VANCOUVER, British Columbia, April 09, 2018 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce initial exploration results from the Phase Two exploration program on its 100%-owned Cuale high sulphidation epithermal gold project in Jalisco, Mexico. Early results indicate consistent high grade gold mineralization within a broad zone of prospective alteration at the “La Gloria” zone, and quality targets from the first line of induced polarization (IP) geophysics. This follows a successful Phase One exploration program in December 2017 (see January 18, 2018 news release), and encompasses a second phase of work consisting of hand trenching and IP surveying which commenced in February 2018.
La Gloria Highlights
• Trench 1 grades 1.28 grams per tonne (“g/t”) gold over 351.8 metres from 0 metres along the trench (Entire length of trench including non-mineralized zones)
- Includes 263.2 metres grading 1.67 g/t gold from 44.6 metres along the trench
- Including 193.5 metres grading 2.09 g/t gold from 92.3 metres along the trench
- Including 120.0 metres grading 2.46 g/t gold from 157.8 metres along the trench
• High grade sub-intervals from Trench 1 include;
- 8.0 metres grading 5.77 g/t gold from 113.8 metres along the trench
- 12.0 metres grading 4.25 g/t gold from 187.8 metres along the trench
- 12.0 metres grading 3.98 g/t gold from 223.8 metres along the trench
- 8.0 metres grading 5.22 g/t gold from 269.8 metres along the trench
• IP geophysics indicates a 100 metre deep by 300 metre wide resistivity zone is located immediately beneath the La Gloria zone with a possible 400 metre western extension and another feeder target at depth
Charles Funk, VP of New Opportunities and Exploration commented, “The initial results from this exploration program at La Gloria are very impressive both in terms of grade and size potential. While the hand trenching and mapping give the surface extent of the mineralization, the IP geophysics gives us a sense of that third dimension – depth or more specifically, the extent of oxidation and silicification which are key elements of this deposit type. The IP geophysics highlights a 100 metre deep by 300 metre long high resistivity zone located immediately below the trenches, with a possible feeder zone at depth, and a prospective new zone 400 metres to the west.”
La Gloria Prospect Trenching
The second phase of work commenced with the extension of Trenches 1 and 3, followed by Trench 2 and a new broadly east-west trench (Trench 4) which are awaiting results and interpretation. The first 294 metres along Trench 1 (north to south) is hosted in a 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. The southern end of Trench 1 and Trench 3 are hosted in a quartz hematite breccia that has only moderate mineralization and weak saccharoidal quartz alteration.
Trench 2 is 29.9 metres long, 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 4 is 132.0 metres long and includes a unit of rhyolite tuff from 0-29 metres that has been altered to clay, hematite with minor silicification and from 29-39 metres is the same quartz hematite breccia with weaker saccharoidal quartz alteration observed in Trenches 1 and 3. The remaining 39-135.6 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. This 96.6 metre interval contains identical alteration as seen within the strongly mineralized interval of Trench 1.
A detailed table of assay results is available on the Evrim website.
Figure 1 - Location of La Gloria zone and Induced Polarization survey line
Figure 2 - Detail of trench sampling with results from Trench 1 and 3 displayed
|Trench 1||0||351.8||351.8||1.28||Whole trench|
|Trench 3||0||53.7||53.7||0.28||Whole trench|
|Table 1 - Significant trench intersections|
La Gloria Prospect Geology
Mapping has expanded the footprint of the saccharoidal, vuggy quartz alteration from the trenched area at the La Gloria zone 630 metres to the north and approximately 200 metres lower elevation at the El Cantón target area. A newly identified quartz-hematite breccia unit has been mapped surrounding the core La Gloria zone to the west and north that is interpreted to be late-mineral with mineralized fragments of vuggy quartz and alteration of the matrix. Further west, a ‘block and ash’ tuff unit is mapped that is likely to have been emplaced after significant erosion down to the level of silicification and gold mineralization. This unit is potentially a veneer over prospective geology.
La Gloria Induced Polarization Survey
An induced polarization (IP) survey has also been undertaken. Line 226350 covers 3400 metres across the La Gloria zone with a 100 metre pole-dipole survey.
Figure 3 - Resistivity and Chargeability section from Induced Polarization line 226350
A 100 metre by 300 metre deep resistivity zone is located immediately beneath the La Gloria zone with a possible 400 metre western extension and another feeder target at depth. The low chargeability across the entire survey suggests any gold mineralization within the first 400 metres from surface may be oxidized. The western end of the line has low resistivity and weak chargeability that fits well with a less prospective phyllite unit mapped at surface. A massive quartz rib from 484200 metres east to 484600 metres east along the line is well imaged above a flat-lying strongly conductive and weakly chargeable blanket that may be clay and pyrite alteration.
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 (663k ounces gold and 2.2M ounces silver) and Endeavour Silver's Terronera project (37M ounces silver and 311k ounces gold). 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 has been 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.
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 visit 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.