Evrim extends outcropping gold mineralization at Cuale and defines a new drill target over 1,000 metres northwest of La Gloria trenches
VANCOUVER, B.C., Sept. 26, 2018 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce new trenching, rock chip and geophysical results from the Phase 3 exploration program at its 100%-owned Cuale high sulphidation epithermal gold project in Jalisco, Mexico. The new trenches extend the La Gloria outcropping mineralization to the southwest where continuous mineralization remains open, while the Controlled Source Audio-magnetotellurics (CSAMT) geophysical survey confirms at least 200 metres of depth potential directly beneath the trenches. Rock chip sampling has defined a 1,430 metre northwest trend of gold mineralization and confirms a new drill target at the North Dome over 1,000 metres northwest of the La Gloria trenches.
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Phase 3 Exploration Highlights
- Trench 6 contains 158.8 metres grading 1.00 gram per tonne (“g/t”) gold
- Includes 90.8 metres grading 1.43 g/t gold from 66 metres along the trench
- Including 14.8 metres grading 5.19 g/t gold from 142 metres along the trench
- Trench 7 contains 141.1 metres grading 0.72 g/t gold
- Includes 80.0 metres grading 1.02 g/t gold from 107.1 metres along the trench
- Including 40.0 metres grading 1.42 g/t gold from 145.1 metres along the trench
- Rock chip samples define a 1,430 metre northwest trend of gold mineralization including the North Dome target that contains assays up to 11.90 g/t gold and reveals a new drill target 1,000 metres northwest of the La Gloria trenches.
- CSAMT geophysical surveying defines a prospective silica target extending 200-300 metres directly beneath the trenching at La Gloria, effectively doubling the depth potential from the Phase 2 program.
“The Phase 3 program has not only expanded both the surface extent and depth potential of the La Gloria prospect, but has defined new mineralized zones extending over 1,000 metres to the northwest,” commented Charles Funk, Evrim’s Vice President of New Opportunities and Exploration. “The breccia encountered at the North Dome contains abundant mineralized fragments indicating the potential for a gold rich mineralized body at depth. This presents a distinct drill target to be added to the upcoming drill program later in October.”
About the Phase 3 Exploration Program
Evrim has completed the Phase 3 trenching program and received the outstanding assays from trenches 6, 7, and 8. The geology of the new trenches is similar to that mapped in previous trenching where the mineralization is hosted within a breccia unit that broadly varies from 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 | |
| Trench 6 | 0 | 158.8 | 158.8 | 1.00 | n/a | Whole trench |
| Including | 66 | 156.8 | 90.8 | 1.43 | n/a | |
| Including | 142 | 156.8 | 14.8 | 5.19 | n/a | |
| Trench 7 | 46 | 187.1 | 141.1 | 0.72 | n/a | |
| Including | 107.1 | 187.1 | 80 | 1.02 | n/a | |
| Including | 145.1 | 185.1 | 40 | 1.42 | n/a | |
| Trench 8 | 22 | 46 | 24 | 0.23 | n/a | |
| Including | 26 | 28 | 2 | 1.15 | n/a |
Table 1 – Significant trench intersections. (*Trenches 1 and 3 have been previously reported on April 9, 2018 and Trenches 2, 4 and 5 where reported on September 12, 2018).
Rock chip sampling within the previously reported 0.1 g/t gold soil sampling halo reveals a new target beneath the North Dome. Rock chip results include selective quartz altered clast samples, selective matrix samples and grab and channel samples combining both clasts and matrix. A layered and sorted breccia with layers dipping back into the center of the hill, interpreted to be a post mineral breccia, contains 30%-90% silica altered clast fragments up to 1.5 metres in size that contain 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 post mineral breccia is thought to have sampled a mineralized zone beneath the surface that represents a very attractive drill target (see Figure 4 for CSAMT cross-section).
The Wifi Zone is a 1 metre to 30 metre thick apron of breccia interpreted to be a shallow post mineral blanket between the North Dome and the trenching area. It also contains from 30% to 90% silica altered clast fragments up to 50 centimetres in size containing grades from below detection to 1.23 g/t gold (11 of 39 samples are greater than 0.25 g/t gold). This material is interpreted to have been ejected from the North Dome and masks the northwest extension of the trench area.
A 37.3 line kilometre CSAMT geophysical survey comprising 15 lines was completed over the La Gloria prospect to define resistive zones that may represent silica alteration hosting gold mineralization. The survey has greater resolution than the earlier Induced Polarization survey due to the survey method and tighter station spacing. The recent data reveals a 200 metre to 300 metre deep resistive target immediately beneath the mineralized trenches that extends and widens to the north across a down-dropping fault for over 700 metres.
Beneath the trenching area a sub-vertical low resistivity zone may be the root of a breccia body and/or the feeder of the high sulphidation alteration (Figure 3). A similar breccia pipe is defined at the North Dome (Figure 4) and resistive material on the margins and at depth may be the source of mineralized clasts sampled at surface (Figure 2).
Cuale Forward Planning
The Company is interpreting the Phase 3 exploration data to refine and finalize drill hole locations ahead of the initial drilling program at Cuale. The drilling permit is expected to be processed by late October and the Company remains on track to commence drilling immediately upon receipt.
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.
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