Evrim expands outcropping gold mineralization at Cuale high sulphidation project
VANCOUVER, British Columbia, Sept. 12, 2018 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce new trench and soil results from the Phase 3 exploration program at its 100%-owned Cuale high sulphidation epithermal gold project in Jalisco, Mexico. The new trench results expand the La Gloria zone to the northwest and the east with consistent gold mineralization. Soil sampling indicates the La Gloria system footprint is measurably larger with the potential to host a significant deposit and/or additional mineralized centres within the La Gloria prospect.
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Phase 3 Exploration Highlights
- Trench 2 has been extended to 184.1 metres (from a previously reported 29.4 metres) and grades 0.85 grams per tonne (“g/t”) gold
- Includes 59.1 metres grading 1.79 g/t gold from 125 metres along the trench
- Including 21.6 metres grading 4.18 g/t gold from 162.5 metres along the trench
- Trench 4 has been extended to 156.2 metres (from a previously reported 106.2 metres) and grades 9.57 g/t gold
- Includes 64.6 metres grading 20.85 g/t gold from 85.6 metres along the trench
- Including 7.5 metres grading 163.31 g/t gold from 100.6 metres along the trench
- Trench 5 contains 174 metres grading 0.62 g/t gold
- Includes 70.0 metres grading 1.16 g/t gold from 96 metres along the trench
- Including 40.0 metres grading 1.45 g/t gold from 114 metres along the trench
“The additional trenching at La Gloria significantly extends surface mineralization to the northwest by 120 metres and to the east,” commented Charles Funk, Evrim’s Vice President of New Opportunities and Exploration. “The soil survey has a distinctive high sulphidation signature centred on a large gold in soil anomaly that is approximately 2,300 metres by 800 metres. The results indicate a potential major system with significant upside for additional mineralized centres within the La Gloria prospect.”
About the Phase 3 Exploration Program
Evrim excavated 760 metres over four new trenches (Trenches 5, 6, 7 and 8) and two extended trenches (Trenches 2 and 4). The results from trenches 6, 7 and 8 remain pending. Mineralization is hosted within a breccia unit that broadly varies from a matrix dominant in the west to a crackle breccia in the east. Clasts in the west are generally rounded and include lithic tuff, advanced argillic altered lithic tuff and rare pervasively silicified fragments in a hematite matrix. Towards the east the fragments become more angular and are dominantly pervasively altered to saccharoidal silica with little to no hematite matrix.
| Trench | From | To | Width | Au (g/t) | Cut Au (g/t) [Cut at 30.0 g/t] | Comment |
| Trench 1* | 0 | 351.8 | 351.8 | 1.28 | n/a | Whole trench |
| Including | 44.6 | 307.8 | 263.2 | 1.67 | n/a | |
| Including | 92.3 | 285.8 | 193.5 | 2.09 | n/a | |
| Including | 113.8 | 121.8 | 8 | 5.77 | n/a | |
| And | 157.8 | 277.8 | 120 | 2.46 | n/a | |
| Including | 187.8 | 199.8 | 12 | 4.25 | n/a | |
| Including | 223.8 | 235.8 | 12 | 3.98 | n/a | |
| And | 269.8 | 277.8 | 8 | 5.22 | n/a | |
| Trench 2 | 0 | 184.1 | 184.1 | 0.85 | 0.72 | Whole trench |
| Including | 45 | 63 | 18 | 1.34 | n/a | |
| And | 125 | 184.1 | 59.1 | 1.79 | 1.39 | |
| Including | 162.5 | 184.1 | 21.6 | 4.18 | 3.07 | |
| Trench 3* | 0 | 53.7 | 53.7 | 0.28 | n/a | Whole trench |
| Including | 21.7 | 36.7 | 15 | 0.76 | n/a | |
| Trench 4 | 0 | 156.2 | 156.2 | 9.57 | 2.90 | Whole trench |
| Including | 29.4 | 150.2 | 120.8 | 12.30 | 3.67 | |
| Including | 38.6 | 63.6 | 25 | 4.12 | n/a | |
| And | 85.6 | 150.2 | 64.6 | 20.85 | 4.71 | |
| Including | 100.6 | 108.1 | 7.5 | 163.31 | 24.33 | |
| Trench 5 | 0 | 174 | 174 | 0.62 | n/a | Whole trench |
| Including | 96 | 166 | 70 | 1.16 | n/a | |
| Including | 114 | 154 | 40 | 1.45 | n/a | |
| Table 1 – Significant trench intersections. (*Trenches 1 and 3 have been previously reported on April 9, 2018 and Trenches 2 and 4 are extended from those reported on April 16, 2018) | ||||||
A soil grid with 200 metre spacing was completed over the entire La Gloria prospect and revealed distinctive high sulphidation zonation. The survey defined a gold anomaly with grades greater than 0.01 g/t gold of 2,300 metres by 800 metres with a central corridor of 1,700 metres by 300 metres greater than 0.1 g/t gold extending north of the trenched area. The soil anomaly at higher elevation correlates with elevated silver, antimony, molybdenum, arsenic and low contents of manganese and zinc. At lower elevations gold correlates with elevated copper, tellurium, arsenic, bismuth and iron.
About the Cuale Project
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.
Locally, the project is situated within a complex accreted arc terrane that developed during the Mesozoic Era and 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, volcanic units and high sulphidation alteration are presently interpreted as a younger event correlating with either the Sierra Madre Occidental or Trans Mexican Volcanic Belt events.
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.
Paddy Nicol
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.
Neither 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 release.
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