Evrim samples 18 metres grading 11.6 grams per tonne gold at Astro in the Northwest Territories
VANCOUVER, British Columbia, Jan. 28, 2019 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce surface sampling results from the Company’s two-year exploration alliance (the “Alliance”) with a wholly owned subsidiary of Newmont Mining Corporation ("Newmont"). The Alliance is focused on a 23,250 square kilometre prospective land package along the border of the Yukon and Northwest Territories, Canada, to search for world-class gold deposits and has resulted in the acquisition of the Astro gold project (the “Astro Project”).
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Exploration Highlights
- The Astro Project includes a 9.5 kilometre-long trend of soil and rock chip gold anomalism with significant gold results from limited surface sampling of gossans at the Radio and Microwave prospects (see map below)
- Chip sampling at the Radio prospect returned 11.6 grams per tonne (“g/t”) gold over 18.0 metres including 32.1 g/t gold over 6.0 metres
- Chip sampling at the Microwave prospect returned 4.68 g/t gold over 7.5 metres including 6.73 g/t gold over 3.0 metres. Approximately 40 metres to the east is a second zone of mineralization grading 2.25 g/t gold over 11.0 metres
- The mineralized intersections at the Radio and Microwave prospects are open along strike in both directions
“The Astro Project is the result of a successful two-year, US$1.8 million generative Alliance with Newmont that demonstrates the synergies of Evrim’s generative exploration expertise and Newmont’s proprietary exploration technologies,” commented Evrim’s CEO, Paddy Nicol. “Both Evrim and Newmont would like to acknowledge that the Astro Project is located within the traditional territory of the Sahtu Dene and Metis Comprehensive Land Claim and are committed to developing a positive and mutually beneficial relationship based on respect and transparency.”
Newmont is determining if it will designate the Astro Project to the option phase of the Alliance. Under the terms of the Alliance, Newmont may elect to earn an 80% interest in a designated project by making staged cash payments totalling US$600,000 to Evrim and solely fund exploration until such time as it has defined a NI 43-101 compliant pre-feasibility study on a minimum two million ounce gold resource. Evrim will be the operator for the initial US$5million in exploration expenditures.
Evrim may then elect to form a joint venture with Newmont on a respective 20:80 basis whereby Evrim can maintain its equity interest in the project, or elect to have Newmont fund a positive NI 43-101 compliant feasibility study and reduce Evrim's equity interest to 15%. Thereafter, Evrim may elect to contribute its pro-rata share of adopted programs and budgets, or convert to a 2% net smelter return royalty ("NSR") of which 0.5% may be repurchased by Newmont for US$10 million.
In anticipation of Newmont designating the Astro Project for option, Evrim and Newmont have commenced permitting for a US$1.2 million drilling program this summer.
About the Alliance and the Astro Project
The Alliance used government datasets from the Yukon and Northwest Territories to generate conceptual targets for Carlin-style, sedimentary gold deposits and applied Newmont’s proprietary Bulk Leach Extractable Gold (BLEG) technique over the 23,250 square kilometre Alliance area. The exploration programs included 1,046 stream sediment samples, 400 rock chip samples, 2,300 soil samples, detailed mapping, and staking of 891 square kilometres of claims.
The 250 square kilometre Astro Project is located six kilometres north of the Mile 222 airstrip and 195 kilometres northeast of Ross River along the Canol Road, providing seasonal road access to the southern boundary of the property. The Astro Project is situated on the western margin of the Mackenzie Platform, a Devonian to Permian basin filled with predominately carbonate strata, which runs parallel with the Yukon and Northwest Territories border. The basin was uplifted and deformed prior to intrusion by felsic plutons, including the Cretaceous Tombstone suite, Mayo Suite and Tungsten suites.
Soil sampling within the Astro Project defined a 9.5 kilometre north-northwest trending corridor of gold anomalism. The corridor is a structurally complex area with stacked thrust sheets of Pre-Cambrian to Devonian sediments (including sandstone, siltstone and lime mudstones) intruded by the Border and Mehitabel felsic intrusions. To date, the intrusions appear to have limited prospectivity; however, the hornfelsed eastern margin includes gossans at the Radio and Microwave prospects and gold in soil anomalies that form additional targets. Soil anomalism is asymmetric with gold, copper, lead, and arsenic located west of pathfinder element anomalies, in particular, antimony and mercury that extend further east into non-hornfelsed calcareous mudstone units. A younger set of steep, north-northwest trending faults cut the thrusted units and intrusions. These faults appear to control emplacement of both fresh to strongly altered mafic dykes and gossan zones.
The Radio prospect hosts an approximate 20 metre by 25 metre zone of gossan adjacent to a fault hosted in a siltstone unit with minor calcareous layers. A continuous set of chip samples were collected across the zone which returned an open-ended intersection of 18.0 metres grading 11.6 g/t gold including 6.0 metres grading 32.1 g/t gold. Mineralization occurs with elevated bismuth and copper in a magnetite and pyrite skarn assemblage.
The Microwave prospect, located five kilometres southeast of the Radio prospect, hosts a stratabound zone of mineralization in shallowly-dipping siltstones. This prospect was sampled by two sets of continuous chip samples located approximately 40 metres apart. The first set of chip samples returned 7.5 metres grading 4.68 g/t gold, including 3.0 metres grading 6.73 g/t gold and the second set of chip samples returned 11.0 metres grading 2.25 g/t gold. Both intersections are open-ended.
A stream sediment anomaly located approximately 700 metres upstream from the Microwave prospect has the same tenor as a second stream sediment anomaly, located 500 metres downstream from the prospect, indicating the potential for a significantly longer strike extent than currently defined.
| Prospect | Chip Traverse | Width (metres) | Gold (g/t) |
| Radio | Chip Traverse 1 | 18.0 | 11.6 |
| Including | 6.0 | 32.1 | |
| Microwave | Chip Traverse 1 | 7.5 | 4.68 |
| Including | 3.0 | 6.73 | |
| Chip Traverse 2 | 11.0 | 2.25 | |
| Astro Significant Chip Results | |||
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 Whitehorse, YT for sample preparation and to the ALS laboratory in North Vancouver for analysis. The ALS facilities have ISO/IE 17025:2005 certification. Rock samples were assayed for gold by 30 gram fire assay and multi-element analysis by four-acid and ICP analysis. Overlimit rock samples were re-assayed by fire assay with gravimetric finish.
Readers are cautioned rock chip samples are selected samples and are not necessarily representative of the mineralization hosted on the property.
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 Liliana Wong, Manager, Investor Relations at 604-425-3400.
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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