VANCOUVER, British Columbia, April 16, 2018 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce additional exploration results from the Phase Two exploration program on its 100%-owned Cuale high sulphidation epithermal gold project in Jalisco, Mexico. Results from two cross trenches to complete the Phase Two program show significant widths and consistency of mineralization within the “La Gloria” prospect as well as high grades over shorter intervals. A second line of induced polarization (IP) geophysics demonstrates a similar character to the first line and defines additional quality drill targets.
La Gloria Highlights
- Trench 4 grades 13.61 grams per tonne “g/t” gold over 106.2 metres from 29.4 metres along the trench
- Including 50.0 metres grading 26.13 g/t gold from 85.6 metres along the trench
- Including 7.5 metres grading 163.3 g/t gold from 100.6 metres along the trench
- Trench 2 grades 2.94 g/t gold over 29.4 metres from 2.0 metres along the trench (entire length of trench)
- Including 17.9 metres grading 4.55 g/t gold from 11.5 metres along the trench
- Including 17.9 metres grading 4.55 g/t gold from 11.5 metres along the trench
- The second IP line located 500 metres north of first line defines a 1200 metre long by 50 to 120 metre deep highly resistive ledge associated with strong silicification and minor anomalous gold at surface and a deeper feeder target
All intervals have been reported on an uncut basis. High grade gold samples (above 10 g/t) have been re-assayed. The original 30 gram fire assay was re-analyzed with two 50 gram fire assays and a 50 gram metallic screen fire assay. Metallic screen assays reported acceptable repeatability with excellent repeatability at the highest gold grades. Metallic screen analysis reports fine and coarse gold mineralization separately and the results from these analyses suggest that gold grades are associated with fine disseminated mineralization with a minimal nugget effect.
A complete table of all results can be found at http://www.evrimresources.com/s/cuale2.asp?ReportID=820730
Sampling in Trench 4 includes a 6.0 metre void from 117.6 to 123.6 metres where the trench did not reach bedrock. This zone has been assigned a 0 g/t gold grade in calculations.
“These new results build on the previous trenching to define consistent outcropping mineralization extending over 106 metres by 263 metres in trenches 1 and 4,” said Charles Funk, VP of New Opportunities and Exploration. “This area of mineralization, the new evidence of bonanza grades and the resistivity targets in a project at such an early stage indicates tremendous potential at Cuale. Evrim will proceed immediately with drill permitting, additional geophysics and exploration with a view to drilling the property in the coming months.”
La Gloria Zone Trenching
|Width (m)||Au (g/t)||Top Cut Au (g/t)|
[Cut at 30.0 g/t]
|Trench 4||0||135.6||135.6||10.72||3.03||Whole trench*|
|Trench 2||0||29.4||29.4||2.94||2.12||Whole trench|
|Including||11.5||29.4||17.9||4.55||3.21||(Overburden to west exceeded reach by hand)|
| Trenches 1 and 3 have been previously reported on April 9, 2018|
|Trench 1||0||351.8||351.8||1.28||n/a||Whole trench*|
|Trench 3||0||53.7||53.7||0.28||n/a||Whole trench*|
|Table 1 - Significant trench intersections. *Whole trench includes non-mineralized zones.|
Trench 4 is 135.6 metres long and includes a unit of rhyolite tuff from 0 to 29 metres that has been altered to clay and hematite with minor silicification and from 29 to 39 metres is the same quartz hematite breccia as observed in Trenches 1 and 3 although with weaker saccharoidal quartz alteration. The remaining 39 to 135.6 metres of the trench has a prospective lithic tuff unit that has been strongly altered by massive to vuggy saccharoidal quartz with minor specular hematite and drusy quartz growths into open spaces. Zones with bonanza grade gold contain an increase in hematite as disseminations and oxidized boxworks.
Trench 2 is 29.4 metres long and the entire length is composed of lithic tuff with massive to vuggy quartz with minor specular hematite and drusy quartz veinlets. The trench stopped to the west due to overburden which exceeded the reach of hand tools.
Trench from and to intervals are west to east in Trench 2, 3 and 4 and from north to south in Trench 1.
Figure 1 - Location of La Gloria zone and Induced Polarization survey lines
Figure 2 - Detail of trench sampling
La Gloria Induced Polarization Survey
A second induced polarization (IP) survey has also been undertaken. Line 226400 is located 500 metres north of Line 2263500 and covers 3400 metres with a 100 metre pole-dipole survey.
Figure 3 - Resistivity and Chargeability section from Induced Polarization line 226400
A 1200 metre long and 50 to 120 metre deep highly resistive ledge is defined that coincides well with an outcropping zone of massive to saccharoidal quartz alteration with minor gold anomalism in sparse rock chip sampling. A shallowly dipping, strongly conductive and weakly chargeable body beneath the ledge may be clay and pyrite alteration. A steeply dipping, 90 metre wide, resistivity high that extends to depth may represent a feeder zone centred at 483700 metres east.
Similar to line 2263500 the low chargeability across the entire survey suggests any gold mineralization within the first 400 metres from surface may be oxidized.
About the Cuale Project
The Cuale 100%-owned project is a 97 square kilometre early stage exploration property prospective for high sulphidation epithermal gold-silver, located 185 kilometres west of Guadalajara in the Cordillera Madre del Sur. Cuale was identified and staked under the Callinan Royalties Generative Alliance (now owned by Altius Minerals) and 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. Cuale was identified and staked as part of the Company's generative exploration program.
The property is located within the Talpa de Allende area of Jalisco near Agnico Eagle Mines' Barqueño project (663,000 ounces gold and 2.2 million ounces silver) and Endeavour Silver's Terronera project (311,000 ounces gold and 37 million ounces silver). The area is close to infrastructure with roads and powerlines crossing the property.
The property is located within a complex accreted arc terrane that developed during the Mesozoic Era and that hosts the majority of volcanogenic massive sulphide (VMS) deposits in Mexico. The accreted arc terrane comprises an interbedded sequence of rhyolitic volcanics and volcaniclastics that are only weakly deformed and were intruded by the Cretaceous Puerto Vallarta batholith. The La Gloria intrusives, tuffs and high sulphidation alteration are presently interpreted be an even younger event correlating with either the Sierra Madre Occidental or Trans Mexican Volcanic Belt events.
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.
Samples were delivered to ALS Global in Guadalajara, Jalisco and Hermosillo, Sonora for sample preparation and to the ALS laboratory in North Vancouver for analysis. The Hermosillo facility has ISO 9001:2008 certification while the North Vancouver facility has ISO/IE 17025:2005 certification. Field duplicate samples, blank rock samples and certified reference materials were inserted into the sample sequence each at a frequency of one per 30 samples. Samples were assayed for gold by 30 gram fire assay and multi-element analysis by four-acid and ICP analysis. Samples greater than 10 g/t were re-assayed by two 50 gram fire assays and 50 gram metallic screen fire assay.
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.