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
Hole |
From (m) |
To (m) |
Width (m) |
Gold (g/t) |
Copper (%) |
Comment |
GLR18-01 |
0 |
14 |
14 |
1.92 |
- |
Previously Released |
Including |
1 |
11 |
10 |
2.51 |
- |
|
And |
238.8 |
249 |
10.2 |
- |
1.58 |
|
GLR18-02 |
0 |
17 |
17 |
0.52 |
- |
Previously Released |
And |
213 |
216 |
3 |
- |
0.76 |
|
GLR18-03 |
6 |
35 |
29 |
0.87 |
- |
Previously Released |
Including |
33 |
34 |
1 |
11.3 |
- |
|
GLR18-04 |
0 |
32 |
32 |
0.83 |
- |
|
Including |
0 |
22 |
22 |
1.06 |
- |
|
And |
78.0 |
90.0 |
12 |
- |
0.34 |
|
GLR18-05 |
26 |
28 |
2 |
0.85 |
- |
Previously Released |
GLR18-06 |
No Significant Result |
GLR18-07 |
1 |
7 |
6 |
0.14 |
- |
|
GLR18-08 |
No Significant Result |
GLR18-09 |
36 |
47 |
11 |
0.31 |
- |
|
GLR18-10 |
6 |
7 |
1 |
0.43 |
- |
|
And |
136 |
140 |
4 |
- |
0.42% |
|
For previously released drill hole results, see
press release dated December 6, 2018 on the Company’s website at
www.evrimresources.com or on Sedar at www.sedar.com.
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 BoardEVRIM RESOURCES
CORP.
Paddy NicolPresident & 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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