Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is
pleased to announce surface sampling results from the Company’s
two-year exploration alliance (the “Alliance”) with a wholly owned
subsidiary of Newmont Mining Corporation ("Newmont"). The Alliance
is focused on a 23,250 square kilometre prospective land package
along the border of the Yukon and Northwest Territories, Canada, to
search for world-class gold deposits and has resulted in the
acquisition of the Astro gold project (the “Astro Project”).
Exploration Highlights
- The Astro Project includes a 9.5
kilometre-long trend of soil and rock chip gold anomalism with
significant gold results from limited surface sampling of gossans
at the Radio and Microwave prospects (see map below)
- Chip sampling at the Radio prospect
returned 11.6 grams per tonne (“g/t”) gold over 18.0 metres
including 32.1 g/t gold over 6.0 metres
- Chip sampling at the Microwave
prospect returned 4.68 g/t gold over 7.5 metres including 6.73 g/t
gold over 3.0 metres. Approximately 40 metres to the east is a
second zone of mineralization grading 2.25 g/t gold over 11.0
metres
- The mineralized intersections at
the Radio and Microwave prospects are open along strike in both
directions
“The Astro Project is the result of a successful
two-year, US$1.8 million generative Alliance with Newmont that
demonstrates the synergies of Evrim’s generative exploration
expertise and Newmont’s proprietary exploration technologies,”
commented Evrim’s CEO, Paddy Nicol. “Both Evrim and Newmont would
like to acknowledge that the Astro Project is located within the
traditional territory of the Sahtu Dene and Metis Comprehensive
Land Claim and are committed to developing a positive and mutually
beneficial relationship based on respect and transparency.”
Newmont is determining if it will designate the
Astro Project to the option phase of the Alliance. Under the terms
of the Alliance, Newmont may elect to earn an 80% interest in a
designated project by making staged cash payments totalling
US$600,000 to Evrim and solely fund exploration until such time as
it has defined a NI 43-101 compliant pre-feasibility study on a
minimum two million ounce gold resource. Evrim will be the operator
for the initial US$5million in exploration expenditures.
Evrim may then elect to form a joint venture
with Newmont on a respective 20:80 basis whereby Evrim can maintain
its equity interest in the project, or elect to have Newmont fund a
positive NI 43-101 compliant feasibility study and reduce Evrim's
equity interest to 15%. Thereafter, Evrim may elect to contribute
its pro-rata share of adopted programs and budgets, or convert to a
2% net smelter return royalty ("NSR") of which 0.5% may be
repurchased by Newmont for US$10 million.
In anticipation of Newmont designating the Astro
Project for option, Evrim and Newmont have commenced permitting for
a US$1.2 million drilling program this summer.
About the Alliance and the Astro
Project
The Alliance used government datasets from the
Yukon and Northwest Territories to generate conceptual targets for
Carlin-style, sedimentary gold deposits and applied Newmont’s
proprietary Bulk Leach Extractable Gold (BLEG) technique over the
23,250 square kilometre Alliance area. The exploration programs
included 1,046 stream sediment samples, 400 rock chip samples,
2,300 soil samples, detailed mapping, and staking of 891 square
kilometres of claims.
The 250 square kilometre Astro Project is
located six kilometres north of the Mile 222 airstrip and 195
kilometres northeast of Ross River along the Canol Road, providing
seasonal road access to the southern boundary of the property. The
Astro Project is situated on the western margin of the Mackenzie
Platform, a Devonian to Permian basin filled with predominately
carbonate strata, which runs parallel with the Yukon and Northwest
Territories border. The basin was uplifted and deformed prior to
intrusion by felsic plutons, including the Cretaceous Tombstone
suite, Mayo Suite and Tungsten suites.
Soil sampling within the Astro Project defined a
9.5 kilometre north-northwest trending corridor of gold anomalism.
The corridor is a structurally complex area with stacked thrust
sheets of Pre-Cambrian to Devonian sediments (including sandstone,
siltstone and lime mudstones) intruded by the Border and Mehitabel
felsic intrusions. To date, the intrusions appear to have limited
prospectivity; however, the hornfelsed eastern margin includes
gossans at the Radio and Microwave prospects and gold in soil
anomalies that form additional targets. Soil anomalism is
asymmetric with gold, copper, lead, and arsenic located west of
pathfinder element anomalies, in particular, antimony and mercury
that extend further east into non-hornfelsed calcareous mudstone
units. A younger set of steep, north-northwest trending faults cut
the thrusted units and intrusions. These faults appear to control
emplacement of both fresh to strongly altered mafic dykes and
gossan zones.
The Radio prospect hosts an approximate 20 metre
by 25 metre zone of gossan adjacent to a fault hosted in a
siltstone unit with minor calcareous layers. A continuous set of
chip samples were collected across the zone which returned an
open-ended intersection of 18.0 metres grading 11.6 g/t gold
including 6.0 metres grading 32.1 g/t gold. Mineralization occurs
with elevated bismuth and copper in a magnetite and pyrite skarn
assemblage.
The Microwave prospect, located five kilometres
southeast of the Radio prospect, hosts a stratabound zone of
mineralization in shallowly-dipping siltstones. This prospect was
sampled by two sets of continuous chip samples located
approximately 40 metres apart. The first set of chip samples
returned 7.5 metres grading 4.68 g/t gold, including 3.0 metres
grading 6.73 g/t gold and the second set of chip samples returned
11.0 metres grading 2.25 g/t gold. Both intersections are
open-ended.
A stream sediment anomaly located approximately
700 metres upstream from the Microwave prospect has the same tenor
as a second stream sediment anomaly, located 500 metres downstream
from the prospect, indicating the potential for a significantly
longer strike extent than currently defined.
Prospect |
Chip Traverse |
Width(metres) |
Gold(g/t) |
Radio |
Chip Traverse 1 |
18.0 |
11.6 |
|
Including |
6.0 |
32.1 |
Microwave |
Chip Traverse 1 |
7.5 |
4.68 |
|
Including |
3.0 |
6.73 |
|
Chip Traverse 2 |
11.0 |
2.25 |
Astro Significant Chip Results |
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.
Samples were delivered to ALS Global in
Whitehorse, YT for sample preparation and to the ALS laboratory in
North Vancouver for analysis. The ALS facilities have ISO/IE
17025:2005 certification. Rock samples were assayed for gold by 30
gram fire assay and multi-element analysis by four-acid and ICP
analysis. Overlimit rock samples were re-assayed by fire assay with
gravimetric finish.
Readers are cautioned rock chip samples are
selected samples and are not necessarily representative of the
mineralization hosted on the property.
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 BoardEVRIM RESOURCES
CORP.
Paddy NicolPresident & 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,
Manager, Investor Relations at 604-425-3400.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.
Photos accompanying this announcement are available at :
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