Evrim commences $1.5 million exploration program at Cuale
VANCOUVER, British Columbia, May 16, 2018 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce that it has commenced a third phase of exploration at its 100%-owned Cuale high sulphidation epithermal gold project in Jalisco, Mexico. The program includes 3,000 metres of drilling and will follow up on discovery Trenches 1 to 4 from the La Gloria zone (see news releases of April 9 and 16, 2018) where Trench 1 returned 1.67 grams per tonne (g/t) gold over 263.2 metres and Trench 4 returned 13.61 g/t gold over 106.2 metres.
“Mapping, trenching, a soil survey and geophysics will be completed in May and June to refine drill targets while the required drill permits are being processed, after which a 3,000 metre drill program is planned to start in July,” commented Evrim CEO, Paddy Nicol. "We will also prospect and map several soil colour anomalies within recently staked concessions that have a similar appearance to the argillic alteration found within the pre-existing Cuale claims.”
About the Phase 3 Exploration Program
The soil survey has already commenced and will be followed with up to 650 metres of trenching at La Gloria and surrounding targets to extend the known footprint of outcropping gold mineralization. Results from the soil survey and trenching will be used to determine controls on the distribution of gold mineralization at Cuale, which are potentially a combination of structural, porosity or lithogeochemical factors and defining the orientation of these zones will be important for drill hole targeting.
The area northwest of the La Gloria zone is overlain by a block and ash tuff unit interpreted to be a thin veneer of post mineral cover. It contains abundant blocks of quartz (some with gold mineralization) and forms a dome 700 metres north of the trenched area (Figure 1). To help identify zones of potential mineralization beneath the volcanic breccia a Controlled Source Audio-magnetotellurics (CSAMT) survey of approximately 40 line-kilometres is planned.
A 3,000 metre drill program is expected to commence in July and will test the area beneath the mineralized trenches at La Gloria as well as targets defined by the CSAMT and soil surveys.
The Company has met with the local community at Cuale to establish a mutually beneficial relationship as the project progresses. Applications have been submitted for trenching and drilling permits and environmental consultants have been engaged to commence baseline studies of the property prior to the start of the drilling program.
Figure 1 – Alteration map with proposed CSAMT survey lines overlain
The company has added a technical presentation to its website providing further detail on the exploration work completed to date: http://www.evrimresources.com/i/pdf/ppt/2018-05-16-cuale-tcp-49cmHn.pdf
The Company has applied for an additional 86 km2 of mineral concessions immediately north and east of the existing Cuale concessions, increasing the land package to 232 km2. The new claims were added after recognizing soil colour anomalies that are more apparent in the dry season with reduced vegetation. The colour anomalies have a similar appearance to the argillic alteration mapped within the existing claims and reconnaissance mapping and prospecting will be undertaken as part of the Phase 3 exploration program.
Figure 2 - Location of newly staked concessions at Cuale
About the Cuale Project
The Cuale project is 100%-owned by Evrim and comprised of a 232 km2 early stage exploration property prospective for high sulphidation epithermal gold mineralization. The project is located 185 kilometres west of Guadalajara and 35 kilometres southeast of Puerto Vallarta in the Cordillera Madre del Sur. Cuale was identified and staked under the Callinan Royalties Generative Alliance (now owned by Altius Minerals) and is subject to a 1.5% net smelter royalty ("NSR") for precious metals and a 1.0% NSR for base metals payable to Altius Minerals.
The project is located within the Talpa de Allende area of Jalisco near Agnico Eagle Mines' Barqueño project (663,000 ounces gold and 2.2 million ounces silver) and Endeavour Silver's Terronera project (311,000 ounces gold and 37 million ounces silver). The area is close to infrastructure with roads and powerlines crossing the property.
The project is located within a complex accreted arc terrane that developed during the Mesozoic Era and hosts the majority of volcanogenic massive sulphide (VMS) deposits in Mexico. The accreted arc terrane comprises an interbedded sequence of rhyolitic volcanics and volcaniclastics that are only weakly deformed and were intruded by the Cretaceous Puerto Vallarta batholith. The La Gloria intrusives, volcanic units and high sulphidation alteration are presently interpreted as a younger event correlating with either the Sierra Madre Occidental or Trans Mexican Volcanic Belt events.
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 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.
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.
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