Antofagasta signs Definitive Agreement with Evrim for Ball Creek Project
Vancouver, May 15, 2017 - Evrim Resources Corp. (TSXV: EVM) ("Evrim" or the "Company") is pleased to announce that further to its news release of February 7, 2017, the Company has signed a Definitive Agreement (the "Agreement") with a wholly-owned subsidiary of Antofagasta plc ("Antofagasta") in respect of the Ball Creek property in northwestern British Columbia. Antofagasta will have the exclusive right to earn up to a 70% interest in the Ball Creek property by spending up to an aggregate of US$31 million or delivering a prefeasibility study on the Ball Creek property. "Ball Creek carries significant district-scale exploration potential for gold-rich copper porphyry deposits and we are excited to start work this summer with Antofagasta", commented Evrim's CEO Paddy Nicol, "Exploration plans include work on the four known porphyry systems as well as regional exploration elsewhere on the project. We expect the program to commence in July, 2017."
Evrim acknowledges that Ball Creek is situated in the traditional territory of the Tahltan Nation and is committed to developing a positive and mutually beneficial relationship based on respect and transparency.
Under the terms of the Agreement, Antofagasta can earn an initial 51% interest ("Initial Interest") by spending US$6 million over a six year period. Antofagasta has committed to spending US$300,000 as a firm commitment, during the first year of the Agreement. Once Antofagasta has earned its Initial Interest, it may elect to earn an additional 19% interest ("Additional Interest") by spending either US$25 million or completing a prefeasibility study (with expenditures capped at US$25 million), over a seven year period. If Antofagasta elects not to earn the Additional Interest, it will transfer a 1.01% interest to Evrim in exchange for a 0.25% NSR, and Evrim will regain a controlling interest in the Ball Creek property. Evrim will be the operator on the Ball Creek property during the Initial Interest phase.
About the Ball Creek Project
The Ball Creek Project is a large, 524 square kilometre copper-gold porphyry and epithermal gold-silver project located in northwest British Columbia's Golden Triangle, located only eight kilometres west of Highway 37 and the 287 kV Northwest Transmission Line. The project contains four separate porphyry systems distributed across the property and in close proximity to the Triassic/Jurassic unconformity, a similar setting to major deposits including Red Chris, KSM, Spectrum/GJ, and Snip.
Within the concession significant potential exists at the Mess Creek, More Creek, Rainbow, and Ball Creek porphyry systems. The Ball Creek Porphyry has received the majority of exploration, with the other porphyry systems having seen only limited drilling. Drilling by previous operators has intersected:
Ball Creek Porphyry
- 231 metres grading 0.21% copper and 0.54 g/t gold in drill hole BC07-12, including 45.7 metres grading 0.31% copper and 0.69 g/t gold
- 223 metres grading 0.21% copper and 0.28 g/t gold in drill hole BC06-03, including 45 metres grading 0.35% copper and 0.52 g/t gold
- 139 metres grading 0.23% copper and 0.60 g/t gold in drill hole BC07-06
- 74 metres grading 0.27% copper and 0.50 g/t gold in drill hole BC12-54
Rainbow
- 91 metres grading 0.05% copper and 0.76 g/t gold, including 42.9 metres of 0.06% copper and 0.99 g/t gold
The 2016 work program recognized new untested targets within the Ball Creek Porphyry and Rainbow systems defined by open drill intersections, alteration, geochemistry and geophysics.
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 has a diverse range of quality projects and a database in Mexico and portions of southwestern United States. The existing projects, and generation of quality exploration targets and ideas, 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 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.
Neither 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 release.
