VANCOUVER, British Columbia, May 08, 2019 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce it has acquired a 100% interest in the Lemon Lake copper-gold project in central British Columbia, Canada. Lemon Lake was identified through Evrim’s copper porphyry target review and was acquired in late 2018. The project is located in an area of producing mines and deposits in the Quesnellia Terrane and contains a drill ready porphyry target.
- A 2,646 hectare project prospective for copper-gold porphyry deposits
- Located 34 kilometres southeast of the Mt. Polley mine and 13 kilometres northeast of the Woodjam deposit cluster
- Porphyry alteration and copper and gold geochemistry masked by shallow till cover
- Historic drilling intersected 21.3 metres of 0.25% copper from 21 metres downhole and was not assayed for gold or followed up
- A recent Induced Polarization (“IP”) target coincident with alteration and geochemistry indicates historic drilling only clipped the outer edge of the target
“The Lemon Lake project brings together historic drilling, mapping, sampling and geophysics that presents an attractive drill target,” commented Charles Funk, VP of New Opportunities and Exploration. “Our evaluation team recognized the area’s potential and was able to unite several claims into one group. The project adds to Evrim’s portfolio of discovery opportunities in British Columbia.”
The property is located close to infrastructure with nearby power and road access across the project.
Evrim acknowledges that Lemon Lake is situated within the traditional territory of the Williams Lake Indian Band, Xatsull First Nation and the Neskonlith Indian Band. Evrim is committed to developing positive and mutually beneficial relationships with First Nations based on trust and respect and a foundation of open and honest communications.
About the Lemon Lake Project
The property is centered on a 5.0 by 2.7 kilometre zoned pluton hosted in volcanic units of the Quesnellia Terrane, a typical setting of many porphyry deposits in central and southern British Columbia. The pluton is zoned from gabbro through diorite to monzonite from south to north, however detailed mapping is limited by extensive shallow till cover. Historic exploration has shown that the monzonite phase contains zoned porphyry alteration from distal propylitic to central potassic alteration with associated copper mineralization.
In 1974, Hudbay Minerals Inc. (“Hudbay”) completed a series of percussion drill holes. The northernmost hole (drill hole 74 L-4) intersected 21.3 metres grading 0.25% copper from 21 metres downhole with individual samples up to 0.7% copper. Gold was not assayed during this program. The drill log for hole 74 L-4 notes strong potassic alteration with disseminated and fracture filled copper mineralization. Hudbay’s report also summarized the intersection as encouraging and recommended follow-up drilling to the north and west. 1 The follow-up work was never completed.
In 2012, an IP survey outlined an elongated 2,800 metre by 600 metre chargeability anomaly coincident with altered porphyritic monzonite and a large copper and gold in soil geochemical anomaly. Drill hole 74 L-4 from the 1974 program clipped the eastern edge of the chargeability anomaly.
Evrim is seeking a joint venture partner to advance the project.
Additional information and an introductory presentation on the project is available on Evrim’s website at the following link: https://www.evrimresources.com/projects/seeking-partners/lemon-lake/
Photos accompanying this announcement are available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b8c25227-4997-4fad-892f-29f856fa6d14
Evrim has earned a 100% interest in the Lemon Lake project by making a $15,000 cash payment and agreeing to the following milestone cash, or equivalent share payments, at the Company’s election:
- $25,000 within 14 days of the execution of an option or joint venture agreement
- $25,000 on the completion of 10,000 metres of drilling by Evrim or any third party
- $150,000 upon the announcement of an NI 43-101 measured or indicated mineral resource estimate of at least 200,000,000 tons at a grade of at least 0.50% copper equivalent
- $500,000 on the decision to bring the Lemon Lake project into commercial production
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 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 and CEO, Charles Funk, VP New Opportunities and Exploration at 604-248-8648, or Liliana Wong, Investor Relations Manager at 778-929-3382.
Visit our website at www.evrimresources.com.
Note 1: British Columbia Ministry of Energy, Mines and Petroleum Resources Assessment Report 05117
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.