres,
DEM23-02
About the DEM Project
The 12,728-hectare DEM property is ideally
located in moderate terrain only 40 kms northwest of Fort St. James
in central B.C.. The project area lies toward the south end of the
Nation Lakes porphyry camp and within the Quesnel terrane, the
latter of which hosts large deposits and long-life mines including
the Mount Milligan mine (50 kms to the northeast of DEM) and
Lorraine deposit and, farther south, the Mt. Polley, Afton, Copper
Mountain, and Brenda mines, in addition to the Highland Valley
mines and deposits.
Located central to the DEM property is the DEM
prospect, a roughly 4km2 target area defined by alteration and
mineralogy suggestive of the presence of a porphyry system, by a
multi-element soil geochemical signature, by compelling high-relief
magnetic, IP-chargeability and CSAMT resistivity anomalies, and by
the presence of nearby regional scale structures. Extensive logging
in the area and associated forest service roads provide drive-on
access directly to the DEM prospect.
A reconnaissance drill program (3 holes for 947
metres) carried out in October and November 2023 returned narrow
intercepts of high-grade gold, silver and strategic metals
(molybdenum, cobalt, tungsten, tellurium, rhenium) encompassed by a
broad low-grade envelope, localized to a magnetic low within the
high elevations of DEM Mountain (see news, January 15, 2024). Each
of the three holes intercepted variably calcareous fine-grained
sedimentary rocks cut locally by metre-scale porphyritic dykes,
with the host rocks, and locally the dykes, cross-cut over core
lengths of up to 50 metres by sulphide-bearing veinlets and veins,
locally of semi-massive to massive character, along with associated
disseminated sulphides. These intervals were also encompassed by
broader halos of lower-intensity disseminated and sulphide-bearing
veinlets and veins. Sulphide minerals observed in core included
abundant disseminated and vein-hosted arsenopyrite, pyrite, and
pyrrhotite, with lesser but significant sphalerite, galena,
chalcopyrite, and molybdenite. Sulphosalts were also commonly
observed.
Further details on the DEM prospect may be found
on the Company’s website at
www.evergoldcorp.ca/projects/dem-property/ and in a NI 43-101
technical report dated August 30, 2023, posted thereon and on the
Company’s issuer profile at SEDAR+.
Qualified Person
Charles J. Greig, M.Sc., P.Geo., the Company’s
Chief Exploration Officer and a Qualified Person as defined by NI
43-101, has reviewed and approved the technical information in this
news release.
QA/QC
The company has a robust quality
assurance/quality control program that includes the insertion of
blanks, standards and duplicates. Samples of drill core are cut by
a diamond-blade rock saw, with half of the cut core placed in
individually sealed polyurethane bags and half placed back in the
original core box for permanent storage. With the rare exception,
sample lengths generally vary from a minimum 0.5-metre interval to
a maximum 3.0-metre interval, with an average of 0.5 to 1.0 metres
in heavily mineralized sections of core, where precise
identification of the mineralogical source of metal values is
important. Drill core samples are shipped by truck in sealed woven
plastic bags to the ALS sample preparation facility in Langley, BC,
and thereafter taken by ALS to their North Vancouver analytical
laboratory. ALS operates according to the guidelines set out in
International Organization for Standardization/International
Electrotechnical Commission Guide 25. Gold is determined by fire
assay fusion of a 50-gram subsample with atomic absorption
spectroscopy (AAS). Samples that return values greater than 10
parts per million gold from fire assay and AAS (atomic absorption
spectroscopy) are determined by using fire assay and a gravimetric
finish. Various metals including silver, gold, copper, lead,
antimony and zinc are analyzed by inductively coupled plasma (ICP)
atomic emission spectroscopy, following multi-acid digestion. The
elements copper, lead, antimony and zinc are determined by
ore-grade assay for samples that return values greater than 10,000
ppm by ICP analysis. Silver is determined by ore-grade assay for
samples that return greater than 100 ppm.
About Evergold
Evergold Corp. is a TSX-V listed mineral
exploration company with projects in B.C. and Nevada. The Evergold
team has a track record of success in the junior mining space, most
recently the establishment of GT Gold Corp. in 2016 and the
discovery of the Saddle South epithermal vein and Saddle North
porphyry copper-gold deposits near Iskut B.C., sold to Newmont in
2021 for a fully diluted value of $456 million, representing a
1,136% (12.4 X) return on exploration outlays of $36.9 million.
For additional information, please contact:
Kevin M. Keough President and CEO Tel: (613)
622-1916kevin.keough@evergoldcorp.cawww.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. 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
risks, inability to fulfill the duty to accommodate First Nations,
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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/4e56f96b-afa8-4878-8134-625f9b0b4692
https://www.globenewswire.com/NewsRoom/AttachmentNg/a668c287-4ff4-4864-964d-9a82ac47df4d
https://www.globenewswire.com/NewsRoom/AttachmentNg/34ef7a5f-b652-4b95-a83d-5c9c37626cfb
https://www.globenewswire.com/NewsRoom/AttachmentNg/5c08143e-c10a-46a2-b4c5-7e7ce36ecc05
https://www.globenewswire.com/NewsRoom/AttachmentNg/e6c804ad-cb84-4528-85ef-1b8c95f2a248
https://www.globenewswire.com/NewsRoom/AttachmentNg/fc40df71-7f0e-4dc9-a24e-0b1daeb242ae
https://www.globenewswire.com/NewsRoom/AttachmentNg/f9241701-f1fd-4418-91e2-c816410e47f1
https://www.globenewswire.com/NewsRoom/AttachmentNg/9faf2272-3d28-4032-97b3-1e50cdc54d6d
https://www.globenewswire.com/NewsRoom/AttachmentNg/8014d8d9-04eb-46f9-a701-598416a73891
https://www.globenewswire.com/NewsRoom/AttachmentNg/6d8d87fc-9f89-4896-8f40-f879b9e885be
Evergold (TSXV:EVER)
Historical Stock Chart
Von Jan 2025 bis Feb 2025
Evergold (TSXV:EVER)
Historical Stock Chart
Von Feb 2024 bis Feb 2025