Evergold Awaits New Drill Assays from DEM Porphyry “Halo”, Identifies Likely Location of Intrusive Centre

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Evergold Corp.
Evergold Corp.

TORONTO, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Evergold Corp. (TSX-V: EVER, WKN: A2PTHZ) (“Evergold” or the “Company”) is pleased to report that a limited program of follow-up drilling to last season’s greenfield precious and strategic metals discovery at the road-accessible DEM porphyry prospect, located near Fort St. James in central B.C., has achieved encouraging new intersections of the DEM sulphide vein system within DEM Mountain, in what is now interpreted to be the alteration “halo” around a large intrusion anchoring the system and located downslope to the west, below and masked by thick glacial till (see Figures 1 to 5) – a situation potentially akin to management’s experience with the deep till-covered nature of the giant Saddle discovery for GT Gold some years ago.   Drill core has been shipped to Penticton, B.C. for cutting and sampling, with laboratory assay results anticipated in November.

“As a raw new greenfield prospect first drill tested less than 12 months ago, we continue to make significant advances in our understanding of this large system of which we have only tested, with limited budget not adequate to the scale of the opportunity, a very small portion to date,” said Kevin Keough, President and CEO. “These advances include recognition of a large alteration halo, demonstration that this halo is mineralized with locally high grades encompassed by broad envelopes of a spectrum of high-value elements, and now perhaps most significantly, the location of what we believe may be the porphyry intrusion centering the system.   We look forward to advancing the project further with the pending assays and our next exploratory steps, to include targeting the intrusive centre with its first-ever drilling.”

Discussion (see Figures 1 to 5 below)

Drilling to date at the DEM Prospect has focused only on that small part of the 4 km2 DEM prospect area underlying the topographic and (overall) magnetic highs of DEM Mountain. DEM Mountain is surrounded by the generally much lower elevations of the DEM Lowlands (see DEM Mountain fly-over video on home page at www.evergoldcorp.ca) which include several low-relief knolls trending off from DEM Mountain to the west, coincident with a roughly donut-shaped arc of underlying magnetically positive anomalies. DEM Mountain and these knolls are now interpreted to be part of the topographically higher elevation, relatively well exposed hornfelsed and (generally) magnetically positive alteration halo around a topographically lower and glacial till-covered intrusive centre underlying the DEM Lowlands, identified by its large magnetic low signature, and also exhibiting high IP chargeability and low resistivity.


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