Evrim commences drilling at Cerro Cascaron gold and silver project with partner Harvest Gold
VANCOUVER, Oct. 04, 2018 - Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce that a drilling program has commenced at the Cerro Cascaron gold and silver project in southwestern Chihuahua, Mexico. Evrim and exploration partner, Harvest Gold Corp. (TSX.V:HVG) (“Harvest Gold”), have planned up to 3,000 metres of diamond drilling.
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“Cerro Cascaron is a large underexplored and undrilled project with two known areas of veining with outcropping gold and silver mineralization, including bonanza grab samples of up to 1,670 g/t gold and 1,490 g/t silver,” commented Stewart Harris, Vice President of Technical Services. “This maiden drill program will initially test a zone of sub-parallel veins at the Cascarita silver target followed by drilling within four vein targets in the Cascaron vein field.”
In addition to the drill program, Evrim and Harvest Gold will contribute to various community initiatives including the improvement of road access to local farms following the recent wet season, clearing a local airstrip to allow for scheduled flight services, and continuing to support the legal organization of nearby Ejido groups.
Cascarita Silver Target
The drill program will commence at the Cascarita silver target where three drill holes are planned to test over 350 metres of strike length, along a 900 metre polymetallic silver-lead-zinc sheeted vein/breccia system. The initial drill targets are defined by underground channel and surface grab samples undertaken by Evrim in 2017 that returned five channel sample cuts with widths between 1.4 metres to 3.3 metres grading between 231 g/t silver equivalent* and 542 g/t silver equivalent*.
Cascaron Vein Field Targets
Four drill holes from one site are planned to test the San Pedro vein, where high grade gold and silver veins are defined by channel sampling, and by gold, silver, and pathfinder soil geochemistry approximately 800 metres to the north. Channel sample results collected from the San Pedro vein returned sample grades of 19 g/t gold and 72.6 g/t silver over 0.8 metres within 2.6 metres grading 6.05 g/t gold and 28.3 g/t silver. Approximately 45 metres further north, channel sampling returned grades of 10.5 g/t gold and 46.4 g/t silver over 0.9 metres within 4.3 metres grading 2.22 g/t gold and 10.9 g/t silver.
Figure 1 – Map of Cascarita silver target
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f4771f07-218a-4bdf-a942-f1d2f3c1e619
Figure 2 – Schematic drill section for Cascarita with photos of Cascarita hill (top right) and mineralization sample from Oeste Vein (bottom right)
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/49a0c782-35ad-4b78-b6c2-225e2aabaae9
Three drill holes are planned to test 900 metres of strike along the Serpiente Dorada and Julieta structures, an area within a 1.8 kilometre long gold-silver soil anomaly that averages above 50 ppb gold with the peak being 1.38 g/t gold. The drill holes will test an area of high-grade gold-silver mineralization defined by channel and grab samples at Serpiente Dorada, and strong geochemical anomalies defined by the Julieta structure and the Julieta-Serpiente structural intersection.
Previous selected hand grab sampling of Serpiente Dorada returned gold grades from trace to 1,670 g/t gold and 1,490 g/t silver, while channel samples collected with a rock saw on the Julieta vein returned sample grades of 5.04 g/t gold and 14.4 g/t silver over 2.0 metres within 6.3 metres grading 2.16 g/t gold and 28.8 g/t silver. Epithermal veins commonly transition from multiple narrow veinlets in the brittle rhyolite and rhyolite tuffs into a single broader vein in more component andesite units beneath. The drilling at Serpiente Dorada will test this concept at Cerro Cascaron.
The Carabina vein area will see diamond drill testing with one drill hole planned beneath an area of high grade gold-silver surface samples. In 2016, channel sampling across the Carabina vein returned sample grades of 5.73 g/t gold and 29.3 g/t silver over 1.4 metres within 5.4 metres that graded 2.12 g/t gold and 14.5 g/t silver.
About the Cerro Cascaron Project
The Cerro Cascaron property hosts a low to intermediate sulphidation epithermal gold bearing system and includes a high-grade gold vein field measuring 18 square kilometers in area on the eastern third of the property. Veining has been mapped over 900 vertical metres, with classic textural evidence of hydrothermal boiling accompanying the highest gold grades. This boiling zone has been established in the upper 380 metres of the vein field. Beneath the boiling zones, silver and base metal rich veins and breccias provide additional exploration targets.
Cerro Cascaron's setting and mineralization are similar to many epithermal deposits in the Sierra Madre Occidental, including Minera Frisco SAB's Ocampo Mine to the northwest, Coeur Mining Inc.’s Palmarejo mine 115 kilometres northwest, and First Majestic Silver's San Martin de Bolanos silver mine in Jalisco State. The property is one of the few unexplored and undrilled opportunities in the region.
Harvest Gold has the right to earn up to an 80% interest in Cerro Cascaron by incurring up to $16 million in exploration expenditures, making up to $1.1 million in cash payments, issuing 2,000,000 shares and delivering a 43-101 compliant feasibility study, over a nine year period. If Evrim's interest in Cerro Cascaron is diluted to 10% or less, its interest will convert into a 2% net smelter royalty ("NSR").
Figure 3 – Map of Cascaron vein field gold target
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/360ad752-050b-4faf-bedc-0b8c1b4c63a8
Figure 4 – Schematic drill section for San Pedro with photos of the San Pedro vein (top right), Chalcedonic Quartz texture indicating a shallow level of erosion (middle right) and the adit entrance at San Pedro (bottom right)
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/a4a870c4-4641-4503-8cce-5ce7ddc72aff
Figure 5 – Schematic drill section for Serpiente Dorada with photos of the green colloform banded quartz texture (top right) and the Serpiente Dorada vein (bottom right)
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/71d5ff6a-3ce5-4c34-90ff-618f2a3e0108
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.
*Previously announced November 27, 2017. Silver-Equivalent is calculated as Ag-Eq = Ag + (Pb%*22.046*Pb price*31.103/Ag price) + (Zn%*22.046*Zn price*31.103/Ag price). Metal prices used for this formula: Ag = $US 16.25/oz, Pb = $US 1.00/lb, Zn = $US 1.25/lb. Recoveries of 100% are assumed for the silver-equivalent values.
Readers are cautioned that rock chip, grab and channel 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 Donna Yoshimatsu at 416-722-2456.
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.
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.
