November 16, 2021 10:00 ET | Source: Evergold Corp. Evergold Corp.
Toronto, November 16, 2021 (GLOBE NEWSWIRE) - Evergold Corp. ("Evergold" or "Company") (TSX-V: EVER, WKN: A2PTHZ) is pleased to report the highest grades of gold, silver, and zinc to date And lead has been successful in the drilling of the company's Golden Lion GL1 main target located in the shallow hot zone of Toodoggone in northern British Columbia, Canada. The analysis results of the drilling section 23-24-25 (Figure 1), including the last three holes of the plan, clearly determined that the GL1 main zone carries high-grade gold, silver and base metals in a wider range of medium-grade mineralization, and intercepts Starting from below the surface, it dips down at least 190 meters to the northeast, which is the deepest drilled so far. The area is still open for further expansion, and follow-up work will be a priority for the 2022 season. The company is well-funded and has a working capital of 3.1 million U.S. dollars.
Drilling highlights-GL1 main area
"We are very pleased to see the base metal lump sulfide zone during this year's Golden Lion drilling," commented President and CEO Kevin Keough. "The visual effects at the time hinted to us the potential improvement of the grade, and these results have proved this. The grade obtained in this round of drilling at GL1 Main is definitely the highest return in the history of precious metals and base metals. Among the grades seen, the latter has the potential to contribute to the value of the rock in a meaningful way. The results also show that historically untested near-surface and downdip angles and the proximity of major faults related to the area The potential for regional construction of high-grade ounces and high rock value is great. Looking forward to 2022, our goal is to increase the borehole density to better understand the control of mineralization and expand the high-grade area to advance the GL1 Main prospects as soon as possible. "
The company has carried out two drilling plans for the Golden Lion mining area. In 2020, 16 holes of 3,017 meters will be drilled, mainly in the main area of GL1. This work provides extensive, shallow, low-grade gold and silver interception (for example, the GL20-009 hole 4.88 to 93.50 meters 88.62 meters 0.71 g/ton gold) is very similar to the results obtained in 1984 by the major mining company Newmont, the latter Completed 2,475 drilled several meters in 22 holes in the prospect area. The important thing is that Newmont's drill pads are very spaced and each drill pad has only one hole, so the depth potential of the GL1 main zone is completely untested.
In order to assess the potential for higher grades in and below the near-surface mineralization, the company returned to the mine in July this year and drilled 1,811 meters in 9 boreholes. All results are reported in this press release. The company Inductive polarization (IP) surveys conducted in 2020 and 2021 identified abnormalities in chargeability and resistivity, and were tested in this year's plan. The results of the program show the correlation between the best mineralization and the highest metal grade with high IP resistivity and medium chargeability. The silicification and veins associated with the low-temperature hydrothermal mineralization of GL1 Main can now be traced at approximately 1700 meters through geochemical sampling and induced polarization surveys.
During the 2021 plan, 8 of the 9 drilled holes tested the GL1 main belt, with a strike length of 175 meters and a vertical depth ranging from 20 meters (the highest high-grade intercept in hole GL21-024) to below the surface 175 meters (minimum height)-level interception hole GL21-025). In addition to intersecting the highest slope to date, the drilling program successfully extended the downward dip of the GL1 main zone to approximately 160 meters. The area remains open for further expansion.
See Figure 1 for the drilling part, and Figures 4 and 5 for the plan view. Holes GL21-023, 024, and 025 were drilled from the same mat, and are slightly rearward than the previous drilled holes. The first two holes were drilled in the southwest (220 degrees) azimuth angle at an inclination angle of 85 degrees and 45 degrees, respectively. After the encouraging visual effects provided by these initial holes, the drill turned to the northeast azimuth (040 degrees) to drill the last hole GL21-025 of the program to test the depth. All three holes cut intense hydrothermal alteration in the rough twill, including discontinuous quartz-sulfide veins, fine veins, fracture fillings and vein breccias, which contain sphalerite and galena Minerals and minor pyrites and rare chalcopyrites, and include semi-lumpy to massive sulfide parts with local cm to dcm scales. The strongest overall result comes from the deepest GL21-025 and the shallowest GL21-024 hole, but in GL21-023 it has an encouraging wide interception and local high grade.
