Evrim samples 9.4 metres grading 7.4 g/t gold in first trenching results from 100%-owned Cuale gold project
VANCOUVER, British Columbia, Jan. 18, 2018 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce the first trenching results from its 100%-owned Cuale high sulphidation epithermal gold project in Jalisco, Mexico. This preliminary exploration program was undertaken in December 2017 to define the extent of the La Gloria high sulphidation prospect and comprised three trenches over a distance of 300 metres within a core zone where previous rock chip sampling had defined gold mineralization.
La Gloria Trenching Highlights
- Trench 1 returned 0.53 grams per tonne (“g/t”) gold over 25.4 metres
- Trench 2 returned 7.4 g/t gold over the entire 9.4 metre length of the trench
- Trench 3 returned 0.61 g/t gold over the entire 20.0 metre length of the trench
Trench one was completed in the northeast corner of the core area (see map below) and the reported mineralized intersection is a subset of the 62.6 metre-long trench. Trench two was located 50 metres southwest of trench one and trench three is located 270 metres south-southwest of trench one.
Charles Funk, VP of New Opportunities and Exploration commented, “That every trench displayed gold mineralization at such an early stage of exploration at Cuale is very encouraging. The reconnaissance trenching was undertaken in a core triangular area at the hilltop measuring 300 metres by 300 metres where strongly developed silicification correlates with high grades up to 48.5 g/t gold. Evrim is currently planning a follow-up program that includes further trenching and geophysics.”
La Gloria Prospect Geology
Mapping defined a core triangular area at the top of the La Gloria hill (Figure 1) where a tuff unit has been weakly to strongly silicified. Silicification varies from massive to vuggy and the quartz varies from fine-grained and grey in colour to white with a friable sugary texture. Trench and grab samples indicate that an increase in silica strongly correlates with elevated gold mineralization.
The core zone is bound by a hill to the east and southwest and is adjacent to a second tuff unit that contains abundant clasts of mineralization in the northwest. Outside the core zone, alteration transitions towards hematite and clay-rich areas where systematic Terraspec sampling is being utilized to assist in vectoring towards the core(s) of the high sulphidation system. Terraspec analysis can be used to identify alteration minerals characteristic of the core of high sulphidation systems, and data collected on clay and other minerals can define crystallinity which may provide a guide to the centre of the system.
Trench and grab samples of rocks show a strong correlation among gold, silver, arsenic, copper, lead, and antimony within the core area. Manganese, zinc, tellurium and barium are low in the core and background, or elevated distally. To the immediate north, a molybdenum, tungsten and bismuth anomaly may represent a buried porphyry intrusion that drives the hydrothermal cell.
Geological data from the program is still being received and interpretation will guide the next stages of exploration.
http://www.evrimresources.com/i/maps/2018-01-18-nrm1-evm-v8lkz1.jpg
Figure 1 Gold in grab samples with location and results of trenches.
http://www.evrimresources.com/i/maps/2018-01-18-nrm2-evm-v8lkz1.jpg
Photo 1 (left) Trenching at La Gloria. Photo 2 (right) Strong vuggy silicia alteration of tuff grading 9.1 g/t gold
About the Cuale Project
The 100%-owned Cuale project is a 97 square kilometre early stage exploration property prospective for high sulphidation epithermal gold mineralization, 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.
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 (37 million ounces silver and 311,000 ounces gold). The area is close to infrastructure with roads and powerlines crossing the property.
The property lies 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 to 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.
Investor Relations Appointment
Evrim also announces that Mrs. Donna Yoshimatsu has been engaged as an investor relations consultant in respect of which the Company has granted 300,000 stock options pursuant to the Company's stock option grant announced on November 10, 2017. The options will vest over a 24-month period and expire after five years from the date of grant in accordance with TSX-Venture policies.
Mrs. Yoshimatsu brings extensive experience developing key marketing and communication strategies to maximize shareholder value for a number of TSX and TSX-Venture listed junior and major companies in the resource and industrial sectors.
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, 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.