Everton Provides Update on its Ongoing Exploration Programs in the Dominican Republic
October 25 2011 - 9:13AM
Marketwired Canada
Everton Resources Inc. ("Everton") (TSX VENTURE:EVR) (FRANKFURT:ERV) announces
the following updates in connection with its on going exploration programs in
the Dominican Republic.
"This update confirms the execution of our exploration strategy for the
Dominican Republic is on track," said Andre Audet, Chairman and CEO of Everton
Resources.
"We've only achieved a small portion of our APV South drilling objectives as
deep-drilling geology and mechanical obstacles slowed our progress. With only
five holes reporting though, we're still some way from unlocking APV's
potential."
"The mechanical problems that beset our initial drilling - which are typical of
a new drilling program - have been resolved and we're moving forward now with
confidence," said Mr. Audet, adding that the company is now well-positioned for
building additional shareholder value after re-negotiating an agreement with
Brigus Gold Inc., to acquire 100% ownership of the APV, Ponton and La Cueva
concessions.
"Ponton is a new discovery some 20 kilometers east of Pueblo Viejo. While this
project is at the earliest stage, we see great potential here for next year," he
said.
The updates are as follows:
Ampliacion Pueblo Viejo
Since the start of the deep drilling program in March, a total of 4928.87 metres
have been completed in nine drill holes. Of these, four holes were aborted
before reaching target depth due to mechanical or ground difficulties. We are
currently drilling hole 44 and 45.
The highlights of the ongoing drilling program are as follows:
1. Hole APV11-33 intercepted four thick intervals of strongly anomalous
gold and copper (54.00 m @ 0.29 g/t Au and 0.12% Cu; 44.20 m @ 0.12 g/t
Au, 51.85 m @ 0.12 g/t Au and 38.05 m @ 0.16 g/t Au).
2. Hole APV11-36 intersected 39.65m @ 0.25 g/t Au and 0.18% Cu
3. Holes APV11-38 and APV11-39A succeeded in penetrating below the silica
lithocap achieving depths of 817.65 and 804.15 m respectively. At depth
a monzonite-diorite-granodiorite porphyritic intrusives complex was
detected which exhibits mineralisation style typical of porphyry copper-
gold-molybdenum systems. The possibility exists of finding either
structurally controlled mineralisation or large bulk tonnage porphyry
Cu-Au-(Mo) mineralisation. A research project with participation of
Universidad de Barcelona and the George Washington University has been
initiated to characterise these porphyry related intrusives.
Results
Table of drill holes completed to date and status of assaying:
----------------------------------------------------------------------------
Hole Target TD_m Status Drilling Status Assay
Reports
----------------------------------------------------------------------------
APV11-33 Arroyo Hondo North 437.15 Completed Completed
/Aborted
----------------------------------------------------------------------------
APV11-36 Arroyo Hondo South 513.70 Completed Completed
----------------------------------------------------------------------------
APV11-37 Miguel de Pena 357.00 Completed Completed
/Aborted
----------------------------------------------------------------------------
APV11-38 Arroyo Candito / East 817.65 Completed Completed
Colorado
----------------------------------------------------------------------------
APV11-39 Arroyo Hondo North 18.10 Completed Completed
/Aborted
----------------------------------------------------------------------------
APV11-39A Arroyo Hondo North 804.15 Completed Completed
----------------------------------------------------------------------------
APV11-40 Silica Ridge 475.80 Completed Pending
----------------------------------------------------------------------------
APV11-41 Loma La Cuaba 1000.85 Completed Pending
----------------------------------------------------------------------------
APV11-42 Pinnacle Hill 123.97 Completed Pending
/Aborted
----------------------------------------------------------------------------
APV11-43 Pinnacle Hill 380.5 Completed Pending
----------------------------------------------------------------------------
APV11-44 Pinnacle Hill In progress Pending
----------------------------------------------------------------------------
APV11-45 Pinnacle Hill In progress Pending
----------------------------------------------------------------------------
Note: holes APV11-34 and APV11-35 are located within the La Lechoza prospect.
Click here to view map.
For more details, click here
The lithological units intersected in these holes coincide with the rocks mapped
at the surface during the various geologic mapping campaigns conducted by
Everton including andesite and andesitic lithic tuffs, dacite porphyries and
minor sediments. The rocks in the lithocap show the same intense advanced
argillic (quartz-pyrophyllite-alunite-kaolinite) and zones of strong massive
silicification. Shearing and brecciation is related to north to low angle trust
faulting that have dislocated the stratigraphic sequence. Mineralisation is
pervasive throughout the lithocap as disseminated to locally massive sulphides
and as veining stockwork. The units subjacent to the lithocap are a complex
intrusive with varied lithologies including diorite, monzo-diorites and minor
tonalite, ranging from fine grained to porphyritic in texture. These rocks show
little deformation.