See Figure 2 and Figure 4 and Figure 5 for the plan view. Holes GL21-017 and GL21-018 were drilled at minus 45 degrees and 75 degrees southwest (200 degrees azimuth) to evaluate deeper combinations of IP charge rate and resistivity anomalies. This indicates that there is a potential in this direction. System enhancement. GL21-017 has a total length of 356 meters and is the longest hole in the plan. There is no return of really important gold or silver interceptions from this hole, and the value of lead and zinc is only slightly higher than the background. However, its negative 75 degree undercut, hole GL21-018, intersects the main area of GL1, the value of lead and zinc are increased, and the value of silver and gold is low. In the wide width, the height of individual gold is up to 6.15 g/ Tons and 6.47 g/ton ton. In general, the results of this profile show that the system is strengthened towards depth and the dip direction is northeast.
See Figure 3 for the borehole section view and Figure 4 and Figure 5 for the plan view. The inclination angles of holes GL21-020, 021 and 022 in the southwest (210 degrees azimuth) are minus 50, 83 and 67 degrees, respectively. In the shallowest hole GL21-020, usually only very low gold value is returned, the highest is 2.08 g/ton. The value of silver is also generally low, except for the high prices of individual samples of 148, 310 and 223 grams per ton of silver. The values of zinc and lead increased moderately. The zinc content in individual samples was up to 1.1%, and the lead content also reached similar individual high values. The negative 83 undercut hole GL21-021 returned a higher gold value, with a single sample high value of 5.27 g/ton gold, a relatively shallow, wide 29.5 m intercept of 29 g/ton silver and a significantly deeper, single single The high value of 997 grams per ton of silver exceeds half a meter, which more strongly and consistently increases the value of lead and zinc to high levels of 4.7% and 5.9%, respectively. Hole GL21-022 divides the difference between GL21-020 and GL21-021. The value of gold, silver, zinc and lead is usually lower than the value of gold, silver, zinc and lead in its overcut hole GL21-020, and Significantly lower than the gold, silver, zinc, and lead values in the steep hole GL21 -021. Overall, the results in this section show an increase in depth.
Hole GL21-019 was drilled on a reconnaissance target 200 meters southwest of GL 1 Main, and no significant results were obtained.
See geological map, Figure 5. The GL1 main belt is located in a thrust fault that is interpreted as a major northwestward and northeast sloping thrust fault. The main Lower Jurassic Toodoggone strata volcanic rocks are juxtaposed with the Upper Triassic and older (?) volcanic and sedimentary rocks. Jurassic (?) granodiorite intrusive rock. Gold and silver are closely related to zinc and lead. They are located in discontinuous millimeter to centimeter and very local dcm veins, fine veins, fracture fillings, and local vein breccia in a wide range of low-sulfide and low-temperature hydrothermal mineralization. The extension vein filling mainly contains dark gray to honey-colored sphalerite, as well as galena and minor millimeter-level fine-grained pyrite joints and spreads. Gangue is usually composed of quartz, iron carbonate and a small amount of jasper. The ratio of sulfide mineralization to gangue is very different. Short intervals of semi-mass to massive sulfide mineralization appear locally in the area. They are mainly composed of dark gray to honey-colored sphalerite and galena. Dark gray sphalerite usually surrounds honey-colored varieties. The host rock of the mineralization zone is usually "bleached" into an orange-beige color, mainly composed of iron carbonate, sericite and silica.
