VANCOUVER, British Columbia, Feb. 14, 2019 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce drill results at the Cerro Cascaron gold and silver project in southwestern Chihuahua, Mexico. Evrim and exploration partner, Harvest Gold Corporation (“Harvest Gold”), has completed nine diamond drill holes to date at Serpiente Dorada, San Pedro and Cascarita for a total of 1,885 metres, with assay results received for seven drill holes.
“The maiden drill program at Cerro Cascaron successfully intersected gold mineralization at both the Serpiente Dorada and San Pedro areas,” commented Stewart Harris, VP of Technical Services. Drilling at Serpiente Dorada delineated a significant corridor of alteration containing local high-grade gold mineralization. Meanwhile, drilling at San Pedro encountered a competent quartz vein within a broad stockwork containing moderate gold grades and epithermal textures, suggesting a deeper target may exist. Drilling continues to test both areas for additional gold mineralization.
Drill Program Highlights
- Drill hole SPT18-01 intersected 1.0 metre grading 20.1 grams per tonne (g/t) gold and 22.5 g/t silver from 225.5 metres downhole within 6.5 metres grading 3.29 g/t gold and 6.3 g/t silver from 224.5 metres
- SPED19-02 intersected 4.8 metres grading 1.02 g/t gold and 13.0 g/t silver from 141 metres downhole and 0.35 metres grading 5.39 g/t gold and 23.7 g/t silver from 154.45 metres downhole
- SPED19-03 intersected a 2.7 metre wide quartz vein from 162.6 metres downhole. Assays are pending
The true width of the mineralized zones are not known at this stage.
About the Cerro Cascaron Drill Program
Nine drill holes have been completed to date with two holes at the Serpiente Dorada, three holes at San Pedro gold targets, and four at the silver-rich Cascarita target. Assay results remain pending from drilling at the Serpiente Dorada and San Pedro areas, with new drilling planned at San Pedro.
Figure 1 – Map of the Cascaron vienfield with Serpiente Dorada and San Pedro drilling shown is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/43014883-eab7-40cd-99da-be19545378d1
Drill hole SPT18-01 targeted the Serpiente Dorada vein approximately 100 metres below surface. The hole drilled into a sequence of rhyolitic and andesitic volcanic rocks with overprinting hydrothermal breccias. A wide zone of silicification and quartz stockwork veining exploits the margins of the breccias in the lower half of drill hole SPR18-01 and hosts many narrow low-grade mineralized intersections including the highlighted 1.0 metre grading 20.1 g/t gold and 22.5 g/t silver from 225.5 metres downhole. The true width of the zone of silicification and stockwork quartz veining is not known.
The intersection encountered in SPT18-01 may be a new structure or a splay of the outcropping Serpiente Dorada structure. A zone of elevated pathfinder element geochemistry exists at the base of the hole that corresponds with the projection of the surface expression of the Serpiente Dorada structure. A follow-up drill hole has been designed to target this zone of mineralization approximately 180 metres to the north where the northeast-trending La Julieta vein is interpreted to intersect the Serpiente Dorada structure.
Figure 2a – Cross section of drillhole at Serpiente Dorada (A-A’) and Figure 2b – Cross section of drilling at San Pedro (B-B’) is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/046a72db-a3ed-4aff-989c-86f2382be8fb
Drilling at San Pedro has intersected a quartz vein beneath the shallow historic workings hosted in rhyolitic tuff and andesite. Drill hole SPED19-02 intersected a 1.8 metre wide quartz vein within an approximate 20 metre stockwork zone. The zone includes 4.8 metres grading 1.05 g/t gold and 15.8 g/t silver from 141 metres downhole with a slightly deeper narrow vein returning 0.35 metres grading 5.39 g/t gold and 23.7 g/t silver from 154.45 metres downhole. The true width of the structures are not known at this stage. Follow-up drill hole SPED19-03, intersected a 2.7 metre wide vein from 162.6 metres within a broader 33.5 metre surrounding stockwork zone. Assays results remain pending for drill hole SPED19-03.
The vein intersected in holes SPED19-02 and SPED19-03 contains banded chalcedonic quartz and calcite with quartz-healed breccia channels indicative of multiple phases of vein formation. The textures suggest a level near to, but above a boiling zone (where the best mineralization is to be expected) and subsequently, a fourth hole at San Pedro is planned to target a potential mineralized shoot with better mineralization approximately 100 metres deeper than hole SPED19-03.
In drill hole SPED18-01 located 72 metres to the north, the zone consists of a zone of minor calcite and quartz veinlets with strong pathfinder element geochemistry but only anomalous gold values.
Three drill holes at Cascarita intersected a predominately rhyolitic tuff sequence with zones of silicification and veining throughout each hole. Veinlets are predominantly crystalline quartz with rare colloform quartz and no significant results were intersected. The zones of sulphide breccia with high silver grades at surface were not intersected in drilling.
Drill Hole Information Table
About the Cerro Cascaron Project
The Cerro Cascaron property hosts a low to intermediate sulphidation epithermal gold system that includes a gold-bearing vein in the eastern part of the property. Veining has been mapped over 900 vertical metres, with classic textural evidence of hydrothermal boiling accompanying the highest gold grades. The proposed 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, and First Majestic Silver's San Martin de Bolanos silver mine.
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.
Core samples were delivered to ALS Global in Hermosillo, Sonora for sample preparation and to the ALS laboratory in North Vancouver for analysis. The Hermosillo and North Vancouver facilities have ISO/IEC 17025:2017 certification. Field duplicate samples, blank samples and certified reference materials were inserted into the sample sequence each at a frequency of one per 20 samples. Samples were assayed for gold by 30 gram fire assay and multi-element analysis by four-acid and ICP analysis.
About Evrim Resources
Evrim is a precious and base metals project generator, with early stage exploration projects and a database covering substantial areas of Mexico, western Canada and portions of southwestern United States. We focus our expertise on identifying new early stage exploration targets which are later advanced through option and joint venture agreements with industry partners to create shareholder value and avoid stock dilution. 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.
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 Liliana Wong, Investor Relation Manager at 778-929-3382.
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.