Evrim Resources announces initial drilling results at Cuale Gold Project in Mexico
TSX VENTURE: EVM
VANCOUVER, British Columbia, Dec. 06, 2018 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) announces initial drill results from the Cuale high sulphidation epithermal gold project in Jalisco, Mexico. The Company has received assay results from four of the first five drill holes targeting the La Gloria prospect. A total of 1,167 metres has been completed of a planned 3,000 metre program.
Drill Intersection Highlights
Drill Hole GLR18-01
- 14.0 metres grading 1.92 grams per tonne ("g/t") gold from surface and 10.2 metres of 1.58% copper from 238.8 metres downhole
Drill Hole GLR18-02
- 17.0 metres grading 0.52 g/t gold from surface
Drill Hole GLR18-03
- 29.0 metres grading 0.87 g/t gold from 6.0 metres downhole
Paddy Nicol, President and CEO of Evrim commented, “Unfortunately the gold grades in the first few drill holes were significantly less than that encountered in the trenches at La Gloria. The drill rig is currently turning near the North Dome where we have additional targets and we are continuously evaluating our exploration program as results are received.”
About the Cuale Drill Program
The drill holes completed to date have intersected volcanic fragmental rocks, all of which have been variably altered and represents part of a significant hydrothermal system. Drill holes GLR18-01, GLR18-02 and GLR18-03 were designed to form a section beneath Trench 4 and intersected a 28 metre to 32 metre true thickness of quartz-hematite breccia from surface. The breccia is predominantly clast supported with 1.0 millimetre to 20 centimetre sub-rounded clasts of quartz with interpreted pyrophyllite/dickite and specular hematite in an earthy hematite matrix. This unit hosts the gold mineralization observed in trenching and drilling. Gold correlates with elevated silver, bismuth, molybdenum, lead and antimony. Beneath this unit is a 3.0 metre band of massive quartz and interpreted pyrophyllite/dickite alteration that has pervasively replaced an earlier tuff unit.
Underlying this breccia is a 128 metre to 175 metre true thickness of felsic lithic tuff that is strongly altered by quartz, chlorite and pyrite explaining the strong resistivity targeted in these holes. The pyrite in this zone also coincides with a weak chargeability anomaly. Beneath this unit is a fine-grained crystal tuff with a true thickness of 20 metres to 28 metres with a zone of intense pyrite, chalcopyrite and chalcocite at the lithic tuff – crystal tuff contact. This contact is the location of the copper intersections in holes GLR18-01 and GLR18-02. At the base of the three holes is a coarse-grained tuff unit with abundant quartz eyes (5% to 20%) and strong quartz and chlorite with minor pyrite alteration.
Drill holes GLR18-04 and GLR18-05 are step-out holes towards the north. These holes define a similar sequence of breccia and tuff units although the quartz-hematite altered breccia thickens to the north, increasing to a true thickness of 76 metres in hole GLR18-05. Unlike the first three holes, gold mineralization in GLR18-05 is only minor. The depth of oxidation increases to the north while the underlying lithic tuff unit thins notably.
Additional targets include the North Dome area where a post mineral breccia contains 30% to 90% quartz altered clasts, up to 1.5 metres in size, that contain gold grades from below detection to 11.90 g/t gold (19 of 63 rock chip samples are greater than 0.25 g/t gold). The breccia is also believed to have sampled a mineralized zone beneath the surface representing a target at depth.
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.
Significant Intersection Table
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 high sulphidation epithermal gold 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.
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 Donna Yoshimatsu at 416-722-2456.
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.