The direct host rock of the GL1 Main mineralization zone is part of the mild northeast sloping sequence of the middle component volcanic rocks of the Lower Jurassic Toodoggone strata with high K. The main rock is trachysine flow and tuff, which are comparable to the Hazelton Group rocks in other places in this area. , Such as the Lawyers property (former Cheni Mine) near Benchmark Metals and further afield, to most of the Hazelton Group in the Golden Triangle of northwest BC. The rocks of the Toodoggone Formation have older rocks in the east and northeast. Although the fault has been interpreted as a thrust fault for a long time, the extension of the GL1 Main mineralization indicates that the mineralization event may be related to the extension related to the late Toodoggone formation volcanism, as explained by the mineralization elsewhere in the area. In view of this, the mineralization of GL1 Main may have formed in a fault with the original normal sense of displacement, most likely downwards to the west, and then “reversed” by reactivating it as a thrust fault or reverse fault. This is likely to occur in the mid-Cretaceous, during the development of the nearby Skeena fold belt, in the western part of the Toodoggone area, in the folds and faults of Bowser Lake, a contraction was well demonstrated in the middle Jurassic to Late Cretaceous sedimentary rocks. belt. Stick to the group.
Exploration potential of GL1 Main
The company's drilling results in 2020 and 2021 highlight the strong potential of the GL1 Main area for further exploration and drilling and high-grade gold and silver mineralization. In addition to the obvious downdip potential, another clear focus should be to test along the trends north and northwest of boreholes GL21-023, 024 and 025 and east of boreholes GL21-020, 021 and 022. The encouragement for this method is evident in the abnormal soil geochemistry in this direction, which is to a certain extent concealed by the scattered talus and debris on the downhill, which originate from the generally poorly mineralized flowers. The upslope of granodiorite and the significantly increased Au:Ag ratio in soil geochemistry. The high values of gold and copper in soil and rock geochemical samples collected from the northern ridge of GL1 and adjacent areas (including those from soil as high as 14.95 gt/Au), there is also some evidence that the system continues to develop in this direction. GL1 North Ridge was tested with a single borehole GL20-004 last season. Although there is no obvious encouragement in that borehole, this trend is clearly worthy of further study. Exploration should also be carried out in the southeast-southeast direction, where the extension of the GL1 Main trend intersects with several 1984 drill holes in Newmont. In summary, all these drilling results show that a broad and long mineralization system is rich in precious and base metals and is still in the early stages of testing and understanding.
Table 1-GL1 main zone drilling-analysis of composite materials
Note: The width reported above is the length of the core drilled. The true width of the single borehole intercept of those holes drilled to the southwest azimuth angle is 90% to 100% of the estimated borehole length of the hole of minus 45 to 50 degrees, and about 70-80% and 60 of the estimated borehole length of the hole of minus 65-75 degree. Variations between% are used for holes of minus 80-85 degrees. The GL21-025 hole is drilled at a northeast azimuth of minus 80 degrees, and its true width is estimated to be about 50% of the drilled length.
Table 2-Drilling azimuth and inclination
Evergold Corp. was formed by a team with a recent record of success in BC, namely GT Gold Corp. was established in 2016, and Saddle hyperhydrothermal and porphyry copper were discovered in 2017-18 near Iskoute, British Columbia Gold deposits, holding more than 20 million ounces of gold equivalent in all categories. GT Gold was recently acquired by Newmont Corporation. Evergold combines four 100% owned properties in BC Premium Geological Real Estate by renowned geologist CJ (Charlie) Greig with the recent Rockland property in Nevada, experienced managers, and a qualified board of directors. The company's flagship assets include the Golden Lion property, the Snoball property, and the high-grade Rockland gold and silver property that was produced in Nevada in the past. All three properties have precious metal areas, and the company believes that these areas have considerable room for growth.
Charles J. Greig, P.Geo. is a qualified person as defined by NI 43-101 and has reviewed and approved the technical information in this press release.