Holes APV11-33, APV11-36 and APV11-39 were drilled along the border of the
Ampliacion Pueblo Viejo concession to explore possible mineralised structures
extending from the adjacent pits of Arroyo Hondo I and II.
Hole APV11-37 was located on the western end of the concession and was designed
to test multi-element rock and soils geochemical anomalies. The hole was
abandoned before reaching target depth.
Hole APV11-38 was drilled close to the southern limit of the concession and on
the edge of the lithocap to test geochemical anomalies and alteration
assemblages that include a cluster of occurrence of alunite and dickite.
Ponton
Preliminary results of the detailed surface reconnaissance and soil and float
sampling programme conducted on the property are as follows: A multi-element
(Au-Ag-Cu-Zn-Mo-Pb-Sb-Hg) soil geochemical anomaly on Loma Majagual measuring
2.4 x 1.2 km has been defined. Among the highlights was a rock sample that
returned: 0.61 g/t Au, 29.8 g/t Ag, 0.63% Cu, 0.13% Zn, 136 ppm Mo and 498 ppm
Pb.
The geochemical anomaly coincides with a broad area of advanced argillic
alteration, which until now, were undocumented. Reconnaissance stream sediment
and rock geochemistry conducted in 2007 to 2010 confirms this. Trenching is
underway to refine drill targets ahead of the first ever drilling program on the
Ponton property.
The mineralisation appears to be contiguous onto an adjacent mineral property,
which has been secured by the Company by means of an Option to Purchase
Agreement signed on September 20 with the concession owner. By this agreement
the Company has the exclusive option for one year, which may be extended for a
second year at the Company's option, to acquire 100% ownership in exchange for a
1% NSR to the concession owner.
Qualified Person
Hugo S. Dominguez, M.Sc., C.P.G., General Manager of Everton Minera Dominicana
S.R.L., and a qualified person in accordance with National Instrument 43-101, is
responsible for supervising the exploration programs of Everton in the Dominican
Republic and has reviewed and approved the information contained in this news
release.
Sampling, Assaying and Quality assurance / Quality control (QA/QC)
Personnel at the projects photograph each individual core box from each core
hole prior to measuring core recovery and geologically logging and sampling the
hole. The core is then sawn in half with one half going to the lab and the other
half kept for reference. All sample shipments are sealed and shipped to Acme
Analytical Laboratories (R.D.) S.A. at Maimon, Dominican Republic for
preparation. A formal QA/QC programme has been initiated including the insertion
of accepted standards, duplicates and appropriate blank material in the sample
stream. Prepared samples are then sent to the Acme Analytical Laboratories Ltd.
in Vancouver for analysis.
ACME is an ISO 9001:2008 qualified assayer that performs and makes available
internal assaying controls. Certified blanks and standards are systematically
used as part of Everton's QA/QC program.
About Everton Resources Inc.
Everton Resources and Brigus Gold Inc., Everton's exploration partner in the
Dominican Republic, have reached an agreement whereby Everton will acquire 100%
ownership of Brigus' remaining interest in the Ampliacion Pueblo Viejo II
("APV"), Ponton and La Cueva concessions in the Dominican Republic. Everton is
actively exploring adjacent to the US$3.8 billion Pueblo Viejo project,
currently being developed by the world's largest gold mining company, Barrick
Gold Corporation (60%) (NYSE:ABX)(TSX:ABX) in partnership with Goldcorp Inc.
(40%) ("Goldcorp") (NYSE:GG)(TSX:G). Planned divestiture of its 100%-owned
subsidiary Hays Lake Gold containing the Shoal Lake Gold Project in Kenora,
Ontario is expected to provide internal funding to advance the Ampliacion Pueblo
Viejo project. Everton also holds an interest in the Opinaca region of James
Bay, Quebec where the Company has partnered with Aurizon Mines Ltd. who is
advancing Everton's interest by funding 100% of all exploration work on one of
the largest land packages adjacent to Goldcorp's Eleonore gold deposit.
Maps showing the location of the properties can be found at
www.evertonresources.com.
This news release contains certain forward-looking statements that involve risks
and uncertainties, such as statements of Everton's plans, objectives,
strategies, expectations and intentions. The words "may", "would", "could",
"will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and
similar expressions, as they relate to Everton, or its management, are intended
to identify such forward-looking statements. Many factors could cause Everton's
actual results, performance or achievements to be materially different any
future results, performance or achievements that may be expressed or implied by
such forward-looking statements. The forward-looking statements included in this
press release represent Everton's views as of the date of the release. While
Everton anticipates that subsequent events and developments may cause its views
to change, it specifically disclaims any obligation to update these
forward-looking statements, except in accordance with applicable securities
laws. Accordingly, readers are advised not to place undue reliance on
forward-looking information. All subsequent written and oral forward-looking
statements attributable to Everton or persons acting on its behalf are expressly
qualified in their entirety by this notice.
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