Evergold Corp. (TSXV: EVER)
(“
Evergold” or the “
Company”), is
pleased to announce a Phase 1 drill program encompassing up to
2,100 metres, in follow-up to high-grade gold and silver intercepts
delivered by the final 3 holes of the 2021 field season on the
large GL1 Main Zone target, located on the Golden Lion property in
the Toodoggone mining camp, north-central British Columbia, Canada.
The 2021 drill results (see news, November 16, 2021), included the
highest grades of gold and silver ever achieved in drilling at
Golden Lion, including
31.7 g/t Au and 924 g/t Ag over 0.6
metres within 2.8 metres of 10.4 g/t Au and 651
g/t Ag, within 11.3 metres of 5.4
g/t Au and 62 g/t Ag in hole GL-21-025, and
3.3
metres of 11.30 g/t Au and 12 g/t Ag in hole
GL-21-024. These high-grade intercepts
were hosted within much broader envelopes of moderate-grade
mineralization, including, for example,
40.3 metres of 2.0
g/t Au and 24 g/t Ag in hole GL-21-025.
Preparations are well advanced with drilling
expected to start in the latter half of June for completion in
July. Contingent on Phase 1 results, the program may be expanded
into a second phase extending into August-September. At one time
held by mining major Newmont Corp., the GL1 Main Zone is among the
best early-stage prospects in the rapidly re-emerging Toodoggone
camp, where re-development is being led by the advanced-stage
‘Lawyers’, ‘Ranch’, and ‘Shasta’ projects owned, respectively, by
Benchmark Metals, Thesis Gold, and TDG Gold (Figure 1).
Bridge and road work, currently underway to service these projects,
will provide drive-on access to within 10 easy kms of the GL1 Main
prospect by the close of this summer.
“New modeling carried out by our team overwinter
suggests the GL1 Main zone mineralization plunges to the N/NW
within what appears to be a moderately NE-dipping mineralized
system” (Figures 2 and 3), said Kevin Keough, President & CEO.
“The results suggest that all drilling to date, both by Newmont and
ourselves, may have been limited to the near-surface volumes of a
potentially much larger, deep-running, high-grade epithermal
system. A key objective of the approaching Phase 1 drill program
will be to commence the process of exploring down-plunge and
down-dip, where mineralization is open to expansion including the
newly discovered high-grade domain.”
Widely spaced, shallow angle holes (a single
hole per pad) drilled by Newmont in 1984 on the core of the GL1
Main Zone returned broad intercepts of low to moderate-grade
epithermal style alteration and mineralization from surface
including, for example, 87.0 metres of 1.01 g/t Au
from 10 to 97 metres in hole GL-84-20. The wide spacing of the
Newmont holes, and the absence of undercuts to any of them, left
ample exploration potential at depth, between the historical holes,
and along strike. Drilling carried out by the Company in 2020 and
2021 also returned broad intercepts consistent with those achieved
by Newmont including, for example, 88.62 metres of 0.71 g/t
Au from 4.88 to 93.50 metres in hole GL-20-009. However,
the final three holes of the 2021 program (GL-21-023, 024, 025),
all drilled from the same pad, delivered the discovery of the first
genuinely high-grade domain, coming to surface between historical
drilling, and were the highest grades ever achieved in drilling on
the property, including 2.8 metres of 10.4 g/t Au and 651
g/t Ag, within 11.3 metres of 5.4 g/t Au and 62 g/t Ag in hole
GL-21-025, and 3.3 metres of 11.30 g/t Au and 12
g/t Ag within 66.0 metres of 1.36 g/t Au and 11 g/t Ag in hole
GL-21-024. This new high-grade zone will form the focus
for initial step-out drill holes in the approaching field
season.
Photos accompanying this announcement are
available at:
Figure
1: https://www.globenewswire.com/NewsRoom/AttachmentNg/04842061-b301-440d-81c3-5f0e1c3e864a
Figure
2: https://www.globenewswire.com/NewsRoom/AttachmentNg/29673cfb-a44c-4d2f-ac66-d4afd13e6a78
Figure
3: https://www.globenewswire.com/NewsRoom/AttachmentNg/2dff2602-9369-4f05-a6c0-2e9d3cee7ecc
Quality Assurance and Quality Control
Charles J. Greig, P.Geo., a Qualified Person as
defined by NI 43-101, has reviewed and approved the technical
information in this news release.
About Evergold
Evergold Corp. is a Canadian explorer with four
wholly-owned precious metals projects in B.C. (Golden Lion, Holy
Cross, Snoball and Spanish Lake), and a single project under option
in Nevada (Rockland). Company management is proven, with a track
record of exploration success, most recently the establishment of
GT Gold Corp. in 2016 and the discovery (see SEDAR / news, July 25
and Dec. 15, 2017 respectively) of the Saddle South epithermal vein
and Saddle North porphyry copper-gold deposits near Iskut B.C.,
which hold more than 20 million ounces of gold equivalent in all
categories (Saddle North NI 43-101 Technical Report, August 20,
2020). GT Gold was acquired in 2021 by Newmont Corporation.
For additional information, please
contact:
Kevin M. KeoughPresident and CEOTel: (613)
622-1916www.evergoldcorp.ca kevin.keough@evergoldcorp.ca
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. Forward looking information in this
news release includes, but is not limited to, the Company’s
objectives, goals or future plans, statements, exploration results,
potential mineralization, the estimation of mineral resources,
exploration and mine development plans, timing of the commencement
of operations and estimates of market conditions. 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 and geopolitical risks; an 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, and exchange rates;
fluctuations in commodity prices; delays in the development of
projects; 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. 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 by
law.
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