The company has a strong quality assurance/quality control program, including inserting blanks, standards and copies. The core samples are cut by a diamond saw blade rock saw. Half of the cut core is placed in a separately sealed polyurethane bag, and the other half is returned to the original core box for permanent storage. With very few exceptions, the sample length usually ranges from a minimum interval of 0.5 m to a maximum interval of 2.0 m, with an average of 0.5 to 1.0 m in the heavily mineralized part of the core, where it is important to accurately identify the mineral source of the metal value. The core samples were trucked in sealed woven plastic bags to the ALS sample preparation facility in Terrace, British Columbia, and then taken by ALS to their North Vancouver analysis laboratory. ALS operates in accordance with the guidelines set out in the International Organization for Standardization/International Electrotechnical Commission Guide 25. Gold was determined by the fusion of 50 grams of sub-samples and atomic absorption spectroscopy (AAS) fire analysis. Samples with a gold value greater than 10 parts per million returned from fire analysis and AAS (Atomic Absorption Spectroscopy) are determined by using fire analysis and gravimetric analysis. After the polyacid digestion, various metals including silver, gold, copper, lead, and zinc are analyzed by inductively coupled plasma (ICP) atomic emission spectroscopy. For samples with return values greater than 10,000 ppm analyzed by ICP (Inductively Coupled Plasma), copper, lead, and zinc are determined by ore grade analysis. For samples returning greater than 100 ppm, silver is determined by ore grade determination.
For more information, please contact:
Kevin M. Keough President and CEO Tel: (613) 622-1916 www.evergoldcorp.ca kevin.keough@evergoldcorp.ca
Neither TSX Venture Exchange nor its regulatory service provider (as the term is defined in the policies of TSX Venture Exchange) is responsible for the adequacy or accuracy of this press release.
Warning statement regarding forward-looking information
This press release contains certain "forward-looking statements" that do not contain historical facts. Forward-looking statements include estimates and statements that describe the company's future plans, goals, or goals, including words that the company or management expects the specified conditions or results to occur. Forward-looking statements can be identified by terms such as "believe", "anticipate", "anticipate", "estimate", "may", "may", "will", "will" or "plan". Because forward-looking statements are based on assumptions and address future events and conditions, by their nature, they involve inherent risks and uncertainties. Although these statements are based on information currently available to the company, the company does not guarantee that actual results will meet management expectations. The risks, uncertainties and other factors involved in forward-looking information may cause actual events, results, performance, prospects and opportunities to be materially different from those expressed or implied by such forward-looking information. The forward-looking information in this press release includes, but is not limited to, the company's goals, objectives or future plans, statements, exploration results, potential mineralization, estimates of mineral resources, exploration and mine development plans, estimates of the time of commencement of operations and market conditions. Factors that may cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources into reserves, failure to complete the feasibility study of recommended production decisions, and metallurgical test results. Preliminary nature, delay or failure to obtain required government, environmental or other project approvals, political risks, inability to fulfill the obligation of accommodating indigenous peoples and other indigenous peoples, and inability to predict and offset the impact of COVID-19 on the company’s business, including But not limited to COVID-19 restrictions on commodity prices, capital market conditions, labor and international travel and supply chains, uncertainties related to financing availability and costs, future needs, changes in the stock market, inflation, changes in exchange rates , Commodity price fluctuations, project development delays, significant differences in capital and operating costs and estimates, and other risks involved in the mineral exploration and development industry, as well as the risks listed in the company's public documents submitted on SEDAR. Although the company believes that the assumptions and factors used in the preparation of the forward-looking information in this press release are reasonable, it should not rely excessively on such information. The information is only applicable to the date of this press release and cannot be guaranteed in light of such events. Will happen within the public time frame or not at all. Except as required by law, the company does not undertake any intention or obligation to update or revise any forward-looking information, whether due to new information, future events or other reasons.
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Figure 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/b949062f-74ae-4411-9b4c-a4be3ce0b59e
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Figure 4: https://www.globenewswire.com/NewsRoom/AttachmentNg/1843db47-49f6-4226-af84-db35c28e2990
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