TORONTO, June 26, 2024 (GLOBE NEWSWIRE) -- Evergold Corp. (TSX-V: EVER, WKN: A2PTHZ) (“Evergold” or the “Company”) is pleased to announce the launch of this season’s field program on the Company’s road-accessible DEM precious and strategic metals prospect, located in central B.C. some 40 kilometres northwest of Fort St. James. The program gets underway this week with prospecting and ground-truthing of the DEM1 and DEM2 target areas and, in July and August, additional field work including geophysics, mapping and sampling in preparation for follow-up drilling at the DEM1 target, anticipated for September.
The DEM1 prospect continues to look compelling. A key target for follow-up drilling this season is located between the two widely-spaced pads from the fall 2023 program, where a strong CSAMT resistivity low anomaly on line 68000 N is coincident with a very strong IP chargeability anomaly, as shown on the Figure 1 section view, below. A plan view of the same CSAMT target (designated Feature “A” on Figure 2 below) shows last season’s two pads and three reconnaissance drill holes (results, see news January 15, 2024) immediately lateral to Feature A, along with an emerging Feature “B” to the southeast. A Voxel model of the CSAMT results (Figure 3) shows both Features A & B extending to depth. The combined geophysical datasets and the results of last fall’s drilling and historical geochemical sampling strongly suggest that these features represent near-vertical zones of sulphide-rich rock which extend from surface to a depth of several hundred metres or more.
At the DEM2 prospect, a specific area of interest has been identified from magnetic, topographic and geochemical surveys, located within the small catchment area of an unnamed lake. The latter hosts a molybdenum-copper-cobalt anomaly in lake sediments stronger than any others in the area, including that which led to the discovery of the DEM1 prospect.
“The DEM1 target continues to look terrific and DEM2 tantalizing for its early apparent similarities, at least in terms of geophysics, to DEM1”, said Kevin Keough, President & Chief Executive Officer. “Last season’s drilling demonstrated that the DEM1 system is richly mineralized and hosts an array of sulphides and valuable metals, both precious and strategic. This year’s geophysics has revealed that the two pads and three holes drilled in 2023 may have been marginally off-target, and that we really need to test the more highly prospective anomaly between the two, and possibly a second anomaly that is emerging to the south. Our goal with the next few holes at the DEM1 prospect will be to deliver high-grade underground style intercepts over broad widths, and to tap into what appears to be a deep-seated system.”
About the DEM Project
The 12,728-hectare DEM property is ideally located in moderate terrain only 40 kms northwest of Fort St. James in central B.C.. The project area lies toward the south end of the Nation Lakes porphyry camp and within the Quesnel terrane, the latter of which hosts large deposits and long-life mines including the Mount Milligan mine (50 kms to the northeast of DEM) and Lorraine deposit and, farther south, the Mt. Polley, Afton, Copper Mountain, and Brenda mines, in addition to the Highland Valley mines and deposits.
Located central to the DEM property is the DEM1 prospect, a roughly 4km2 target area defined by alteration and mineralogy suggestive of the presence of a porphyry system, by a multi-element soil geochemical signature, by compelling high-relief magnetic, IP-chargeability and CSAMT resistivity anomalies, and by the presence of nearby regional scale structures. Extensive logging in the area and associated forest service roads provide drive-on access directly to the DEM1 prospect. All of these factors, combined with the results of a reconnaissance drilling program last fall which returned narrow intercepts of high-grade gold, silver and strategic metals (molybdenum, cobalt, tungsten, tellurium, rhenium) within a broad low-grade envelope, underscore the strong exploration merits of the property. Further details on the DEM prospect may be found on the Company’s website at www.evergoldcorp.ca/projects/dem-property/ and in a NI 43-101 technical report dated August 30, 2023, posted thereon and on the Company’s issuer profile at SEDAR+.
Quality Assurance and Quality Control
Charles J. Greig, M.Sc. P.Geo., the Company’s Chief Exploration Officer and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release.
Figure 1: DEM1 Feature “A” Target Section Views, Comparison of CSAMT and IP Responses, Line 68000, to Scale
Figure 1 - DEM1 Feature A Section View, Comparison of CSAMT and IP Responses, Line 68000, to Scale
Figure 2: DEM1 Prospect, 2023 Holes in Relation to CSAMT Features A & B, with Proposed 2024 Holes & IP
Figure 2 - DEM1 Prospect Plan View, 2023 Holes in Relation to CSAMT Features A & B, With Proposed 2024 Holes & IP
Figure 3: DEM1 Prospect, CSAMT Features A and B, Voxel Model
Figure 3 - DEM1 Prospect CSAMT Features A and B, Voxel Model
About Evergold
Evergold Corp. is a TSX-V listed mineral exploration company with projects in B.C. and Nevada. The Evergold team has a track record of success in the junior exploration space, most recently the establishment of GT Gold Corp. in 2016 and the discovery of the Saddle epithermal vein and porphyry copper-gold deposits near Iskut B.C., sold to Newmont in 2021 for a fully diluted value of $456 million, representing a 1,136% (12.4 X) return on exploration outlays of $36.9 million.
Neither the 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 news release.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward- looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required bylaw.
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